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Type of publication: research article
Type of publication (PDB): Straipsnis Clarivate Analytics Web of Science / Article in Clarivate Analytics Web of Science (S1)
Field of Science: Teisė / Law (S001)
Author(s): Kiršienė, Julija;Misevičiūtė, Gabrielė
Title: Comparative analysis of liability cases for bankruptcies of financial institutions
Is part of: Montenegrin journal of economics. Podgorica : Economic Laboratory Transition Research Podgorica-Elit, 2017, Vol. 13, no. 3
Extent: p. 85-99
Date: 2017
Keywords: Bankruptcy of financial institutions;Auditors;Lehman Brothers;Lithuanian banks;Lithuanian credit unions
Abstract: The bankruptcy of the fourth largest investment bank in the world Lehman Brothers Holdings Inc. in 2008 remains the largest bankruptcy in the history of United States. This bankruptcy is viewed as a turning point in the Global Financial Crisis. Paradoxically, even though the financial system had many safeguards (auditors, audit committees, the board of directors, credit rating agencies, government supervisors) whose purpose was to inform the investing public about the actual financial situation of the institution, Lehman Brothers bankruptcy came as a shock to financial markets across the globe revealing that many of the “gatekeepers” failed. Comparative analysis of liability cases after bankruptcies of Lehman Brothers and financial institutions in Lithuania shows that contrary to Lehman’s case, the demise of financial institutions in Lithuania cannot be attributed to sub-prime mortgages caused financial crisis, real estate market fluctuations or any other external variable. Problems are related to weak supervision, inefficient regulation, and common unethical behavior in the financial sector
Affiliation(s): Privatinės teisės katedra
Teisės fakultetas
Vytauto Didžiojo universitetas
Appears in Collections:1. Straipsniai / Articles
Universiteto mokslo publikacijos / University Research Publications

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