Bankruptcy in 2007 was seriously affected by the financial crisis caused by subprime loans. Racked up huge losses on mortgage-backed securities throughout 2008. In the second fiscal quarter, Lehman reported losses of 2,800 million dollars and was forced to sell 6,000 million dollars in assets. In the first half of 2008, Lehman had lost 73 of its market value. In August 2008, Lehman reported that it intended to lay off 6 of its workforce, 1,500. On 13 September 2008, Timothy F. Geithner, the president of the Federal Reserve Bank of New York, convened a meeting on the future of Lehman, which included the possibility of liquidation of their assets to clean up the company. Lehman said it was in talks with Bank of America and Barclays for the possible sale of the company.Finally, on 15 September 2008, two days after Lehman Brothers announced bankruptcy filing to give potential buyers. Lehman Brothers had endured a civil war, the banking crisis of 1907, much like the current, also survived the Crash of 1929, trading scandals in the bond, to collapse in hedge funds, but failed the subprime crisis of 2008, and with liabilities of 613,000 million ( 613 billion Anglo-Saxon), the largest bankruptcy the story so far (.