Joseph Stiglitz

The onset of the Global Financial Crisis can be dated to July 2007, when two Bear Stearns hedge funds holding almost US$10 billion in mortgage-backed securities collapsed. That same month, bankers at Lehman Brothers paid themselves $US5.7 billion in bonuses. Little more than a year later, Lehman Brothers filed for bankruptcy with debts of $US613 billion. It was the largest bankruptcy in history.