Event
Financial crisis of 2008
The collapse of U.S. housing finance and the banking panic that followed.
- Dates
- 2007–2009
- Also known as
- 2007–2008 financial crisis, Great Financial Crisis
- Wikidata
- Q896666
Connections 13
involved
- Lehman Brothers Primary record 1
- Bear Stearns Primary record 2
- American International Group Primary record 3
- Federal Reserve Primary record 1
- U.S. Treasury Primary record 1
- Moody's Primary record 4
- Countrywide Financial Primary record 5
- Goldman Sachs Primary record 6
includes
- Bankruptcy of Lehman Brothers Primary record 2
- Rescue of AIG Primary record 3
- Sale of Bear Stearns Primary record 2
- Takeover of Fannie Mae and Freddie Mac Primary record 7
caused by
Timeline 1 date
- 2007–2009 Financial crisis of 2008
Proof 7 sources
-
U.S. financial markets (Chairman Bernanke, Senate Banking; same text to House Financial Services 24 Sept), Board of Governors of the Federal Reserve System, 23 Sep 2008.
Primary record
In the case of Lehman Brothers, a major investment bank, the Federal Reserve and the Treasury declined to commit public funds to support the institution.
-
Federal Reserve's Support for Specific Institutions (Bear Stearns, Lehman, AIG), Federal Reserve History.
Primary record
On March 13, 2008, Bear Stearns notified the Federal Reserve that it expected that it would not have enough funding or liquid assets to meet its obligations the following day
They were unsuccessful, and early Monday, September 15, Lehman formally filed for bankruptcy.
-
Federal Reserve Board ... authorizes the FRBNY to lend up to $85 billion to AIG, Board of Governors of the Federal Reserve System, 16 Sep 2008.
Primary record
a disorderly failure of AIG could add to already significant levels of financial market fragility
-
The Financial Crisis Inquiry Report (final report incl. dissenting statements), Financial Crisis Inquiry Commission.
Primary record
This crisis could not have happened without the rating agencies.
We conclude collapsing mortgage-lending standards and the mortgage securitization pipeline lit and spread the flame of contagion and crisis.
-
SEC Charges Former Countrywide Executives With Fraud (2009-129), U.S. Securities and Exchange Commission (Internet Archive copy: sec.gov refuses curl), 4 Jun 2009.
Primary record
The Securities and Exchange Commission today charged former Countrywide Financial CEO Angelo Mozilo and two other former executives with securities fraud for deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company's market share.
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Goldman Sachs to Pay Record $550 Million to Settle SEC Charges (2010-123), U.S. Securities and Exchange Commission (Internet Archive copy), 15 Jul 2010.
Primary record
Goldman agreed to settle the SEC's charges without admitting or denying the allegations by consenting to the entry of a final judgment that provides for a permanent injunction from violations of the antifraud provisions of the Securities Act of 1933.
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The Subprime Mortgage Crisis (John V. Duca), Federal Reserve History (Federal Reserve Board), 22 Nov 2013.
Primary record
As a result, two government-sponsored enterprises, Fannie Mae and Freddie Mac, suffered large losses and were seized by the federal government in the summer of 2008.
Page history 1 change
- Add the stories of the bomb and the crash of 20087f68c15
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