Abstract
On 15 September 2008, Lehman Brothers, the 158-year old investment bank, became the largest bankruptcy in US history, an event that subsequently paralyzed the global financial system. Governments pumped in cash, but the crisis deepened and broadened, crippling industries and crushing hopes with a force not seen since the Great Depression hit in 1929. Over the last couple of years, as commentators and participants have attempted to explain what happened, we have all been exposed to a dazzling range of new financial terms including such gems as: subprime mortgages, collateralized debt obligations (CDO), credit default swaps (CDS) and structured investment vehicles (SIV).
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