Largest Bankruptcies Of The Great Recession
When the Great Recession started way back in 2007, so many industries have declared bankruptcies. One of the most affected banks was the Lehman Brothers which filed $691.1 billion in bankruptcy in September 15, 2008. Washington Mutual filed bankruptcy on September 26, 2008 with $327.9 billion in total assets. World renowned car manufacturer, General Motors filed bankruptcy on June 01, 2009 with total assets amounting to $91 billion. The CIT Group also filed bankruptcy on November 01, 2009 with assets amounting to $80.4 billion. Assets totaling to $39.3 billion was filed by Chrysler on April 30, 2009. Thornburg Mortgage also filed in May 01, 2009 with assets amounting to $36.5 billion in bankruptcy.
Excerpt:
“The Great Recession, triggered when the subprime mortgage market collapsed and pricked the housing bubble, sparked a wave of bankruptcies, including some bigger than U.S. courts had ever seen.”
Original article can be found at:
http://www.forbes.com/pictures/eegi45llhh/the-great-recessions-25-biggest-bankruptcies-2
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