Comparative Analysis of Liability Cases for Bankruptcies of Financial Institutions

Julija Kirsiene and Gabriele Miseviciute

Montenegrin Journal of Economics, 2017, vol. 13, issue 3, 85-99

Abstract: The bankruptcy of the fourth largest investment bank in the world Lehman Brothers Holdings Inc. in 2008 remains the largest bankruptcy in the history of United States. This bankruptcy is viewed as a turning point in the Global Financial Crisis. Paradoxically, even though the financial system had many safeguards (auditors, audit committees, the board of directors, credit rating agencies, government supervisors) whose purpose was to inform the investing public about the actual financial situation of the institution, Lehman Brothers bankruptcy came as a shock to financial markets across the globe revealing that many of the gatekeepers failed.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:mje:mjejnl:v:13:y:2017:i:3:p:85-99

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