NEW YORK: Lehman Brothers Holdings Inc filed for bankruptcy protection, after trying to finance too many risky assets with too little capital, making it the largest and highest profile casualty of the global credit crisis.
The Chapter 11 filing on Monday did not include its broker dealer operations and other units, such as asset management firm Neuberger Berman. Those businesses will continue to operate, although Lehman is expected to liquidate them. It said it was in advanced talks on selling its investment management division.
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