Fannie Mae and Freddie Mac nationalise in US – September 2008
Before Lehman Brothers filed for bankruptcy there were strong signs that there were problems in the credit markets. The US government bailed out mortgage lenders Fannie Mae and Freddie Mac and promised £110bn cash injection.
The collapse of investment bank Lehman Brothers after 150 years of operation a year ago this week shattered the foundations of the financial system that world stability relies on.
September 15 2008 and Lehman Brothers’ collapse was not the catalyst of the collapse of the global financial system but is regarded as the moment people realised the system was broke.
Since the moment Lehman Brothers announced that it had entered administration the financial system went into melt-down and took thousands of IT jobs with it.
Banks are the biggest users of IT and what was once a safe haven for IT professionals became treacherous.
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