Massive Chapter 11- Lehman Brothers Goes Bust
This is a big time for bankruptices. One of the oldest investment banking names in the world has fallen under Chapter 11. This time the Feds refused bailout. While this kind of bankruptcy is outside of the realm of most bankruptcy attorneys, it still speaks volumes concerning the dire economic conditions that are now defining the lives of most normal middle class people, the kind that are now thinking of filing your typical Chapter 7 or Chapter 13 individual plan. With all of Lehman's employees now without work, one wonders about the kind of impact this would have not only on large corporate restructurings and liquidations, but on the financial lives of the typical employee who works 9 to 6 and now has no money to bring home. With the massive credit extensions on homes and credit cards reported in the media for the last 2 years, the situation of many of these people cannot be that grand. Of course, we are not considering the investment bankers raking in the dough, but your typical secretary or assistant or clerk, many of whom are also employed by these institutions.
