who lost money in 2008 crash

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Steven Spielberg and Jeffrey Katzenberg both are reported to have lost from the funds. All Rights Reserved. But the American companies aren't alone. Within the previous year, its shares had been trading as high as $130. Just when it seemed the year couldn't get much worse, news came that A trader works on the floor of the New York Stock Exchange on September 15, 2008 in New York City. One clue?

The Dow dropped more than 200 points. First, It was the largest filing in U.S. history. Trillions in retirement savings — gone. Harvard lost 22 percent since the end of June.

Nearly everyone in the world lost money as a result of the 2008 financial crisis. An employee of Lehman Brothers Holdings Inc. carrying a box out of the company's headquarters after it filed for bankruptcy.To prevent the Great Depression from ever happening again, the U.S. government subjected banks to stringent regulation. In an ever-speeding spiral, the bundled mortgage securities lost their AAA credit ratings, and banks fell headlong into bankruptcy. The firm was heavily invested and highly leveraged against subprime mortgage investments. Lehman's North American operations were sold to Barclays and Nomura acquired its overseas assets. Their preferred shelter: the U.S. treasury, into whose bonds and bills the terrified financiers of the world poured what liquid wealth they had left. The billionaire has lost at least $16.6 billion this year thanks to his Sands holdings, according to analysis by Steven Hall & Partners, a compensation-consulting firm in New York.

The scope of his victims is impressive. Harvard and Yale, both known for having large, well invested endowments, have both suffered in this downturn. In a matter of days, the company's shares became nearly worthless. Steven Spielberg and Jeffrey Katzenberg both are reported to have lost from the funds. Turn on desktop notifications for breaking stories about interest? And most recently, General Motors and Chrysler got a short-term loan from the program.
By the weekend of September 13-14, 2008, Lehman was clearly finished, with perhaps tens of billions of dollars in overvalued assets on its balance sheets. The clearest indicator of just how bad a year it was can be seen in the stock market. The world economy went into recession which hurts just about everyone. Many salesmen didn’t ask borrowers for proof of income, job or assets. Then, in September, the market was hit with another devastating blow: Lehman Brothers announced that it, too, could no longer continue operations and was filing for Chapter 11 bankruptcy protection. Anyone with a lot of …

The government intervention into the economy to reduce interest rates to zero and hold them there for 7 years now and still counting helped capital stocks. J.P. Morgan Chase and its CEO James S. Dimon were among the few winners on Wall Street this year. It is easier to point out who gained than who lost. So savers sought superior yields. To meet this demand for higher returns, the U.S. financial sector developed securities backed by mortgage payments. The biggest names to go under in 2008: IndyMac, Washington Mutual, Wachovia and Countrywide. Part of the reason for Adelson's massive losses is his outsized investment in the company: Individually and through family trusts, Adelson owns nearly 70 percent of Sands -- much more than other big-time, billionaire CEOs. A trader works on the floor of the New York Stock Exchange on September 15, 2008 in New York City. It would be a massive understatement to say that 2008 had a few folks who lost big in the stock market.
Nearly two dozen banks have failed this year, causing stress and panic for some and losses for those who had saved more than the FDIC limits.

As the recession has deepened, casinos have been hit hard, especially those in Las Vegas where visitors arrive after either a long drive through the desert or a flight into town. Lenders would sell these mortgages onward; bankers would bundle them into securities and peddle them to institutional investors eager for the returns the American housing market had yielded so consistently since the 1930s. Senator Jim Bunning of Kentucky called the bailouts "a calamity for our free-market system" and, essentially, "socialism"—albeit the sort of socialism that favored Wall Street, rather than workers.Earlier in the year, Paulson had identified Lehman as a potential problem and spoke privately to its chief executive, Richard Fuld. And the Mortgage Bankers Association reported earlier this month that about one in 10 homeowners were late or in foreclosure. Ratings agencies, like Moody's or Standard and Poor's, gave high marks to the processed mortgage products, grading them AAA, or as good as U.S. Treasury bonds. And financiers regarded them as reliable, pointing to data and trends dating back decades. A series of bankruptcies and mergers followed as skittish investors, seeking safe harbor, pulled their money out of supposedly high-return vehicles.

The only problem with relying on those data and trends was that American laws and regulations had recently changed. The fresh 21-century interest in transforming mortgages into securities owed to several factors. In afternoon trading the Dow Jones Industrial Average fell over 500 points as U.S. stocks suffered a steep loss after news of the financial firm Lehman Brothers Holdings Inc. filing for Chapter 11 bankruptcy protection. What a way to end the year. Lawmakers and President Bush at first rebuffed the automakers, but ultimately GM and Chrysler -- the two automakers in the most precarious situation -- got an emergency loan. Financial news became front-page, top-of-the-hour news, as hundreds of dazed-looking Lehman Brothers employees poured onto the sidewalks of Seventh Avenue in Manhattan, clutching office furnishings while struggling to explain to the swarming reporters the shocking turn of events.

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