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Ten years ago on Sept. 15, in 2008, Lehman Brothers Holdings Inc. failed in spectacular fashion.
The implosion of the $600 billion-in-assets investment bank immediately triggered the financial crisis, which led directly to the Great Recession.
But none of that had to happen.
Lehman could have been saved or, at least, slowly and systematically unwound. The financial crisis could have been averted, and the Great Recession should never have happened.
Those events happened for good reasons in hindsight. Not good for you, me, the economy, or America, but good for the re-shaping of political and banking powers who benefited from what they let happen.