Stocks closed broadly higher Tuesday, helped by more deal activity in the financial sector and upbeat earnings from the tech sector. After more than two years, the market has regained all its losses following the implosion of Lehman Brothers in September 2008.
Accounting giant Ernst & Young is expected to face civil fraud charges by New York prosecutors over its alleged role in the spectacular collapse of Lehman Brothers. The lawsuit would mark the first time a Big Four accountant has been charged in regard to the financial crisis.
Lehman Brothers bankruptcy fees are approaching $1 billion, making it the costliest in U.S. history.
From the floor of the New York Stock Exchange to the cubicles and boardrooms of New York's biggest banks, when Lehman Brothers failed seemingly overnight, it was clear that the rules had suddenly changed. Here are some recollections of that day in September, 2008.
The lawyers and accountants circling Lehman Brothers stand to make more than $2 billion in fees for unwinding one of Wall Street's largest investment banks after its collapse in 2008 -- and that's despite the fact that many of the services are being provided at discount rates.
Two years after Lehman Brothers collapsed and put the financial crisis into meltdown mode, Wall Street and the financial industry are still struggling to rebuild from the ashes. But as the economy recovers, are bank stocks good buys? Here are the bull and bear cases for three of the nation's biggest banks.