This is a historic day. Today, the fourth largest brokerage firm, one that has existed for over 150 years, has filed for bankruptcy. Lehman Brothers filed a bankruptcy petition this morning.
It is a Chapter 11 liquidation, which means that assets will be sold, and parts of Lehman will remain as other firms purchase the assets, but Lehman is gone.
Brokers are, and have been scrambling for new positions and to get their customers to new firms, and I suppose this will all shake out, and it might even ultimately be a good thing. But for investors in Lehman, and its thousands of employees, who have lost a significant part, if not all, of their retirement funds, it will never be a good thing.
The full story at MarketWatch - Lehman Files for Bankruptcy
