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Lehman bankruptcy could have been averted if Wall Street had acted more prudently?

Asked by Good Citizen, 20 Mar '09 10:50 am
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Yes, but its said that JP Morgan was the real culprit for the collapse of Lehman Brothers Holding Co. Lehman had at least $17 billion in excess assets which were held at JP Morgan Chase, before its bankruptcy filing. According to Lehman's Creditor's Committee, JP Morgan refused to allow Lehman to access its excess assets and instead froze Lehmans account. In freezing their assets JP Morgan was purportedly holding all of Lehmans assets as a potential offset against any claims JP Morgan may have had against Lehman.
Answered by Joseph Chacko, 20 Mar '09 12:25 pm

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