A fascinating new paper on Lehman's failure points the blame at politics and Henry Paulson

In what should be required reading for anyone interested in financial history and the Global Financial Crisis of 2008-2009, Professor Laurence Ball of Johns Hopkins University has released “The Fed and Lehman Brothers,” a 214 page analysis of what really happened at the Fed that resulted in no liquidity support for Lehman Brothers and the ultimate massive disaster that follows. Here’s our summary.

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