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Journalism of Courage
The financial fallout from Lehman Brothers Holdings’ bankruptcy outside the United States has been about $300 billion, the head of Germany’s financial regulator said on Monday, adding that banks in future will face tighter oversight.
“We’re still licking the wounds of Lehman,” said Jochen Sanio, president of the German Federal Financial Supervisory Authority (BaFin), at an international banking conference. “It caused international damage of $300 billion outside the US.”
The US government allowed investment bank Lehman Brothers to file for bankruptcy protection on September 15 instead of trying to intervene.
