video Happy Anniversary Great Recession. A year ago today Lehman Bros. filed for Chapter 11 bankruptcy and sent the economy into a tailspin the country is still struggling to cope with, and which will likely be the defining challenge of Obama's first term despite the recent focus on health care. For those of us who before this past year paid little attention to the business world it's been an education to say the least. For those who toil in the business world and cover it, it has often resulted in the sort of national exposure normally reserved for actors and sports figures (both notorious and celebrated!). With all that in mind, here's a look at the top ten highlights from the Great Recession: Year One. (more...)

The A.I.G. Financial Products unit is to the global financial crisis what rickety levees were to Hurricane Katrina. But as Michael Lewis points out in his excellent article in the latest issue of Vanity Fair, F.P., as it’s called, used to be the envy of Wall Street. In 2001, the elite unit accounted for a stunning 15% – roughly $300 million – of the insurance giant’s overall profits. And it charged fees that would make most hedge fund operators blanch. (more...)