Introduction
In 2008, driven by the subprime crisis, the Lehman Brothers investment bank went bankrupt. It was a very bad news for managers and bank employees but also for the global financial system. The previous month's announcement of its debt, the US bank hid its losses and had presented a falsified report. The same year, a few months earlier, Bear Stearns went bankrupt, too, in fairly similar conditions.
Les origines de lehman brother
In 1844, Henry Lehman, a German immigrant, creates a small general store in Montgomery Alabama. In 1850, Henry and his brothers, Emmanuel and Mayer, based Lehman Brothers.
In the decades that followed, the company has prospered along with the growth of the US economy. Throughout history, Lehman Brothers…show more content… So this organization helps companies define their culture in order to better the work. Thus they will be better able to understand the ways of their employees respond to the often complex ethical situations and where there is no real good answer. This organization would be presumptuous and even misleading to say that there is a way and needs to be followed in all circumstances. Instead, each company must achieve to understand its identity and culture. The regulatory arsenal is a first step to prevent future crises, but it must be accompanied by an approach centered on the human factor and the understanding of organizational culture to be successful. This approach requires ongoing developments including partnerships between the worlds of academic research and that of the…show more content… The so-called wave Subprime is partly due to this.
• Legislators considered the distribution of bonuses (variable gains granted annual financial operators) as a private matter without rules accurate. The results were immediate: starting bonus "CEO" US (over $ 100 million) for the leaders failed, bonus of several million indexed formulas in which the calculation basis is the immediate gain on products sold for 10 years to customers.
• The US authorities have drawn a very favorable environment for the emergence of a crisis monetary and financial abundance by the Fed, home ownership easier by the CRA regulations (Community Reinvestment Act) in 1977 reinforced in 1995 and 2002.
Monica et al. (2010) investigate several aspects regarding the causes that led to the emergence of 21st century economic crisis. They find that firms need for Corporate Social Responsibility in Accounting Profession in order to avoid financial crisis.
Do the States learned from the