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September 14, 2008 Weblog:

Subprime Crisis Claims Another Major Bank

First a series of mortgage companies. Then UK bank Northern Rock. Then Bear Sterns, followed by Fannie Mae and Freddie Mac.

Now another major US bank, Lehman Brothers, is about to crumble under the weight of disastrous decision making in the wake of the subprime mortgage crisis and ensuing credit crunch.

Lehman Brothers controls almost $700 billion in assets. According to the Guardian, the US authorities have authorized emergency trading of Lehman's shares should it file for bankruptcy.

Though the US bailouts of Bear Stearns, Fannie Mae and Freddie Mac were supposed to prevent a 'domino effect' of US banks collapsing, it appears banks are failing anyways.

Should Lehman Brothers, the fourth largest bank on Wall Street collapse "it will be one of the biggest failures in Wall Street history"...again.

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The Dominion is a monthly paper published by an incipient network of independent journalists in Canada. It aims to provide accurate, critical coverage that is accountable to its readers and the subjects it tackles. Taking its name from Canada's official status as both a colony and a colonial force, the Dominion examines politics, culture and daily life with a view to understanding the exercise of power.

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