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Comparative Analysis of Liability Cases for Bankruptcies of Financial Institutions

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  • Julija Kirsiene
  • Gabriele Miseviciute

Abstract

The bankruptcy of the fourth largest investment bank in the world Lehman Brothers Holdings Inc. in 2008 remains the largest bankruptcy in the history of United States. This bankruptcy is viewed as a turning point in the Global Financial Crisis. Paradoxically, even though the financial system had many safeguards (auditors, audit committees, the board of directors, credit rating agencies, government supervisors) whose purpose was to inform the investing public about the actual financial situation of the institution, Lehman Brothers bankruptcy came as a shock to financial markets across the globe revealing that many of the gatekeepers failed.

Suggested Citation

  • Julija Kirsiene & Gabriele Miseviciute, 2017. "Comparative Analysis of Liability Cases for Bankruptcies of Financial Institutions," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 13(3), pages 85-99.
  • Handle: RePEc:mje:mjejnl:v:13:y:2017:i:3:p:85-99
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    References listed on IDEAS

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    1. Rosalind Z. Wiggins & Rosalind L. Bennett & Andrew Metrick, 2014. "The Lehman Brothers Bankruptcy D: The Role of Ernst & Young," Yale School of Management YPFS Cases 59183, Yale School of Management, revised Mar 2015.
    2. repec:mje:mjejnl:v:12:y:2017:i:1:p:125-140 is not listed on IDEAS
    3. repec:mje:mjejnl:v:13:y:2017:i:1:p:125-140 is not listed on IDEAS
    4. Marc G Quintyn & Rosaria Vega Pansini & Donato Masciandaro, 2011. "The Economic Crisis; Did Financial Supervision Matter?," IMF Working Papers 11/261, International Monetary Fund.
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