Lecciones Regulatorias de la Quiebra de Lehman Brothers

The bankruptcy of Lehman brothers on September 15, 2008, marked a watershed in the current global financial and economic crisis. The decision by US authorities not to rescue the bank has been subject to intense public and academic debate, but one that has almost always lacked any in-depth discussion of the bank itself. This article offers the reader a vision of the unsavory business dealing of Lehman Brothers that lead to its collapse. With the backing of public documentation, Black describes and analyzes how Lehman Brothers acted as a “vector of fraud”, creating and benefiting from the criminal environment in the financial sector that punishes honest behavior and rewards financial crime. This subject, key to the understanding of the crisis, yet rarely recognized, is exposed with the mastery of one of its foremost experts