Cover
RAPPORT

Long-Term Outlook: Macroeconomic Scenarios and Expected Returns 2019 – 2022

Report

The publication of this report marks the tenth anniversary of the largest bankruptcy fi ling ever in US history.

In September 2008, Lehman Brothers – at that time the fourth-largest investment bank in the US – fi led for bankruptcy. This did not immediately unleash the fi nancial crisis; a week earlier Freddie Mac and Fannie Mae had already been taken over by the US government. Nor was Lehman’s collapse the moment when risks in
the fi nancial system were at their highest. But Lehman’s collapse evoked a certain drama that remains forever etched in people’s memories.

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