Friday, October 2, 2015

How the banks ignored the lessons of the crash

Joris Luyendijk spent two years talking to hundreds of City insiders. They revealed how close we came to disaster – and how quickly finance went back to business as usual

sk people where they were on 9/11, and most have a memory to share. Ask where they were when Lehman Brothers collapsed, and many will struggle even to remember the correct year. The 158-year-old Wall Street bank filed for bankruptcy on 15 September 2008. As the news broke, insiders experienced an atmosphere of unprecedented panic. One former investment banker recalled: “I thought: so this is what the threat of war must feel like. I remember looking out of the window and seeing the buses drive by. People everywhere going through a normal working day – or so they thought. I realised: they have no idea. I called my father from the office to tell him to transfer all his savings to a safer bank. Going home that day, I was genuinely terrified.”

http://www.theguardian.com/business/2015/sep/30/how-the-banks-ignored-lessons-of-crash

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