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Financial tsunami swamps the world

September 17, 2008

The US's fourth largest investment bank has collapsed due to the sub-prime mortgage crisis that has rocked the United States and the global economy. Lehman was strangled by a massive credit crisis and fast plummeting real estate prices.

The gargantuan $60 billion loss in bad real estate loans forced the bank to file for bankruptcy.

Image: A street light shines near the headquarters of Lehman Brothers Holdings Inc. in New York City. | Photograph: Mario Tama/Getty Images

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