COVER STORY: Lehman fall sends world into a spin

30 Sep 2008

Following Lehman Brothers' collapse, rival investment banks are cherry-picking the carcass for talented staff. But the longer term ramifications are ominous. The bank was heavily involved in credit derivatives, and its demise will sour confidence in structured products and derivatives. Naomi Rovnick, Ruth David, Pamela Tang, and Richard Morrow report.

Blinking back tears and dragging deeply on a cigarette, the nattily dressed American debt banker standing outside Lehman Brothers' Hong Kong office on Des Voeux Road in Central is struggling to come to terms with his employer's collapse.

"I do work there, or should I say I did?" he ...

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