Lehman Brothers, one of Wall Street's oldest investment banks is set to file for bankruptcy today in order to protect its assets and maximize value.
American financial giant Lehman Brothers is to file a petition under Chapter 11 of the US Bankruptcy Code, after being unable to secure a rescue deal from other financial investors for Lehman Brothers.
Lehman Brothers has suffered billions of dollars worth of losses in the US mortgage markets and was unable to find an investment partner to throw it a lifeline
As Lehman Brothers edged towards collapse, US and foreign banks announced plans to put in place a $70 billion lifeboat credit fund to help shore up financial markets. The consortium includes Barclays, Bank of America, Citibank and Credit Suisse
Bank of America has announced a $50 billion deal to buy Wall Street giant Merrill Lynch to help shore up the financial market.