September 15: Recession? What Recession?

The bankruptcy of Lehman Brothers was the climax of the subprime mortgage crisis. When attempts to negotiate financing for reorganization failed, Lehman Brothers filed for bankruptcy involving more than $600 billion. On this date in 2008, the Dow Jones fell by more than 500 points, a drop of 4½ percent. Other financial institutions began to feel the uncertainty, and the result was a financial panic that spread across the globe.