#1: Lehman Brothers
Before declaring bankruptcy in 2008, Lehman Brothers was a global financial services firm doing business in banking, research and trading. It was the fourth largest investment bank in the United States. Lehman entered bankruptcy following the massive exodus of clients and devaluation of its assets by credit rating agencies. Many say the government’s willingness to let Lehman fail played a role in the recent financial crisis.
Bankruptcy filing: Sept.15, 2008
Assets: $691 billion