Finance Takes the Next Hit

Rising delinquencies mean that CDOs lose value. The investment banks must take write-downs and raise capital; the rout begins. Bear Stearns goes down. Lehman Brothers plays an endgame and loses.

• 
• Click to Print

• Find this article at:
• https://content.time.com/time/specials/packages/article/0,28804,1846697_1846700_1846657,00.html