BIS Review 152/2008  5  Hopefully by the time we meet next year, we will be able to report on more promising global and domestic developments. Please enjoy the rest of the evening, and may you have , in the period ahead, a wonderful festive season and a prosperous New Year. ‘Till we meet again! Adios Amigos! Thank you very much.
Despite the best efforts of all involved, a solution could not be crafted, nor could an acquisition by another company be arranged. With no other option available, Lehman declared bankruptcy. The Federal Reserve fully understood that the failure of Lehman would shake the financial system and the economy.