What are the ethical problems of Lehman Brothers that have caused the financial crisis in 2008?

First, let me say, Lehman Brothers did not cause the financial crisis (by themselves). They've been used as fall guys by the media. It's been reported that they bought a gigantic inventory of bad investments like instruments secured by bad, risky mortgages. Additionally, they traded other - riskier - types of investments (Credit Default Swaps) that required them to have an enormous amount of cash on hand which they did not have. So they suffered two different types of losses which caused their collapse: 1. Losses from the mortgage-backed securities when all those borrowers defaulted on their loans, and 2. Losses from the insurance payments they were supposed to make on the CDS's - which they were unable to make because they didn't have the money.



In the end, the ethical problem for Lehman was that it was taking risks that required lots and lots of money that it did not have. On paper, however, they claimed to have the money needed for collateral. So, when all of the investors and creditors put their hands out for money...there was not nearly enough to go around for everyone.



What is not spoken about much these days is that other big name financial institutions were doing EXACTLY what Lehman was doing AND WORSE. But because they were able to get government welfare and Lehman could not, most people don't know about their near collapse.What are the ethical problems of Lehman Brothers that have caused the financial crisis in 2008?
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