The Domino Defect: Five Years After Crisis, Banks No Better Off
The collapse of Lehman Brothers shook the global financial system to its core five years ago. Nevertheless, lawmakers continue to shy away from making the necessary reforms.
Andreas Dombret has to laugh out loud when he recalls the weekend preceding what some thought would be the end of the world as we know it. It was the weekend before Sept. 15, 2008, and Dombret was the head of Bank of America's German operations at the time. On Friday, Sept. 12, he learned from CEO Ken Lewis that the bank planned to negotiate the takeover of investment bank Lehman Brothers that weekend, and that all top executives were to make the necessary preparation