This article discusses cryptocur-rencies, such as Bitcoin, and their role as currencies and
asks two questions: What do cryptocurrencies do, and is it useful? In a nutshell, …

In our previous post, we assessed losses to customers and clients from foregone opportunities
after Lehman Brothers filed for bankruptcy in September 2008. In this post, we examine …

Expectations of creditor recovery were low when the Lehman Brothers bankruptcy process
started. On the day the firm filed for bankruptcy in September 2008, the average price of …

Female underrepresentation in STEM fields is, in part, driven by gender differences in pre-college
academic preparation. Female and male students take different courses in high school…

In our second post on the Lehman bankruptcy, we discussed the cost to Lehman’s creditors
from having their funds tied up in bankruptcy proceedings. In this post, we focus on losses to …

Lehman Brothers Holdings Inc. (LBHI) filed for Chapter 11 bankruptcy protection on
September 15, 2008, initiating one of the largest and most complex bankruptcy proceedings in …

In bankruptcy, firms incur expenses for services provided by lawyers, accountants, and other
professionals. Such expenses can be quite high, especially for complex resolutions. These …

Our previous post described the workings of the Term Securities Lending Facility Options
Program (TOP), which offered dealers options for obtaining short-term loans over month- and …

During the global financial crisis of 2007-08, collateral markets became illiquid, making it
difficult for dealers to obtain short-term funding to finance their positions. As lender of last resort…

… • “Customer and Employee Losses in Lehman’s Bankruptcy” (with Erin Denison and Asani
Sarkar). Federal Reserve Bank of New York Liberty Street Economics, January 2019. • “The …