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Live: One year after Lehman Live: One year after Lehman
(10 minutes later)
TEXT AND VIDEO (all times GMT+1)TEXT AND VIDEO (all times GMT+1)
As the Aftershock season marks one year since the collapse of Lehman Brothers, we bring you news, insights from BBC correspondents, your e-mails and Twitter. This will update automatically, so there is no need to refresh.As the Aftershock season marks one year since the collapse of Lehman Brothers, we bring you news, insights from BBC correspondents, your e-mails and Twitter. This will update automatically, so there is no need to refresh.
0838 Writing in today's FT , Francesco Guerrara and Michael Mackensie argue the failure of Lehman brothers, though losing "trillions" of dollars, opened the door to to its competitors. "The banks still standing after the crisis have had a field day."
0835 The fallout from the Lehman collapse is still affecting investors. The UK's Financial Services Authority watchdog has said it is to investigate some complex financial products that were backed by the firm. FSA acts on Lehman-backed product
0832 In New York an executive with Swiss banking giant UBS tells the BBC: "I nearly had a heart attack a year ago. I thought I had lost my family's money."0832 In New York an executive with Swiss banking giant UBS tells the BBC: "I nearly had a heart attack a year ago. I thought I had lost my family's money."
Tim Weber, editor of the BBC News business website, tweets: Missing from today's Lehman debate: Risk! Everything went wrong a year ago because bankers and investors did not understand how to price risk. Read Tim's TweetsTim Weber, editor of the BBC News business website, tweets: Missing from today's Lehman debate: Risk! Everything went wrong a year ago because bankers and investors did not understand how to price risk. Read Tim's Tweets
0825 The BBC's Mishal Husain writes: A former Singaporean MP's just told me he thinks it's time for much greater transparency in the decision-making of the two big sovereign wealth funds here - Temasek and GIC - which have lost money during the global crisis0825 The BBC's Mishal Husain writes: A former Singaporean MP's just told me he thinks it's time for much greater transparency in the decision-making of the two big sovereign wealth funds here - Temasek and GIC - which have lost money during the global crisis
Anonymous BBC Breakfast viewer says: Why is the financial industry still being paid big money when public sector workers are facing cuts? We own them - when are they going to feel the pinch? Text 61124Anonymous BBC Breakfast viewer says: Why is the financial industry still being paid big money when public sector workers are facing cuts? We own them - when are they going to feel the pinch? Text 61124
0805 The administrator of Lehman's European operations warns that it "may take a decade" to wind up the business. "This has been the most complex insolvency case I have ever dealt with and am ever likely to," says PricewaterhouseCoopers partner Tony Lomas. Winding-up 'to take decade'0805 The administrator of Lehman's European operations warns that it "may take a decade" to wind up the business. "This has been the most complex insolvency case I have ever dealt with and am ever likely to," says PricewaterhouseCoopers partner Tony Lomas. Winding-up 'to take decade'
0802 The BBC has learned that UK Prime Minister Gordon Brown will use the "C-word" in a speech to trade unions later. Opponents have complained that, so far, Mr Brown has refused to mention "cuts" when discussing government spending. It remains to be seen how the unions - who represent many thousands of public sector workers - will react. Brown 'to talk of cuts'0802 The BBC has learned that UK Prime Minister Gordon Brown will use the "C-word" in a speech to trade unions later. Opponents have complained that, so far, Mr Brown has refused to mention "cuts" when discussing government spending. It remains to be seen how the unions - who represent many thousands of public sector workers - will react. Brown 'to talk of cuts'
0751 At this stage it is perhaps worth reminding ourselves of what US President Barack Obama said on Monday night in a keynote speech on the eve of the anniversary of the Lehman collapse. He reminded bankers of what had brought about the crisis in their sector, warning: "We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis." Obama warning to bankers0751 At this stage it is perhaps worth reminding ourselves of what US President Barack Obama said on Monday night in a keynote speech on the eve of the anniversary of the Lehman collapse. He reminded bankers of what had brought about the crisis in their sector, warning: "We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis." Obama warning to bankers
0747 Former Lehman Brothers employee David Ambinder says: "In the last days - for everyone - it was utter shock. Everyone was surprised that a company with such history could go under."0747 Former Lehman Brothers employee David Ambinder says: "In the last days - for everyone - it was utter shock. Everyone was surprised that a company with such history could go under."
The BBC's Quentin Sommerville reports on how China is avoiding recession with public works projects, including a "drain" to move flood waters from the south to the drought-stricken north.The BBC's Quentin Sommerville reports on how China is avoiding recession with public works projects, including a "drain" to move flood waters from the south to the drought-stricken north.
0742 Karen Nye, BBC business reporter in New York, says that, despite the traumas of last year, many in the US financial world are still wary about what they fear could be too much government intervention in their industry.0742 Karen Nye, BBC business reporter in New York, says that, despite the traumas of last year, many in the US financial world are still wary about what they fear could be too much government intervention in their industry.
0735 The BBC's Mishal Husain writes: I'm in Singapore. Although it's emerging from recession and Asia as a whole is getting back on track, the crisis has taken a toll on small investors who bought Lehman-related products0735 The BBC's Mishal Husain writes: I'm in Singapore. Although it's emerging from recession and Asia as a whole is getting back on track, the crisis has taken a toll on small investors who bought Lehman-related products
The BBC's Greg Wood examines the impact of that day that Lehman Brothers collapsed and the future for the banking industry.The BBC's Greg Wood examines the impact of that day that Lehman Brothers collapsed and the future for the banking industry.
0727 Ochieng Rapuro, editor the Business Daily newspaper in Kenya, says the whole of the African tourist sector has been hit by the downturn of the last year. Ochieng Rapuro, the Managing Editor of the Nation Media Group, tells the BBC's Komla Dumor that tourism was the first casualty of the recession for countries like Kenya.0727 Ochieng Rapuro, editor the Business Daily newspaper in Kenya, says the whole of the African tourist sector has been hit by the downturn of the last year. Ochieng Rapuro, the Managing Editor of the Nation Media Group, tells the BBC's Komla Dumor that tourism was the first casualty of the recession for countries like Kenya.
Justin Urquhart Stewart of Seven Investment Management says the City of London is chastened, but the same issues are still there.Justin Urquhart Stewart of Seven Investment Management says the City of London is chastened, but the same issues are still there.
0720 The BBC's Mariko Oi, in Singapore, reminds us that - for some - there was an upside to Lehman's demise. Asian banks, she says, were able to buy up some cheap Western assets afterwards.0720 The BBC's Mariko Oi, in Singapore, reminds us that - for some - there was an upside to Lehman's demise. Asian banks, she says, were able to buy up some cheap Western assets afterwards.
0712 BBC economics reporter Steve Schifferes writes: One year ago I was in Washington visiting Congress to attend hearings at the House Financial Services Committee. I remember the atmosphere being very strange, with an air of unreality hanging over the proceedings. Congressmen kept disappearing from the hearings unexpectedly to go to secret meetings. Three days later, US Treasury Secretary Hank Paulson asked for a $700bn bail-out to save the banking system.0712 BBC economics reporter Steve Schifferes writes: One year ago I was in Washington visiting Congress to attend hearings at the House Financial Services Committee. I remember the atmosphere being very strange, with an air of unreality hanging over the proceedings. Congressmen kept disappearing from the hearings unexpectedly to go to secret meetings. Three days later, US Treasury Secretary Hank Paulson asked for a $700bn bail-out to save the banking system.
0709 Eric Berglof, chief economist at the European Bank of Reconstruction and Development, says the banking crisis isn't over. It is a "major concern" that the recovery could be "bouncy", with wide international variations, he adds.0709 Eric Berglof, chief economist at the European Bank of Reconstruction and Development, says the banking crisis isn't over. It is a "major concern" that the recovery could be "bouncy", with wide international variations, he adds.
0705 BBC business correspondent Greg Wood has been reminiscing about what it was like to be reporting on 15 September last year. It was becoming clear that Lehman Brothers was in its "death throes", he recalls.0705 BBC business correspondent Greg Wood has been reminiscing about what it was like to be reporting on 15 September last year. It was becoming clear that Lehman Brothers was in its "death throes", he recalls.
0702 It's a grey and windy day in the City of London as the world considers the magnitude of events over the last year. Several leading UK politicians are giving speeches later, including Prime Minister Gordon Brown.0702 It's a grey and windy day in the City of London as the world considers the magnitude of events over the last year. Several leading UK politicians are giving speeches later, including Prime Minister Gordon Brown.
0658 Bob Parker of Credit Suisse said: "Over the past year and a half we've seen a major restructuring of the banking industry."0658 Bob Parker of Credit Suisse said: "Over the past year and a half we've seen a major restructuring of the banking industry."
0650 A year on it's not all bad news. Mariko Oi, BBC business correspondent in Singapore, says the whole Far East had recovered more quickly than the West.0650 A year on it's not all bad news. Mariko Oi, BBC business correspondent in Singapore, says the whole Far East had recovered more quickly than the West.
0642 "I don't think you can ever say never," Bob Diamond, head of Barclays Capital, tells BBC News New York business correspondent Greg Wood. But he defends big bonuses.0642 "I don't think you can ever say never," Bob Diamond, head of Barclays Capital, tells BBC News New York business correspondent Greg Wood. But he defends big bonuses.
0600 By this time on 15 September last year, it was already clear that it was not going to be just any Monday. Following a weekend of rumours and reports, Lehman Brothers filed for Chapter 11 bankruptcy protection just after 0530 London time.0600 By this time on 15 September last year, it was already clear that it was not going to be just any Monday. Following a weekend of rumours and reports, Lehman Brothers filed for Chapter 11 bankruptcy protection just after 0530 London time.
Within a few minutes, the official announcement came from Bank of America that it was buying Merrill Lynch to prevent it going under too. BBC business editor Robert Peston described it as the most extraordinary 24 hours for Wall Street since the late 1920s. On this live text page, we'll be looking at what has changed since that momentous day and hearing your stories about a remarkable day that began an incredible year.Within a few minutes, the official announcement came from Bank of America that it was buying Merrill Lynch to prevent it going under too. BBC business editor Robert Peston described it as the most extraordinary 24 hours for Wall Street since the late 1920s. On this live text page, we'll be looking at what has changed since that momentous day and hearing your stories about a remarkable day that began an incredible year.
0545 Hello and welcome. Exactly one year ago, at 5:38AM London time, one of Wall Street's biggest firms announced it was going bankrupt, following a weekend of frantic negotiations at the New York offices of the Federal Reserve. The $646bn bankruptcy reverberated around the world, eventually leading to the collapse of world stock markets and the world economy.0545 Hello and welcome. Exactly one year ago, at 5:38AM London time, one of Wall Street's biggest firms announced it was going bankrupt, following a weekend of frantic negotiations at the New York offices of the Federal Reserve. The $646bn bankruptcy reverberated around the world, eventually leading to the collapse of world stock markets and the world economy.