The September 15, 2008 bankruptcy filing by Lehman Brothers is the biggest in corporate history in terms of assets held.

Lehman’s slow collapse began as the mortgage market crisis unfolded in the summer of 2007, when its stock began a steady fall from a peak of $82 a share. Crushed by debt and losses tied to mortgage-backed securities, the 158-year-old investment bank entered into bankruptcy after Bank of America Corp. and Barclays plc., which were considered potential suitors for Lehman, walked out of the deal.

One day after the filing, Barclays said it would buy Lehman’s United States capital markets division for $1.75 billion, a bargain price. Nomura Holdings of Japan agreed to buy many of Lehman’s foreign assets. Lehman also said it would sell much of its money management business to Bain Capital and Hellman & Friedman for $2.15 billion.

Driven by mark-to-market adjustments stemming from write-downs on commercial and residential mortgage and real estate assets, Lehman had forecast a net loss of about $3.9 billion or $5.92 per share for the third quarter ended August 31, 2008, compared to a net loss of $2.8 billion for the second quarter of fiscal 2008 and net income of $887 million or $1.54 per share for the third quarter of fiscal 2007.

But while Lehman’s collapse may have been the biggest to date, it’s not the first company to file for bankruptcy protection after making unwise–or illegal–investments. Here’s a look at some earlier collapses. (more…)

They’re not just artists, they’re impresarios. Hip hop’s highest earners own record labels, restaurants and million dollar clothing lines. And when they’re not topping the charts, they’re hawking everything from booze to books. Here’s a look.

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A survey released in April shows that only 48.3 percent of high school seniors could answer basic questions about personal finance. They can’t balance a checkbook or put together a personal budget.

Does this sound like your kids? If so, here are some places on the web that can help.

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To most people a Swiss Bank account is something for the super rich, crooks, dishonest government officials or just a good way to hide assets. They’re the stuff of thrillers like The Bourne Identity or James Bond. (more…)

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Make a late payment on your mortgage and your credit card interest rate goes up–even though you’ve been making timely payments on the card. (more…)

Celebrities don’t like to pay taxes anymore than the rest of us do. And just like us, they have to pay up when they get caught trying to keep money out of the taxman’s hands.

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Do you even know your credit score? It’s a very important number. If your score is just two points below the most desirable scores of 700 or better, it can cost you thousands of dollars in interest on a home mortgage.

Your credit score is the number one tool that lenders use to determine the interest rates you’ll pay for credit cards, car loans and home mortgages. Consumers with scores below 600 are typically charged high interest rates, and if your credit score is really bad, you may be not be able to borrow at all.

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