Did JPMorgan bring down Lehman Brothers?

October 7, 2008 | By Jim Kim

A filing in bankruptcy court in New York contains an explosive charge by Lehman's biggest creditors: JPMorgan froze $17 billion in cash and securities on the Friday night before its failure. The creditors also say that "as a result of JPMC's actions, [Lehman Brothers] suffered an immediate liquidity crisis, that could have been averted by any number of events, none of which transpired." According to The Times Online, JPMorgan was apparently holding on to the assets in case as a "potential offset" to future claims the bank might have against Lehman. We're likely going to hear a lot of things in the near future. What we desperately need is a 9-11 commission-like reconstruction of events. The fact is that it remains unclear how it all went down. Hopefully, the many investigations will shed light on these issues.

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