Lehman to file for bankruptcy
Wall Street giant Lehman Brothers, a 158-year-old investment bank that was undermined by bad bets on real estate, has announced that it will file for bankruptcy.
Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors on Monday and said it was trying to sell off key business units.The filing was made in the US Bankruptcy Court in the Southern District of New York by Lehman Brothers Holdings Inc., the bank's holding company.