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September 11, 2008 is marked as the day by many that the Lehman Brothers bankruptcy was set in stone.
On Thursday September 11, an email time-stamped 8:26 a.m. from Susan Mc-Cabe, a Goldman Sachs executive, to William Dudley, Gustavo Suarez and Chris Burke at the Federal Reserve Board set the tone for the day: "It is not pretty, This is getting pretty scary and ugly again.... They [Lehman] have much bigger counter-party risk than Bear did, especially in Derivatives market, so [t]he market is getting very spooked, nervous. Also have Aig, Wamu concerns. This is just spinning out of control again. Just fyi, this is shaping up as going to be a rough day."
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