Over the years, the world has been witness to many an irresponsible management policy and greed that wreaked havoc on ‘super’ companies that folded up. In the process, billions of dollars — both investors’ money and employees’ pension — went down the drain.
Here is the list of Top 10 America’s largest bankruptcies listed in Rediff.com
Here is the experts from the CNN Subprime crisis: A timeline ; mortgages crisiswhich began to surface less than 2 years ago.
- Feb. 7, 2007 – HSBC announces anticipated losses from rising defaults of subprime mortgages in the United States.
- April 2, 2007 – New Century Financial files for bankruptcy.
Collapse of one of the world’s largest investment bank, Lehman Brothers has triggered large stock market falls around the globe. Wall Street has seen its worst day since 2001 amid fears about the stability of the financial system.
158-year-old bank Lehman Brothers, announced it was filing for Chapter 11 bankruptcy in the United States.