Lehman, one year later:
How Lehman Shook the Global Economy
Daniel Gross, Newsweek, September 14, 2009
Why the bank's failure one year ago was so much more devastating for the rest of the world than for the United States.
http://www.newsweek.com/id/215342?from=rss
Why a Lehman deal would not have saved us
Niall Ferguson, Financial Times, September 14, 2009
If only Lehman Brothers had been saved, all would have been for the best in the best of all possible worlds. Actually no. A decision to bail out the bank would almost certainly have had worse consequences than letting Dick Fuld and his company go under, writes Niall Ferguson.
http://www.ft.com/cms/s/0/f96f2134-a15b-11de-a88d-00144feabdc0.html?nclick_check=1
Lehman and the Financial Crisis
John Cochrane and Luigi Zingales, Wall Street Journal, September 15, 2009
The lesson is that institutions that take trading risks must be allowed to fail.
http://online.wsj.com/article/SB10001424052970203440104574403144004792338.html?mod=rss_opinion_main
Reflections from news and commentary of the day
Lehman, one year on:
ReplyDeleteDo not learn wrong lessons from Lehman's fall
Martin Wolf, Financial Times, September 15, 2009
We were not so foolish as to risk a cascading failure of banks. Yet we cannot let stand the doctrine that systemically significant institutions are too big or interconnected to be allowed to fail. No normal profit-seeking business can operate without a credible threat of bankruptcy, writes Martin Wolf.
http://www.ft.com/cms/s/0/b24477de-a226-11de-9caa-00144feabdc0.html?nclick_check=1
What Change?
Dan Gerstein, Forbes, September 15, 2009
A year after Lehman Brothers' collapse, much remains the same.
http://www.forbes.com/fdc/welcome_mjx.shtml
Was The Sacrifice Of Lehman Worth It?
Thomas F. Cooley, Forbes, September 15, 2009
For answers, look back to LTCM.
http://www.forbes.com/2009/09/15/lehman-brothers-bankruptcy-ltcm-fdic-opinions-columnists-thomas-f-cooley.html?feed=rss_opinions
Lehman Brothers and the Persistence of Moral Hazard
Simon Johnson and James Kwak, Washington Post, September 15, 2009
The government created moral hazard on an epic scale, transforming a vague expectation that certain financial institutions were "too big to fail" into a virtual government guarantee.
http://www.washingtonpost.com/wp-dyn/content/article/2009/09/15/AR2009091500943.html
Debriefing Lehman
Holman W. Jenkins, Jr., Wall Street Journal, September 16, 2009
The time to worry about moral hazard is now.
http://online.wsj.com/public/article/SB10001424052970203917304574414871157333140.html