It's been five years since the beginning of the financial crisis forever changed the trajectory of American banking — and American history.
The plot lines of the financial crisis arewell-documented, but it should still give any market watcher pause to stop and think again about the events as they unfolded.
From Lehman's collapse to AIG's bailout, September and October of 2008 were, simply put, absolutely nuts.
To celebrate the 5-year-anniversary, we take a walk down memory lane with a cast of familiar faces.
FEB 8, 2007: HSBC says that its bad debt provisions for 2006 will be 20% higher than expected thanks to a slump in the U.S. housing market. Normal people begin to learn what subprime is.
Source: BBC
APRIL 2, 2007: New Century files for bankruptcy. It was the largest subprime lender in the United States.
Source: SEC Filing
JUN 21, 2007: Merril Lynch sells off assets in two Bear Stearns hedge funds as the funds hemorrhage billions of dollars on bad subprime bets.
Source: Reuters
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