The day of the bankruptcy of Lehman Brothers – level 1
Lehman Brothers is a big bank in the United States. It invests money into houses. The bank invests 680 billion dollars. The bank has only 22 billion dollars. It is a very risky situation. If the price of houses goes down, the bank can lose all its money.
In 2008, the price of houses goes down. The bank starts to have big financial problems. The management asks the government for help. The government doesn’t help.
On September 15, 2008, Lehman Brothers must go bankrupt. It is the biggest bankruptcy in the history of the United States.
Difficult words: invest (to put money into a business), risky (when something bad can happen), government (the leaders of a country), go bankrupt (to be in a situation when you lose your business because you don’t have enough money), bankruptcy (a situation when you are bankrupt).
What do you think about this day?
LEARN 3000 WORDS with DAYS IN LEVELS
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