Essay: Crisis of Financial Sector

Sample Essay

The financial crisis which started in late 2008 caused many companies to tumble and go bankrupt as the worst hit sector of the crisis was the financial sector.

The financial sector saw giants like Lehman Brothers filing for the largest bankruptcy in the US and other companies like Woolworth and General Motors whereas other companies to take drastic measures either by acquiring and merging with other firms or seek help from the government. Some companies managed to survive even in the economic downturn including JP Morgan and Goldman Sachs. These companies managed to survive mainly due to stable earnings and lower reliability on subprime mortgages. Even though these companies were supported by tax payer dollars but the earnings potential was the main reason for the survival of these companies and they have come out of the crisis as winners of the industry (Bowley, 2009).

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