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The 2008 Financial Crisis: Examining the Causes of Lehman Brothers Bankruptcy
By Roy (Jung-hun) Baeck, VI Form
The 2008 Financial Crisis: Examining the Causes of Lehman Brothers Bankruptcy
Editor’s Note: This paper was completed as a part of the History Research Fellowship, a one-semester course available to sixth form students.
Student-Submitted Note: As part of the History Research Fellowship, I conducted research on the history of financial and housing regulations up to the 2008 Financial Crisis and the impact it made to one of the Wall Street firms, Lehman Brothers, and more.
The following are headlines from The New York Times between September 10 and September 15, 2008.
A Battered Lehman Fights for Survival
Pressure grows on Lehman as shares slide again
Shares Continue Decline as Lehman Looks for Buyer
U.S. demands that Wall Street save Lehman
Lehman’s Fate Is in Doubt as Barclays Pulls Out of Talks
Lehman in Bankruptcy; Merrill to Be Sold; A.I.G. Struggles
On September 15, 2008, the Wall Street firm Lehman Brothers filed for the largest bankruptcy in the history of the United States. At a market value of nearly $46 billion at its peak, the firm’s glory ended with $613 billion of debt and over 25,000 unemployed people. To this day, historians consider the collapse of Lehman Brothers as the turning point of the 2008 financial crisis, causing turmoil in the already struggling United States and eventually worldwide.
The bankruptcy of Lehman Brothers, considered the centerpiece of the crumpled US financial market, illustrates the United States government’s poor effort to maintain a sustainable economy and a successful financial sector. A history of excessive emphasis on homeownership and unreasonably extensive housing policies resulted in the US housing market bubble. The bubble, integrated with the lack of regulations on financial derivatives and Wall Street’s substantial firms making reckless investments in the securities market, created the most impactful market crash of the 21st century.
(more…)Researching Foreign Aid with the Help of The Thomas H. Kean ’53 Fellowship
By Kanav Sahani, V Form
Researching Foreign Aid with the Help of The Thomas H. Kean ’53 Fellowship
Thomas H. Kean ’53 Fellowship:
The Class of 1962, at their 25th Reunion in 1987, established the Thomas H. Kean ’53 Fellowship Program to honor Tom Kean, their teacher, advisor, mentor, and friend. The purpose of this fellowship is to enable students to explore important public policy topics and to embark upon exemplary lives of public service in the spirit of Governor Kean.
Kean Fellowships will be conferred upon a small number of highly well-qualified students who propose and undertake independent research and study in the field of public service, exploring meaningful domestic public policy issues. Once selected, and on the basis of their topic, Fellows will work with a faculty mentor and find meaningful connections with academicians and leaders in the field of public policy. The Fellowship will engage the students in cutting-edge topics and in a manner that is serious and capitalizes upon what they have learned at St Mark’s.
I chose to attend the economics policy academy at Georgetown University because it teaches a unique combination of economics and political science and how to use this knowledge to solve real-world problems. I find these topics interesting because they have so much influence on how the world works, so once I found this course online, I knew I would want to join it. My interest in the more political side of the world started with the social justice class I took with Dr. Worrell during the spring semester of my sophomore year. In addition, my interest in the economic side started with learning about the legendary investor Warren Buffet. Following his story on how gained investing fame by sticking to his strategy has increased my interest in the finance and economic sectors.
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Macroeconomics: “Easy Key” Product for Campus Safety and Convenience
By Colin Boylan and Jonathan Noel, VI Form
Macroeconomics: “Easy Key” Product for Campus Safety and Convenience
Editor’s Note: As a final project in Macroeconomics, students had to find an issue within St. Mark’s and the world and then find the solution to it by “creating” a product. They had to find the costs associated with making the startup business, pitch the idea to Mr. Rob Calagione, and ask the venture capitalist for money in exchange for royalty.
On American educational campuses and specifically the St. Mark’s campus, campus safety and individual convenience are issues. All campus buildings are now being locked for safety reasons, but unfortunately, this is leaving students and faculty locked out of the buildings as well. Yes, key cards are a solution. However key cards are easily forgotten or lost, are likely to be broken, and are simply outdated. Our product, Easy Key, addresses both issues by providing students with a convenient way to access locked buildings in addition to allowing students to pay for school products. (more…)
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