The collapse of US investment bank Lehman Brothers one year ago is widely considered by experts to have marked the beginning of the global recession. Newsnight asked financial industry insiders about what happened and the lessons learned. CLICK ON THE PICTURES BELOW to hear what they have to say.
THE BANKER John Thain, former CEO of Merrill Lynch, talks about the global financial markets collapse one year ago, its causes and the lessons learnt. 'It's not just bankers who caused this problem' THE FUND MANAGER Jim Chanos, a fund manager who predicted that there was a financial storm coming and tried to warn the G7 finance ministers about it, talks about what we have learned from the recession. 'We've learned the wrong lessons from this crisis' THE REGULATOR Sheila Bair, head of the US regulator that maintains stability and public confidence in the nation's financial system, talks about who is to blame for the global financial crisis. 'There's plenty of blame to go around' THE ECONOMIST Nobel Prize-winning economist Joseph Stiglitz has been commissioned by the UN General Assembly to look at the future of banking. Here he talks about the effects of the global financial crisis. 'The standing of the US will be greatly diminished' THE WALL STREET LAWYER H Rodgin Cohen is a leading Wall Street lawyer who worked on many credit crisis bail outs. His clients include AIG, Lehman Brothers, Bear Stearns and Barclays. 'We have much more to learn' THE EX-LEHMANS BANK WORKER Brian Leonard worked in the head office of Lehmans when the bank went under. 'I was 'terrified after the bankruptcy' Read more on the lessons of Lehmans on Robert Peston's blog Watch Robert Peston's film in full on Newsnight on Monday 14 September 2009 at 10.30pm on BBC Two.
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