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Capitalizing on the blossoming cotton trade, Lehman Brothers was founded in 1850 by three brothers who began taking raw cotton as payment for the dry goods they sold. In 1887 Leman Brothers joined the New York Stock Exchange and in 1928 the firm moved to its now famous One William Street location. Ranked as the larges bankruptcy in U.S. history, Lehman Brothers filed chapter 11 on Monday, September 15th, citing bank debt of $613 billion.

Lehman Brothers Has Nearly $2 Billion In Miami Area Real Estate Loans
By Peter Zalewski

“Hamstrung by about $60 billion in troubled real estate loans, Lehman’s debt stood at $613 billion when the 158-year-old Wall Street investment bank with assets of $639 billion when it filed for Chapter 11 bankruptcy reorganization protection on Sept. 15. The bankruptcy action was Lehman’s last option after failing over the weekend to find a suitor. Lehman is expected to sell off many of its assets in the weeks and months ahead to satisfy creditors. Citigroup is Lehman’s largest unsecured creditor with $138 billion in bonds. The Bank of New York Mellon Corp. is owed about $17 billion, according to the Associated Press.”