Lehman Brothers files largest bankruptcy in U.S. history triggering global financial crisis

Lehman Brothers Holdings filed for Chapter 11 bankruptcy with more than $600 billion in assets, the largest filing in U.S. history. The Treasury and Federal Reserve declined to rescue the firm after weekend talks with Bank of America and Barclays collapsed. The Dow fell 504 points, money-market funds broke the buck, and interbank lending froze, forcing Congress to pass the $700 billion Troubled Asset Relief Program three weeks later.