Excellent account of the super-Lehman bankruptcy of 150 years ago (Overend Gurney)

Excellent account of the super-Lehman bankruptcy of 150 years ago (Overend Gurney)

The failure of Overend Gurney — a discount house which had been larger than its three next largest competitors combined — sent shockwaves through the financial system in
May 1866. The seeds of its demise had been sown many years earlier. Despite its profitable bill broking business, Overend Gurney had been on the brink of failure for some time, incurring enormous losses from the bad loans it had extended with little credit risk assessment.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s