Lehman Brothers’ financial crisis : the nation’s largest collapse of an investment bank
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On September 15, 2008, Lehman Brothers filed for bankruptcy causing the meltdown of the fourth-largest American investment bank that shocked the financial industry and caused major damage to the world’s economy. This paper examines the situation leading to the bankruptcy of Lehman Brothers and identifies the key publics in the financial crisis. In addition, this paper examines the communications and relationships Lehman Brothers had with its key publics during the crisis from the perspective of the Excellence theory. The facts and evidence of the case of Lehman Brothers’ bankruptcy that are presented in this paper are sourced from news releases, congressional hearing reports, examiner’s reports on Lehman Brothers’ bankruptcy filing, Lehman Brothers’ earning reports, conference calls, and press releases. Finally, this paper will provide recommendations on dealing with crises based on Excellence theory and the opinions of public relations practitioners.