That’s right, it’s the anniversary of Lehman Brothers’ completely unnecessary, totally preventablecollapse. Which means it’s high time for some not-terribly-well-earned self-congratulation among the survivors.
"The Lehman Brothers collapse made financial institutions realise that the most precious thing they are entrusted with is trust – and that winning that back was going to take both structural and cultural change that would have been unimaginable just a few years before," Michael Cole-Fontayn, EMEA Chairman at BNY Mellon told CNBC via email. "Since 2008, banks around the world have strengthened their balance sheets, held more capital and more liquid assets. They've invested heavily in risk management."
You know, because certain central banks are illegally forcing them to for no reason, but let us not dwell upon that. Things are better than they were on the worst day of the financial crisis, if only just.
However, a number of analysts have said that the situation is not as gloomy as it was eight years ago. While the global economy will take time to come out of the crisis, improvement can be seen in a number of sectors.
"We have had a sustained recovery in the U.S., U.K., Canada and Germany - where unemployment has come down to pre-crisis levels, Andrew Sentance, ex-Bank of England Monetary Policy Committee (MPC) member told CNBC via email.
As for Lehman Brothers itself, well, it’s still not totally dead: Its zombie will probably out-un-live us all.