BBC sounds music radio podcast.
Hello.
This is another episode of old newscast,
which was our brainwave about what would happen if we did an episode of newscast,
but about a day from the recent past.
So here is Monday, September the 15th, 2008,
which is the day
that the major investment bank Lehman Brothers filed for bankruptcy in the United States with its British operations ceasing shortly afterwards.
This moment turbocharged the global financial crisis and caused recessions in many countries around the world,
including in the UK.
But as you will hear shortly in this episode,
there had been quite a lot of warning signs for people who were able to see them at the time.
So why did Lehman Brothers collapse?
Our economics editor Faisal Islam and Gillian Tett,
columnist at the Financial Times, will delve deeper into why on this episode.
And they have got some excellent food based metaphors that will help to explain.
Lehman's were involved in the subprime mortgage market in America.
That was mortgages,
home loans aimed at people who banks thought weren't guaranteed to meet all their repayments.
And there was also this related thing in the financial markets called a CDO,