La BANCA che ha messo in ginocchio l'ECONOMIA MONDIALE

Summary

The video script narrates the rise and impact of Lehman Brothers, a pivotal investment bank that played a significant role in the global financial crisis of 2008. Starting from humble beginnings in Montgomery, Alabama, the Lehman brothers capitalized on the cotton trade and adapted to economic shifts, eventually transforming their business into a major financial institution. Despite being deeply involved in the slave economy, they thrived during the American Civil War and Reconstruction, later expanding their operations to New York. The script explores their evolution from merchants to a leading investment bank, highlighting key figures like Marcus Goldman and their involvement in major American companies, until their collapse in 2008.

Takeaways

• 🏦 Lehman Brothers was the fourth largest investment bank in the United States before declaring bankruptcy in 2008, triggering a global financial crisis.
• 📚 To understand the importance of Lehman Brothers, it's crucial to look back at its origins and the historical context of the American economy in the early 1800s.
• 💵 In the 1830s, the American economy was heavily reliant on cotton and slavery, with cotton exports peaking at 60% of total exports and contributing to the formation of modern economic and social institutions.
• 📉 The economy of the United States faced a severe financial crisis in 1837, leading to bank failures, credit scarcity, and a period of stagnation.
• 👬 Henry, Emanuel, and Mayer Lehman, the founders of Lehman Brothers, arrived in the United States in 1844, starting with a small general store in Montgomery, Alabama.
• 🛍️ The Lehman Brothers expanded their business by accepting cotton as a form of payment, effectively becoming traders in commodities.
• 🔄 The American Civil War (1861-1865) was a turning point for the country, leading to the abolition of slavery and the unification of the United States.
• 💼 During the Civil War, Lehman Brothers supported the Confederacy by providing goods, credit, and materials, yet managed to emerge from the war unscathed.
• 🏛️ Post-war, Lehman Brothers played a significant role in the reconstruction of the South by selling bonds and supporting new enterprises and infrastructure.
• 🌐 In 1868, the company moved its headquarters to New York, expanding its operations beyond commodities to include securities and becoming a full-fledged investment bank.
• 📈 The early 20th century saw Lehman Brothers contributing to the launch of major companies and playing a key role in the financial sector, setting the stage for its future prominence.

Q & A

What significant event occurred on September 15, 2008, involving Lehman Brothers?

On September 15, 2008, Lehman Brothers, which was the fourth largest investment bank in the United States at the time, declared bankruptcy. This led to a massive financial crisis that affected the American and global economy for years to come.

What was the economic condition of the United States in the early 1800s?

In the early 1800s, the United States economy was heavily dependent on cotton and slavery. Cotton was a major export, accounting for a significant portion of the total exports, and the profits from cotton trade helped finance the development of commerce, industry, and modern financial systems.

How did the cotton economy influence American social and economic institutions?

The cotton economy contributed to the formation of many current American economic and social institutions, including the prison system, property laws, insurance industry, and modern financial systems, as the profits from cotton trade financed large commercial and industrial empires.

What was the impact of the Panic of 1837 on the U.S. economy?

The Panic of 1837 led to the worst financial crisis of the 19th century in the United States. It resulted in a five-year period of economic stagnation, with banks failing, credit becoming scarce, and production and income levels struggling to recover.

Who were the Lehman brothers and what was their initial business in the United States?

The Lehman brothers were German Jewish immigrants, originally named Ayum Lehman, who started with a small grocery store in Montgomery, Alabama. They later expanded their business and renamed the store Lehman Brothers, selling various goods and adapting to the needs of the local community.

How did the Lehman brothers adapt to the gold rush in the mid-1800s?

The Lehman brothers recognized the communication challenges faced by gold prospectors and began selling pigeons and related equipment as a means of communication in remote areas, showcasing their adaptability and business acumen.

What was the significance of the cotton trade to the Lehman brothers' business?

The cotton trade was significant to the Lehman brothers' business as they began accepting cotton as a form of payment for their goods. This allowed them to sell the cotton at a higher price, effectively becoming traders in commodities.

How did the Lehman brothers' involvement in slavery affect their business and reputation?

The Lehman brothers were involved in slavery, owning slaves and using them for work and as guarantees for loans. This dark part of their history was later acknowledged by the company in 2003, making Lehman Brothers the first American bank to admit its involvement in slavery.

How did the American Civil War impact the Lehman brothers' business?

During the American Civil War, the Lehman brothers supported the Confederacy by providing goods, credit, and supplies. Despite being on the losing side, they managed to survive the war and even received pardons from President Andrew Johnson, allowing them to continue their business without penalty.

What was the role of the Lehman brothers in the post-war reconstruction of the South?

The Lehman brothers played a crucial role in the reconstruction of the South after the Civil War by selling bonds to raise funds, supporting new enterprises, and investing in the construction of new infrastructure, which helped revive the cotton economy.

What significant step did the Lehman brothers take in 1868 that marked a change in their business trajectory?

In 1868, the Lehman brothers moved their headquarters to New York City, which marked the beginning of their transformation from merchants to a more formal banking institution, focusing on commodities trading and later on securities and investment banking.