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Did the UK government pull the plug on Lehman Bros?

A very interesting book has been released today which covers the demise of the infamous Lehman Bros and the critical talks between the US and the UK government which eventually decided the fate of one of the world's oldest financial institutions. So what happened on that fateful day when Lehman Bros went into bankruptcy?

As the US economy continued to struggle in the midst of one of the worst credit crunches of all time it became apparent that Lehman Bros was in trouble and something needed to be done. The situation came to a head on the 13th and 14th of September 2008 when it became apparent that the company needed to take drastic action. A number of attractive assets had been put up for sale by the company, at distressed prices, and amongst a number of bidders was UK bank Barclays.

However, as the US government continued to rally round to try and save that Lehman Bros from bankruptcy the UK government became involved and offered various advice to Barclays bank. After apparently agreeing to the deal in principle the UK government, without advising Barclays bank, effectively pulled the plug at the last minute and left the US government, Barclays bank, and Lehman Bros high in dry.

This alleged account of the events which led up to the collapse of Lehman Bros is disputed by some parties but interestingly the UK government has yet to make any comment!

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