Photos: Ten financial casualties following Lehman Brothers collapse

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Bernard Madoff scam revealed – October 2008

Source:  Rex Features

Bernard Madoff scam revealed – October 2008

The financial services turmoil led to Bernard Madoff, founder of Bernard Madoff Investment Securities, being revealed as a fraudster. His company was a pyramid investment scheme that created a fake market where early investors make money at the expense of new entrants.

 

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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