was five years ago this week that the Lehman Brothers investment bank crashed
and burned.As WGVU’s David Moore
reports, a lot has changed throughout the financial sector since then.
The bankruptcy of Lehman in 2008 rippled
through the world of finances, making itself felt across the country and
overseas as well.
Dr. Paul Isely is Interim
Associate Dean of the Seidman College of Business at Grand Valley State University.
And he says that while we’ve recovered from much of the collateral damage, our
economy will never be the same.
we learned in the five intervening years?Isely said “You need to be
careful.You need to remember the same
things that we once knew, that you can’t lend money to somebody who doesn’t have
the ability to pay that money back.And when
you start trying to make money on people who don’t have money is when you start
to get into trouble.”
adds that transparency in the financial markets is vital. He says when you make
documents and instruments so complex that even the experts can’t understand
them, bad things can happen.
And in the case of Lehman Brothers, indeed they
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