I remember some folks telling me that the Lehman bankruptcy would be no biggie. Whaaaat that’s how capitalism works, they said.

Seems they are right. You declare bankruptcy and badabing-badaboom a little over three years later everything is cleared up. Easy peasy.

From CNBC

One-time financial powerhouse Lehman Brothers emerged from bankruptcy on Tuesday and is now a liquidating company whose main business in the coming years will be paying back its creditors and investors.

Lehman, whose September 2008 collapse is often regarded as the height of the financial crisis, will start distributing what it expects to be a total of about $65 billion to creditors on April 17, it said in a statement.

That first group of payments to creditors, many of whom lost money in its collapse 3-1/2 years ago, will be at least $10 billion, Lehman has said previously.

The move is a legal milestone, but does not indicate the immediate end of Lehman Brothers.

We always said that after the storm had passed the seas would be calm, and here you go.

Advertisements