Page last updated at 05:52 GMT, Tuesday, 15 September 2009 06:52 UK

Live: One year after Lehman

Lehman Brothers HQ a year ago

TEXT AND VIDEO (all times GMT+1)

As the Aftershock season marks one year since the collapse of Lehman Brothers, we bring you news, insights from BBC correspondents, your e-mails and Twitter.

0000 That's it for our live coverage of the first anniversary of the collapse of Lehman Brothers. During the day we have heard from world leaders, central bankers, correspondents, economists and many readers. We are no longer staring into the abyss that opened up on 15 September 2008, but there is still a long way to go before you will all feel that the world has recovered from the extraordinary events that followed. Many thanks to everybody who took part.

e-mail sent in by reader
Chris Mills from Burford, UK, writes: History has a nasty habit of repeating itself and man rarely learns his lesson! Will this be the last time this happens? I doubt it. More of your comments

2350 Meet Geoffrey Raymond, the US artist who lets people write on his portraits of key players in the nation's financial turmoil.

e-mail sent in by reader
Joakim from Helsingborg, Sweden writes: The banking system is a predatory, opportunist system that rewards the ones who can capture the most in the least amount of time with the least personal risk… It's a sad but simple truth, if there is a chance for people to make a fortune at the expense of others, someone will do it. I say banks should be owned by the public. More of your comments

e-mail sent in by reader
Peter Bayliss from Rugby, UK, writes: I hope the bankers who are taking these bonuses can sleep at night while the pensions and savings of the working classes have been decimated, it's the workers who suffer for their incompetence, it is us who lose our jobs and homes. These people have enough money to survive a recession we do not! More of your comments

Gary Duffy
2320 The BBC's Gary Duffy in Sao Paulo says Brazilian stocks closed on Tuesday at their highest level since July 2008, with the Brazilian stock exchange - or Bovespa - moving above the 59,000-point barrier for the first time this year. It seems a long way from the height of the crisis in October last year, when shares reached a minimum of 29,435 points.

e-mail sent in by reader
Ken Cary from Llanwrda, Wales, writes: To me it seems almost certain that not only will there be another huge bank failure but that it will be followed this time by a depression that will make the one in the 1930s seem like a tea party. Why? Because the lessons from Lehman and other banks failing have not been learnt due to greed and stupidity. In fact these green shoots are most likely just a blip before the real crash. More of your comments

Katty Kay
2300 The BBC's Katty Kay in Washington says the US stimulus package has brought unemployment in a part of Tennessee down from a staggering 27% to 19% - for now. Read Katty's article here.

Gordon Brown
2254 UK Prime Minister Gordon Brown says: "I am convinced that there is sufficient common ground for us to reach an agreement at Pittsburgh," after having dinner with French President Nicolas Sarkozy. Earlier, Mr Sarkozy threatened to walk out of the G20 summit if there is no progress on bankers' bonuses.

2244 Goldman Sachs has been one of the big winners in the year since Lehman Brothers collapsed because it bet heavily against the equity markets, says Martin Evans, professor of economics and finance at Georgetown University in the US, and a research economist at the country's National Bureau of Economic Research. Listen to the interview in full.

2236 Lehman Brothers has filed papers with a federal bankruptcy court claiming that Barclays Capital made an $8.2bn (£5bn) "windfall profit" when it bought some of Lehman's assets a year ago. The filing says that details were changed in the time between the deal being done and the sale being completed, which resulted in Barclays getting assets that were not supposed to be part of the sale.

Prof Jeffrey Miron
2213 Professor Jeffrey Miron from Harvard University tells the BBC: "I worry that because bankers and others have learned the lesson that if you take excessive risk you get bailed out, we're more likely to see a new round of excesses five or 10 years down the line and end up with a similar situation all over again."

e-mail sent in by reader
Joe Brown from Portland, Oregon, writes in response to Mr Bernanke's suggestion that the recession is over: Bernanke keeps the interest rates at zero and has pumped a few trillion dollars into the economy. Yet we lose a few hundred thousand jobs each month… Bernanke has no options left but to try to talk us out of the recession. And for that, he uses statistics just like a magician pulls rabbits out of a hat… The recession is far from over and if we do not face the real facts, far more severe consequences will follow. More of your comments

e-mail sent in by reader
Sean from New York, US, writes: I think companies have learnt that they can get by with less staff and have a larger bottom line at the end of the year. So the companies are starting to turn a good profit again yet there are still no jobs. More of your comments

Dr Ngozi Okonjo-Iweala
2148 Dr Ngozi Okonjo-Iweala, managing director of the World Bank and former Nigerian finance minister tells the BBC: "In the Democratic Republic of Congo, mining has been hit severely and 200,000 jobs lost; in Zambia, about 10,000 jobs have been lost in the mines; in Cameroon, 1,500 jobs lost in the wood industry… so this is the not so well known story of this crisis."

e-mail sent in by reader
B Jesrani from Fishkill, US, writes: My spouse and I have deferred our retirement due to loss of equity. It is imperative that new regulations be put in place and old ones enforced to avoid the "Las Vegas syndrome" that swept Wall Street. When greed prevails and the small man fails - it's time for governments to step up to the job and curb the excesses. More of your comments

e-mail sent in by reader
Eric, from Canada, writes: The whole banking sector should be subjected to a major overhaul. This industry should be heavily regulated, as it is in Canada. I have the same trust for bankers as I do for used car salespeople and politicians - very little. More of your comments

Matthew Price
Some US economists are predicting two successive quarters of growth in the US economy, but the BBC's Matthew Price in New York says that while the world's biggest economy may be growing again, it won't feel like that to the people of this country for some time to come.

2105 Banks and insurers took a dive this time last year. Lehman Brothers shares closed down 94%, AIG down 61%, Citigroup down 15%, Washington Mutual down 26%, Goldman Sachs down 12% and Morgan Stanley down 14%.

2100 In New York the Dow Jones Industrial Average closes up 56.6 points, or 0.59%, at 9,683.4 - its highest close in 2009. This time last year it closed down 504.5 points at 10,917.5. In the past year we've seen a big fall and a big recovery, but we still have not reached last year's levels.

e-mail sent in by reader
Trevor, from Broomfield, UK, writes: My dad lost his job before the recession; when the recession hit it made it harder for him to get another one. We became the overlooked people, the people who had faced unemployment before the recession, it seemed we didn't matter as much as the people who lost their jobs because of the recession. I was 16 when the recession started and now I'm 17, and I can't get a job at the local supermarket or restaurant because adults who are now out of work are taking the jobs once manned by teenagers. More of your comments

e-mail sent in by reader
David Rolph, from Guildford, UK, writes: If we want to get things on a sound footing then some pretty awful-tasting medicine is needed. Individuals need to increase their savings and reduce their spending. And governments need to live within their means by sharply cutting public spending and driving up efficiency in the public sector. This means only a very slow recovery and a prolonged period of high unemployment with a downward correction in average living standards. More of your comments

Michael Panzner
2051 Michael Panzner, author and independent economists disagrees with Mr Bernanke's suggestion that the recession is over. He tells the BBC: "The thing to bear in mind with Mr Bernanke is he may be a very learned individual but all along the way he has been overly optimistic. At the beginning of the crisis he predicted that it would remain contained and ever since he has underestimated the degree to which things might unravel."

Michelle Fleury
The BBC's Michelle Fleury on the floor of the New York Stock Exchange e-mails: There's less than an hour of trading left and this has been a far quieter day than a year ago. But could we see another bank failure like Lehman's? One trader's response: "Absolutely".

PaulWroe1 tweets: Working in sub-prime mortgage market I knew recession was coming in 2004. Read PaulWroe1's tweets

indykitty tweets: As an American I say I was poor before, during and after the recession so no change for me. Read indykitty's tweets

1955 It is easy to forget just how extraordinary the events of a year ago were, with great financial institutions dropping or being bailed out by the day. A week after the collapse of Lehman, the BBC News website put out a feature asking what would financial Armageddon look like? Do you remember that feeling that everything might be about to change?

1952 William Hopper, a former banker and author, tells the BBC World Service that there has been no change of culture in US and British banks. "There has been very little sense of regret and not a great deal of learning," he says. "The model should be Sweden, which on a much smaller scale had a very similar crisis in the early 1990s and dealt with it very efficiently. They got rid of the top level and brought in people from lower down who had a different view."

1944 Brian Tora, of stockbrokers JM Finn, tells the BBC World Service that the recovery "only goes to show that the old adage that markets always overreact in whichever direction they are travelling in is as true today as ever it was. Think back to March, when we were looking at share prices that were off by a third - it's been a really difficult year and I don't think we should forget that."

Dr Ngozi Okonjo-Iweala
1930 Dr Ngozi Okonjo-Iweala, managing director of the World Bank and former Nigerian finance minister tells the BBC: "We are talking of green shoots elsewhere - we don't yet see them on the continent [of Africa] because the impact of the crisis has hit with a lag. We are not out of the woods in Africa yet."

Michelle Fleury
The BBC's Michelle Fleury on the floor of the New York Stock Exchange e-mails: Someone who knows a thing or two about the markets is Ted Weisberg of Seaport Securities. He's been a trader here for 40 years. He thinks the biggest concern is political risk not economic risk.

1922 Chris Hitchen, Chairman of the UK's National Association of Pension Funds, tells the BBC World Service: "Stock markets are largely back where they were a year ago - in the UK exactly back where they were. But the crisis has reduced interest rates and bond deals and that means that pension fund deficits are higher, the cost of providing pension funds is higher so it feels like an uncertain world still for us."

Hank Paulson, file pic
1915 This time last year, the then US Treasury Secretary Hank Paulson announced that the government meetings with the insurer AIG were nothing to do with government bridging loans. Two days later an $85bn (£48bn) rescue package for AIG was announced. Mr Paulson also said he had never considered bailing out Lehman Brothers.

1910 Gabriel Stein, director of Lombard Street Research, tells the BBC that: "the big mistake that the Federal Reserve has made and has been made elsewhere by other central banks is in not forcing full disclosure on the banks. We still don't know the amount of toxic waste that American, German and other banks sit on and there is some bad news that is going to come out of that ultimately."

e-mail sent in by reader
Jeff Kaira, from Malawi, writes: Leaders at the G20 should stand firm on the issue of new regulations for the financial systems in their countries because we are not out of danger yet. More of your comments

Joseph Stiglitz
1855 Joseph Stiglitz, the Nobel Prize-winning economist, tells the BBC World Service: "A year after the collapse of Lehman Brothers, essentially nothing has been done… one of the problems with these very big banks is that they are very influential politically. They were major contributors to both parties in the campaign and they have not been shy about exercising their influence. While it isn't too late there is growing concern that America's political system is not up to the task of doing what is necessary."

Lehman Brothers New York office, 15 September 2008, pic courtesy of
1850 Jason Smith, a freelance photographer, took pictures of soon-to-be former employees leaving the Lehman Brothers headquarters on New York's Seventh Avenue for the final time (see right). "There were video crews and photographers everywhere," he writes. "Anytime a worker would leave the building with a box full of their personal stuff, a media scrum would swoop in and follow them down the street shouting questions. It was thrilling, but also sad of course to think of the changed lives that these people were going home to."

1825 Fabio Ermetto of Heesen Yachts in Holland says his business has found it difficult to get loans for expansion and his richest clients have found it hard to get the loans needed to buy his boats. He told the BBC World Service that banks "ask for very high levels of security which make it impossible for buyers to buy such a yacht. We have weekly experience of clients fighting to find financing… this is not helping any businesses at all. It's disappointing."

1820 Stephen Sweeney, who worked as a software developer at Lehman Brothers' London offices for three years, published a novel after the bank folded. Read his account and those of others affected by the bank's collapse.

1755 Natasha Rogoff, a former employee of Lehman Brothers who was on the trading floor on the day the bank collapsed, tells the BBC World Service: "It was like an earthquake… the initial reaction was shock." She never went back to banking, adding: "We set up our own company and we now produce food which is very safe and we produce pasta sauces and fresh pasta… ironically I deliver to my ex-colleagues and to my ex-clients as well around here… it made me think about what to do with my life."

Will Hutton
1742 Will Hutton, head of the Work Foundation, agrees that progress towards reforming the financial system has been painfully slow and tells the BBC that "there's an accident waiting to happen down the road".

e-mail sent in by reader
Erin, from Los Angeles, US, writes: After having lost pretty much all my savings in the form of a small IRA (Individual Retirement Account), I have returned to school. While I have no money, and a large pile of student loan debt (seemingly worse off), I will soon have a masters degree in International Public Diplomacy. Even though the financial situation is scary, I feel better equipped to deal with a rapidly changing world. More of your comments

1731 It's worth remembering that while European markets fell this time last year, they still closed well above their current levels. The FTSE 100 closed at 5,204 this time last year. It has just closed at 5,042. The Dax in Frankfurt closed at 6,064 - it is now 5,629. The Cac40 in Paris closed at 4,169 and is now at 3,752.

1730 The BBC's Alasdair Sandford in France says the regional newspaper L'Est Republicain has some arresting figures showing how the economy in eastern France has suffered over the past year: unemployment up 47% in the town of Briey, a record-breaking 10m hours of short-time working clocked up across the Franche-Comte region, 700,000 tonnes of unwanted material piled up at a coking plant in Metz because there are no buyers in the car or construction industries.

e-mail sent in by reader
Edgar, from Mexico City, writes: I feel worse. It looks like the economic mood is affecting Mexico in a bad way, everything is more expensive and there are job cuts, so I feel like the future is uncertain. What is worse is that the government is trying to increase taxes and with that we will have to pay bills with less money. More of your comments

Ben Thompson
Ben Thompson, the BBC's Middle East business reporter, writes: The big question here is whether Dubai can pay back its debts. It borrowed heavily in the good times, racking up almost $85bn of debt, to fund the city's rapid transformation. The first test will come in December when Nakheel - the government-owned property developer, famous for its palm-shaped islands - must repay a $3.5bn (£2.1bn) bond.

1715 European markets have closed moderately higher, in stark contrast to their performance on this day last year. The markets fell sharply then, with banks doing particularly badly. Among the biggest fallers were UBS, which closed down 15%, and HBOS, now part of Lloyds Banking Group, which dropped 18%.

1708 Dr Madsen Pirie, President of the Adam Smith Institute, tells the BBC World Service that the financial crisis could have been a lot worse. "Full marks to the global community on the way they've handled it so far," he says. "This wasn't caused by bonuses or bank misbehaviour - this was caused politically at an international level by government and central banks flooding the market with easy credit to try and avoid the pain of recessions… It's better to take a small recession and take the hit and get over it than it is to build it up so you get three big recessions in one which is effectively what we've been going through."

Barack Obama
1655 President Barack Obama in Youngstown, Ohio, says: "There is little debate that the decisions we've made and the steps we've taken helped stop our economic freefall. In some places they've helped us turn the corner."

e-mail sent in by reader
Brendan, from Cleveland, US, writes: I said to my wife just last October that this has been all too easy. We have a restaurant doing $3.5m (£2.1m) a year and I was commenting on the use of credit cards in my business. People were using their homes as ATMs and we were the recipients of this easy money for a number of years. Since November however we have noticed a dramatic fall off in the number of people using their credit cards and business is off 20% as a result. More of your comments

Bob Crow
Bob Crow, General Secretary of the British Rail, Maritime and Transport Workers Union, tells the BBC World Service that if Britain had been a "manufacturing nation we'd have come out of this recession a lot quicker… we've got nothing to trade with at the moment - a bit left in the car industry and the coal industry and that's it. And you've got to trade with the rest of the world. We've really relied on the financial system and that's the one that's taken a real pasting… and we've got to start from scratch again."

1645 The paperwork from Lehman's chapter 11 bankruptcy filing was an exercise in understatement. They checked the box confirming that it was "not a small business". They were asked to check boxes estimating the number of creditors and the amount of assets and liabilities they held. In each case they had to check the highest box, saying "over 100,000" for the first question and "more than $1bn" for the next two. The answers did not come close to describing the scale of the collapse.

katagirl tweets in reaction to Ben Bernanke's comments about the recession being "very likely over": Hardly. Until people are more responsible with their money (and therefore can spend more), we're far away. Read katagirl's tweets

Barack Obama
1635 President Barack Obama speaks to carmakers in Youngstown, Ohio, about his cash for clunkers scheme. He says: "You deserve better than the attitude that's prevailed in Washington and Wall Street and sometimes in Detroit for far too long. An attitude that valued wealth over work and selfishness over sacrifice and greed over responsibility."

Mishal Husain
Mishal Husain in Singapore writes: One analyst has just told me that the key to East Asia's handling of this crisis has been the experience of 1997 and its own financial crisis. "Don't over-extend yourself" was the lesson then - it appears to have served Asia well.

Michelle Fleury
The BBC's Michelle Fleury on the floor of the New York Stock Exchange e-mails: US stocks have moved lower following comments from America's central banker, Ben Bernanke, after he delivered a speech on the economy.

1624 It's not really fair to look back at the things we were told by experts on 15 September 2008, because nobody had seen anything quite like it. Nonetheless, one comment stands out, which was that if the US government had not been prepared to bail out Lehman Brothers, it certainly would not bail out AIG. On Wednesday 17 September an $85bn (£48bn) rescue package for AIG was announced.

e-mail sent in by reader
Lori, from the US, writes: While we are financially worse off, I feel happier. Constantly spending money just because you can, buying junk to clutter up your house, and keeping up with the Joneses seems to sap some life out of you. We don't spend money like we used to but we do spend more time together. We play games, rent movies, or just talk. I think this whole recession is a good thing. It's making us re-prioritise what is important. More of your comments

1615 This time last year the administrators of Lehman's European businesses said they were not sure if the bank's employees would be paid at the end of the week. In the end, they were paid for work they had already done. Many of them are now employed by Nomura. Some of them are still employed by the administrators who are trying to unpick all of their trades. 'Ten years' to close down Lehman Europe

e-mail sent in by reader
Zak Ahmed, from Ilford, writes: The reason why [the banks] have not learnt any lessons is because they made the mistakes but we have paid for them by bailing them out. If you don't make them pay how can you expect them to learn from their mistakes? Market forces should have allowed the banks to fail. That is the only way they would stop making the same mistakes again. More of your comments

Michelle Fleury
The BBC's Michelle Fleury on the floor of the New York Stock Exchange e-mails: The first hour-and-a-half of trading has gone. The market seems quiet right now but one trader told me he thinks it's "overbought". To you and me, that means he thinks the market's next move will be down.

Ben Bernanke
Federal Reserve chairman Ben Bernanke has just said: "From a technical perspective, the recession is very likely over." But he warned that the recovery in 2010 would be at a "moderate" pace.

President George W Bush
This time last year, President George W Bush came out and said that his administration was working to "reduce disruption" in financial markets. Barack Obama, who was then only a presidential nominee, blamed the financial crisis on Mr Bush's economic policies. Was he right?

1605 At this time last year, Scott Black of Delphi Management told Bloomberg TV that now was not the time to buy bank shares.

e-mail sent in by reader
ARNN from Barcelona writes: I invested 50,000 euros in a fund two years ago which was recommended to me by my local bank. I did not read the small print. The fund was guaranteed by Lehman Brothers. Last year I lost all my hard-earned money with little apology from my local bank. More of your comments

Michelle Fleury
The BBC's Michelle Fleury on the floor of the New York Stock Exchange e-mails: After the initial buzz following the opening bell, the mood on the trading floor is sedate. Traders are more focused on the latest economic data (a rise in retail sales for August) then they are on the anniversary of the collapse of Lehman Brothers.

e-mail sent in by reader
Eric from London writes: I work in the media sector and thought I had escaped the recession but it finally caught up last month and I've been made redundant. The domino effect that started in the banking sector last year in September still continues to impact all sectors. More of your comments

e-mail sent in by reader
James Munro, from Paddock Wood, UK writes: This recession has caused the bank I worked for to merge with another bank. That created huge job duplication and massive job losses. The job market is now flooded with people looking for the same job as me. It's been five months and despite applying for over 300 jobs, I'm still out of work. More of your comments

Lucy Hockings
The BBC's Lucy Hockings at London's City Hall e-mails: Sir Howard Davies, the former head of the Financial Services Authority, just told me that bankers are influenced by deeds, not actions. They're going to expect to be bailed out again unless central banks are tougher on capital and tougher on regulation. We'll be watching the G20 in Pittsburgh to see if international regulation can be tightened.

Gordon Brown
Gordon Brown: "Labour will cut costs, cut inefficiencies, cut unnecessary programmes and cut lower priority budgets. But when our plans are published in the coming months people will see that Labour will not support cuts in the vital front line services upon which people depend."

1501 Trevor Manuel, the former Finance Minister of South Africa tells the BBC World Service: "Our banks our still very very sound, but the real economy has taken a pounding as demand has fallen for both manufacturing as well as mining products. So the first quarter for us saw a blood bath of minus 6.2% and the second quarter saw minus 3%, so we should be recovering from here but it's been a pretty tough year."

Gordon Brown
Gordon Brown: "I will be arguing that we should implement a black list on uncooperative tax havens around the world."

1453 Alok Churiwala, a former member of the board of the Bombay Stock Exchange, tells BBC World Service that "the economies in Asia were largely insulated, barring of course China because China is the global factory of the world." He adds, "if you look at Japan, in fact, some companies especially the securities companies have come out trumps because Mitsubishi and Nomura actually bought shares of their rivals - Morgan Stanley and Lehman Brothers - so I'm sure they will be in a very happy position."

Gordon Brown
When banks collapse governments can not stand aside, Gordon Brown tells the TUC. He adds: "As a result of taking action over 200,000 businesses have been able to keep people in employment."

1447 Stock markets in New York have opened a year after the collapse of Lehman Brothers brought panic to the trading floor. A year ago the main Dow Jones index shed 504 points in a day of drama, to close at 10,917.51, its biggest points fall since the September 2001 attacks. Now the Dow stands at 9,641 - adding 14 points in early trade. The Nasdaq and S&P indexes were also slightly ahead in a sedate open to trading on Wall Street.

Gordon Brown
Gordon Brown tells the Trade Unions Congress that the collapse of Lehman Brothers was "like a power cut across the world".

1426 Lawrence McDonald, who was vice president of Lehman Brothers before its collapse, tells the BBC banks which snapped up distressed rivals during the chaos of the past year should now be broken up. "Bank of America swallowed up Countrywide, it swallowed up Merrill Lynch, I mean it's like a snake that swallowed five thousand mice. We have to break up these banks cos you can't see the risk."

Steve Evans
The BBC's Steve Evans tells the World Service "if the financial system had not been pulled back from imminent collapse there was a real possibility of a return to the 1930s."

Laura Kuenssberg
The BBC's political correspondent Laura Kuenssberg says the moment when Prime Minister Gordon Brown uses the word "cuts" during his speech to unions later will be "significant". However, voters are not likely to learn where the cuts will fall.

1411 The AFP wire service reports industry association IATA is predicting airlines will lose $11bn dollars this year, up from the $9bn dollars forecast earlier.

1405 Ruth Lea, a former chief economist at Lehman Brothers, tells the BBC financial panic followed the bank's collapse. "The international financial sector was having a cardiac arrest and the US authorities didn't appear to know quite what to do about it."

Alistair Darling
Ahead of the PM's speech to the TUC later, the chancellor, Alistair Darling says Labour would look to "cut costs" and "waste" and would consider whether some spending could be deferred as it sought to reduce the deficit.

US retail sales jumped by 2.7% in August, recovering from a slight dip in July, the Commerce Department says. Among sectors where sales rose was the car market, boosted by the US government's Cash for Clunkers programme.

1349 Russia is "without doubt" emerging from a bitter recession, says its Finance Minister Alexei Kudrin, one year after the onset of a crisis that hit its once-thriving economy. The global financial crisis prompted investors to take billions of dollars out of Russia to safer locations, leading to large losses on the Russian stock market.

Helen Oakes
BBC News Website reporter Paula Dear writes: "Helen Oakes, from Redcar in Teesside, says they have been living for months with the prospect of her husband losing his job from steel firm Corus. I met Helen just off the A1, as part of our Recession Road series. "'We're still on the same money, still doing the things we had planned like holidays, but then thinking: oh god, should we be doing this? It's like the recession has affected my head but not my pocket,' she says."

raoabhijeet tweets: The job market in India remains stagnant. This is especially true in the Financial sector. Might be so till next year. Read raoabhijeet's tweets

Nik Gowing
Nik Gowing in Mumbai writes: "Last year when I was on Delal street, the stock exchange had crashed to just 8000. Today, a noticeable change in mood: the index reached a 52 week high."

Gary Duffy
The BBC's Gary Duffy in Sao Paulo says there is further optimistic news coming out of Brazil which emerged from a short lived recession provoked by the crisis only last week. President Luiz Inacio Lula da Silva is predicting that official figures due out this week will show that the number of formal jobs created in August should be around 150,000, and that the total by the end of the year will be almost one million. If the August figure is confirmed it would be the best since the crisis hit South America's largest country.

Yuan notes
The Chinese government's large 4 trillion yuan ($585bn; £355bn) financial stimulus - which has been used to fund a number of infrastructure projects in the country - appears to be showing results. Beijing says that less than 3% of the country's 151 million migrant workers were unemployed at the end of June, compared to 15% in the early months of the year.

1327 The US Treasury Secretary Timothy Geithner tells ABC television that "a year ago we really were on the verge of a full-sale run" on banks, along the lines of the 1930s Depression. He says: "The biggest fear now, the biggest challenge, is to make sure we change the rules of the game so it doesn't happen again."

1323 Sir Howard Davies, former deputy governor of the Bank of England, tells the BBC that he believes the UK economy will "flatline" going forward. "There will be modest growth, not at all robust, and it won't feel like growth… unemployment will continue to go up."

e-mail sent in by reader
Aarne Kujala, Finland writes: In September 2008 we thought the crisis wouldn't affect Finland. Today we seem to be deeply in recession while other countries are coming out of it. More of your comments

1317 The BBC's Alasdair Sandford in France says the Lyon-based newspaper Le Progres comments that the world is divided into dreamers and cynics, a year after the Lehman collapse. It contrasts President Sarkozy's vision of an economic system taking account of happiness and well-being... with the reality at the Molex car parts factory in southern France where the 283 workers have just been told that only 50-60 jobs will survive.

Hugh Pym
The BBC's chief economics correspondent Hugh Pym tells the News Channel the Bank of England will be "concerned" about today's falling inflation figures and will want to get inflation back up to its target of 2%.

1308 Michelle Fleury, BBC business reporter in New York, says stock markets that crashed when Lehman Brothers imploded a year ago have seen a rebound since the spring of this year. "The question is - how long will it last?"

1304 The UK Conservative party says Gordon Brown is preparing to make a "complete capitulation" by admitting that the next government will have to make cuts to public spending. Mr Brown is expected to mention the word "cuts" in his speech to trade unions later.

Mark Sanders
The BBC's Europe business reporter in Frankfurt, Mark Sanders, says: "The EU estimates that the eurozone economy will shrink by 4% this year" and adds: "There are some big questions about how long it is before this recession can finally be put behind us."

Nik Gowing
The BBC's Nik Gowing in Mumbai says that in the city "consumer spending is back to where it was a year ago". He adds: "By and large there is a buoyant mood here in India."

Terraced houses
The number of people who lost their homes in the UK fell by 9% during the second quarter of the year, figures show today . The Financial Services Authority said the sharply rising trend in repossessions that had been evident up to the third quarter of last year had stabilised during the past nine months.

e-mail sent in by reader
Rory Wilmer from Prague, Czech Republic writes: Six months ago I lost my job as an art director. I was entitled to benefit support from the Czech department of work. I have now come to the end of the six months financial support and still have found no work in my industry. I am now returning to the UK for work. More of your comments

e-mail sent in by reader
John Crocet from Istanbul, Turkey writes: Maybe it's because I am a banker but I feel better off. It wasn't hard to see that stock prices would fall in Sep 08. So I liquidated all my shares back then to save money for the bull return. I was able to make a good profit on the Istanbul Stock Market with all my cash in banking stocks. I cashed in today and bought a new flat. More of your comments

1234 Mishal Husain in Singapore writes:
Mishal Husain
"Asia's economies are among those benefiting from huge stimulus packages - the emphasis in Singapore has not been on protecting those out of work but on creating new jobs in infrastructure projects. The hope is once they come to an end, the economy is well and truly back on track."

Lehman Brothers in New York one year ago
A year ago French graduate Edouard D'Archimbaud arrived for his first - and last - day at Lehman Brothers in London. He tells the Reuters news agency: "I arrived in front of the building, there were lots of journalists, some policemen and so on, so I told myself 'oh that's strange' but I didn't know at that moment that Lehman had fallen into bankruptcy. I went into the building and then it was looking at the headline of the Financial Times that I got the news."

Ben Thompson
Dubai's ruler, Sheikh Mohammed, likens the financial crisis to "a passing cloud". But for the thousands of expats who've lost their jobs here and been forced to pack up and head home, the impact could be more long-term, says the BBC's Middle East business reporter, Ben Thompson.

1223 Michelle Fleury, BBC business reporter in New York, says: "There are those who believe totally in unfettered free markets ... [but] Wall Street is more intertwined with Washington than ever before."

Lehman Brothers in New York one year ago
The Institute for Public Policy Research (IPPR) says the rapid return to the City's bonus culture shows real reform has been "very limited".

1213 John Lipsky, deputing managing director of the International Monetary Fund, tells the BBC there has been an increased effort to "change and imprive financial architecture and provision" since the demise of Lehman Brothers. He says that "in hindsight you can always see how things could have been done better" but that due to the efforts of the global financial community the worst effects of the recent crisis had been "cushioned".

e-mail sent in by reader
Scott Aulan, from Denver, United States writes: I have lost two corporate customers over the last year. They both relied on short-term loans to process their inventory. They were both successful. After the Great Depression, sensible rules were placed on banks and Wall Street which have now been dismantled. Those rules need updating. More of your comments

1207 The influence of the US has been greatly reduced by the economic crisis, according to the Nobel prize-winning economist Joseph Stiglitz. He tells the BBC's Newsnight programme America's ability "to say that it knows how to run an economy is obviously going to be questioned."

manipillai tweets: It's been scary, nerve wrecking and has created more work than usual. But it has been challenging. Read manipillai's tweets >

1202 Jim O'Neill, Chief Economist of Goldman Sachs tells the BBC World Service that the senior people at his firm have not received any significant remuneration during the period where this crisis has taken place. "I do think a compensation culture which reflects genuine long-term value creation is what needs to be got back closer to," he says.

LauraSummers tweets: Been a tough year. Lost job in Jan, lucky enough to find another in 5 wks. Some of my friends not so lucky, still out of work. Those bankers have a lot to answer for and I'm not sure they've learnt from their mistakes either... Read LauraSummers's tweets

mikeyb2b tweets: Left City in Feb, no job yet, happier, healthier than I've ever been. Optimistic. Sad no-one discusses root causes of crash Read mikeyb2b's tweets

1153 "In marked contrast to a year ago on the day Lehman collapsed, it has been a quiet start to the trading day in Europe," says analyst Richard Griffiths at financial betting company Spreadex.

Views from Wall Street one year on
The collapse of Lehman Brothers one year ago is widely considered by experts to have marked the beginning of the global recession. The BBC's Newsnight programme asks financial industry insiders about what happened and the lessons learned.

1145 Looking back over the past year, Japan's Kyodo news agency says that "when US investment bank Lehman collapsed last September, Japan was jolted awake from decades of lassitude as the offshore crisis nearly crippled the global financial system".

Mervyn King
Bank of England governor Mervyn King tells the Treasury Committee there are signs the UK economy is growing again. But he says "the "strength and sustainability" of the recovery are still "highly uncertain".

Andrew Walker
BBC World Service economics correspondent Andrew Walker writes: "After the worst global recession in since the 1930s, there is increasing evidence that a recovery is underway. France, Germany and Japan resumed economic growth in the second quarter of the year. China, which slowed down sharply, is growing strongly again.

Mervyn King
Bank of England governor Mervyn King tells the UK Parliament's Treasury Select Committee: "The consequences of the financial crisis sparked by the failure of Lehman Brothers exactly a year ago today will be pervasive and long lasting."

BAE logo
In other gloomy jobs news the UK defence giant BAE Systems is to cut 1,100 jobs and is to close its site in Woodford, Cheshire. The firm said it had to be the "right size and shape to remain competitive". The Confederation of Shipbuilding and Engineering Unions said the news was "bitterly disappointing". BAE to cut 1,100 jobs

Yuan notes
The Beijing Global Times says that a year after the Lehman collapse "lessons… are still being learned all over the world, as the collapse's impact continues to be felt". And it said that "China has too many casualties to count and too many short-and long-term questions to answer".

e-mail sent in by reader
James Peterson from London writes: The moral of the story is that if you want to be bailed out, make sure you're involved in looking after voters' money. That was the mistake that Lehmans made - it only interacted with other institutions. More of your comments

e-mail sent in by reader
SKYISBLUESOAMI writes: The UK policy of basically printing money from thin air cannot be sustained. I think the payback will be very harsh with massive public sector job losses which will have big negative effect on other jobs. We need a specific national intervention plan for new wealth creation industries, NOT just cuts. More of your comments

Japan Airlines
Japan Airlines (JAL) plans to cut 6,800 jobs and pursue a tie-up with an international carrier."The personnel reduction cannot wait," said JAL president Haruka Nishimatsu.

1046 South African finance minister at the time of the Lehman collapse, Trevor Manuel, tells the BBC's Network Africa that the collapse of Lehman had halted Africa's development plans: "The undergirding of the African economy was strong. Now, I think the situation looks very different as demand patterns in the north have fallen for much of what we produce.''

1041 Gillian Tett, Global Markets editor at the Financial Times, told the BBC that "when Lehman Brothers collapsed people suddenly had no idea what they could trust."

Mishal Husain
1036 From Singapore Mishal Husain writes: "A huge lesson has been learned in Asia about the dangers of over-dependence on exports to the West. The emphasis is now on domestic consumption - a realisation that Asians need to be buyers as well as sellers in the global economy."

e-mail sent in by reader
Apela Colorado from Lahaina, Hawaii says: My income has reduced by 90% but on the positive side people are helping each other more and the Hawaiian Islands have a chance to breathe after the devastatingly intense tourism. More of your comments

1032 Margie Lindsay, Editor of Hedge Funds Review tells the BBC World Service the impact on Wall Street and the City of London has been cataclysmic. "The entire banking structure, the investment bank, the modelling of it has changed fundamentally...The entire pecking order of the banks has changed, and I think you've shaken them to their very foundations."

1029 "In Berlin, a poll this week showed investor and analyst confidence rising to its highest level in two years," writes European Affairs Correspondent Oana Lungescu. "But with Magna preparing to cut 4,500 jobs at iconic carmaker Opel and 1.4 million Germans either unemployed or in short-time labour schemes, the election in less than two weeks' time will be dominated by the economy."

1024 In the UK a key measure of inflation falls to its lowest level since February 2005 , official statistics show. Lower food costs contributed to the fall in consumer price inflation during August, with the price of fruit, vegetables, bread and meat all decreasing, said the Office for National Statistics.

e-mail sent in by reader
Srikant from Bengaluru in India writes: I am an engineering 4th year student. Earlier, by the end of 6th semester many companies used to visit our campus to recruit students. This year only a few have visited and none of the premier companies have come. The scenario is the same in almost all colleges in India. More of your comments

1016 Singapore-based Jim Rogers, co-founder of the Quantum Fund investment group, says that in the wake of the shock to the financial system "Asia is trying to adapt in the same way that the West is adapting".

1015 A year on from the Lehman collapse, one wonders what all the financial crisis fuss was about, muses Jeremy Warner in the Daily Telegraph: "For the first time in a year, banks are credibly able to think about replacing Government support with private capital."

1010 Rupert Cornwell in the Independent is pessimistic about the chances of the US administration changing the banking rules to prevent another credit crunch: "For the time being nothing, legally, has changed since the collapse of Lehman Brothers a year ago. And there's no guarantee it will."

1004 Mervyn King, governer of the Bank of England, tells the UK Parliament's Treasury committee that, looking ahead, "the strength and sustainability of the recovery is highly uncertain".

0952 Professor Noriko Hama of the Doshisha Business school in Japan says: "The people in the financial sector would much rather, so it seems, forget about the whole thing and go on, carry on as if nothing had happened, which I think really is very much the crux of the problem at this very moment. We sort of seem to be going up the same very dangerous mountain once again."

GerryVincent tweets: Listening to the reports on the Lehman Bank collapse 12 months ago, I have no sense of confidence that this sector will now regulate itself. Read GerryVincent's tweets

0947 Nobel prize-winner and former President Clinton adviser Joseph Stiglitz, writing in the Guardian: "The reality is that a year on from Lehmans' collapse, [the US administration] has failed to take adequate steps to restrict institutions' size, their risk-taking, and their interconnectedness." He adds: "There remain many institutions willing and able to engage in gambling, trading and speculation. There is no justification for this to be done by institutions underwritten by the public."

benald tweets: Lehman's Collapse Day should be remembered in perpetuity as the day Masters of the Universe expected state bail-out. Read benald's tweets

0943 From Dubai, the BBC's Ben Thompson writes: A prominent local businessman tells me that the financial crisis was "the best thing to have happened to the Middle East - a chance for the region to get its financial affairs in order".

0942 Think-tank the Institute for Public Policy Research warns that the lessons of a year ago have not been learned and says the rapid return to the City's bonus culture shows real reform has been "very limited". Bank crisis lessons 'not learned'

0940 Writing in the Guardian columnist Nils Pratley says it is troubling "that the banking crisis has spawned new, and bigger, financial conglomerates... Don't we want fewer financial monsters, not more?"

JohnWillman tweets: Why do people say banks are too big to fail and then complain when one - Lehman - was allowed to do just that? Read JohnWillman's tweets

0932 Finance professors John Cochrane and Luigi Zingales, writing in the Wall St Journal , say the lesson of the Lehman collapse is that institutions which take trading risks must be allowed to fail: "Many people say that letting Lehman fail was the mistake that caused the financial crisis... The story is false."

Lehman's worker
0929 The Lehman collapse made headlines around the world. Here is a reminder of what people saw in their newspapers and on the web. Laid-off staff paraded out of offices, their belongings in boxes. It was, unfortunately, a scene repeated at firms around the globe over the next year.

ChukaUmunna tweets: One year has passed since Lehman went under - u can't overestimate the impact on the City; akin to Arsenal disappearing from the Premiership! Read ChukaUmunna's tweets >

0922 It is now exactly a year since Lehman's European unit was put into bankruptcy. The company later said it could not pay people's salaries for the month. 'It's like a massive earthquake'

0920: Nik Gowing in Mumbai writes: In India, some economic scars remain, but there is a self-confident bounceback creating solid cash flow, a return of old jobs and also a tremendous sense of new wealth, generating opportunities at all levels.

0913 An editorial in the Wall Street Journal suggests American support for free trade may be one of the casualties of the global recession. "This 80-year history of free-trade progress is now under threat from the global recession and Mr Obama's abdication of US leadership."

0911: David DeMuro, former head of compliance at Lehman Brothers, tells the BBC: "When you are in the midst of a bubble it is difficult to to be the one who walks away first."

e-mail sent in by reader
Sanjay from London agrees with an earlier comment from Ochieng Rapuro, editor the Business Daily newspaper in Kenya at 0727: I come form Kenya and I know what happens when the tourism dies. The knock-on effect will carry on for a long time to come More of your comments.

0908 The BBC's Ben Thompson in Dubai writes: This time last year, Gulf residents were watching the US financial crisis unfold from a distance. There was a real feeling that the fallout would bypass the Middle East. But that optimism was misplaced. The impact was felt here - markets tanked as foreign investors fled and real estate prices have almost halved.

0903 International Herald Tribune columnist Bob Herbert says, one year after the Lehman collapse in the US: "Poverty rates are increasing. Tax revenues are plunging. State and local governments are in a terrible fiscal bind. Unemployment benefits for many are running out. Families are doubling up, and the number of homeless children is rising."

0900 In a sign of how stocks were hit, the FTSE Eurofirst 300 index of top European shares is down 14.5% from its level a year ago, just prior to the Lehman collapse.

e-mail sent in by reader
Alex from Brentwood responds to the comment left by a UBS executive at 0832: No, you didn't lose your family's money; you lost everyone else's. Click here for more of your comments

jrg1990 tweets: Before the recession students could get part-time jobs to see them through uni. Now there are just no jobs. We're going to end up in such debt. Read jrg1990's tweets.

Steve Schifferes
0842 The BBC's Steve Schifferes writes: A few days after the collapse of Lehman I arrived in New York. The atmosphere was almost like a funeral on Wall Street. People were dazed and confused and very unsure what the future would hold. And it appeared that the policy makers and politicians shared their confusion.

0838 Writing in today's FT , Francesco Guerrara and Michael Mackenzie argue the failure of Lehman brothers, though losing "trillions" of dollars, opened the door to its competitors. "The banks still standing after the crisis have had a field day."

0835 The fallout from the Lehman collapse is still affecting investors. The UK's Financial Services Authority watchdog has said it is to investigate some complex financial products that were backed by the firm. FSA acts on Lehman-backed product

0832 In New York an executive with Swiss banking giant UBS tells the BBC: "I nearly had a heart attack a year ago. I thought I had lost my family's money."

Tim Weber, business editor of the BBC News website, tweets: Missing from today's Lehman debate: Risk! Everything went wrong a year ago because bankers and investors did not understand how to price risk. Read Tim's Tweets

Mishal Husain
0825 The BBC's Mishal Husain writes: A former Singaporean MP's just told me he thinks it's time for much greater transparency in the decision-making of the two big sovereign wealth funds here - Temasek and GIC - which have lost money during the global crisis

text message
Anonymous BBC Breakfast viewer says: Why is the financial industry still being paid big money when public sector workers are facing cuts? We own them - when are they going to feel the pinch? Text 61124

0805 The administrator of Lehman's European operations warns that it "may take a decade" to wind up the business. "This has been the most complex insolvency case I have ever dealt with and am ever likely to," says PricewaterhouseCoopers partner Tony Lomas. Winding-up 'to take decade'

Gordon Brown
0802 The BBC has learned that UK Prime Minister Gordon Brown will use the "C-word" in a speech to trade unions later. Opponents have complained that, so far, Mr Brown has refused to mention "cuts" when discussing government spending. It remains to be seen how the unions - who represent many thousands of public sector workers - will react. Brown 'to talk of cuts'

Barack Obama
0751 At this stage it is perhaps worth reminding ourselves of what US President Barack Obama said on Monday night in a keynote speech on the eve of the anniversary of the Lehman collapse. He reminded bankers of what had brought about the crisis in their sector, warning: "We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis." Obama warning to bankers

0747 Former Lehman Brothers employee David Ambinder says: "In the last days - for everyone - it was utter shock. Everyone was surprised that a company with such history could go under."

0742 Karen Nye, BBC business reporter in New York, says that, despite the traumas of last year, many in the US financial world are still wary about what they fear could be too much government intervention in their industry.

Mishal Husain
0735 The BBC's Mishal Husain writes: I'm in Singapore. Although it's emerging from recession and Asia as a whole is getting back on track, the crisis has taken a toll on small investors who bought Lehman-related products

0727 Ochieng Rapuro, editor the Business Daily newspaper in Kenya, says the whole of the African tourist sector has been hit by the downturn of the last year.

0720 The BBC's Mariko Oi, in Singapore, reminds us that - for some - there was an upside to Lehman's demise. Asian banks, she says, were able to buy up some cheap Western assets afterwards.

Steve Schifferes
0712 BBC economics reporter Steve Schifferes writes: One year ago I was in Washington visiting Congress to attend hearings at the House Financial Services Committee. I remember the atmosphere being very strange, with an air of unreality hanging over the proceedings. Congressmen kept disappearing from the hearings unexpectedly to go to secret meetings. Three days later, US Treasury Secretary Hank Paulson asked for a $700bn bail-out to save the banking system.

0709 Eric Berglof, chief economist at the European Bank of Reconstruction and Development, says the banking crisis isn't over. It is a "major concern" that the recovery could be "bouncy", with wide international variations, he adds.

0705 BBC business correspondent Greg Wood has been reminiscing about what it was like to be reporting on 15 September last year. It was becoming clear that Lehman Brothers was in its "death throes", he recalls.

0702 It's a grey and windy day in the City of London as the world considers the magnitude of events over the last year. Several leading UK politicians are giving speeches later, including Prime Minister Gordon Brown.

0658 Bob Parker of Credit Suisse said: "Over the past year and a half we've seen a major restructuring of the banking industry."

0650 A year on it's not all bad news. Mariko Oi, BBC business correspondent in Singapore, says the whole Far East had recovered more quickly than the West.

0642 "I don't think you can ever say never," Bob Diamond, head of Barclays Capital, tells BBC News New York business correspondent Greg Wood. But he defends big bonuses.

0600 By this time on 15 September last year, it was already clear that it was not going to be just any Monday. Following a weekend of rumours and reports, Lehman Brothers filed for Chapter 11 bankruptcy protection just after 0530 London time.

Within a few minutes, the official announcement came from Bank of America that it was buying Merrill Lynch to prevent it going under too. BBC business editor Robert Peston described it as the most extraordinary 24 hours for Wall Street since the late 1920s. On this live text page, we'll be looking at what has changed since that momentous day and hearing your stories about a remarkable day that began an incredible year.

0545 Hello and welcome. Exactly one year ago, at 5:38AM London time, one of Wall Street's biggest firms announced it was going bankrupt, following a weekend of frantic negotiations at the New York offices of the Federal Reserve. The $646bn bankruptcy reverberated around the world, eventually leading to the collapse of world stock markets and the world economy.

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