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After Bear Stearns was rescued by J.P. Morgan and United States government another unmanaged investment bank, Lehman Brothers, triggered the 2008 financial crisis. Lehman Brothers’ uncontrolled growth was financed by remarkably increased leverage. Its risk management had been trumpeted as a strength, but complexity was beyond management. Incentives were vast and awarded for achieving growth. When the government refused to support Lehman Brother and nobody would buy it, the bank failed and triggered the crisis. On the same day Bank of America bought and saved Merrill Lynch, in spite of Merrill Lynch having also abandoned management in pursuit of complex, unmanaged growth. The giant insurer AIG then also had to be rescued.
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Pozen, Robert C., and Charles E. Beresford. 2010. Bank of America Acquires Merrill Lynch (A). Boston: Harvard Business School.
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Stowell, David, and Evan Meagher. 2008. Investment Banking in 2008 (A): Rise and Fall of the Bear. Evanston: Kellogg School of Management, Northwestern University.
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- Bank Failure: Triggering Crisis—How Absent Management in Banks Triggered the 2008 Financial Crisis
- Chapter 10
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