The finance industry in the US is marking the five year anniversary since Lehman Brothers filed for bankruptcy this week end in 2008.

The collapse of Lehman Brothers triggered the worst financial crisis in decades. The failure of Lehman Brothers is considered to be domino that led to so many other developments including Merrill Lynch’s sale to Bank of America; the bailout of the American International Group, the near collapse of Goldman Sachs and Morgan Stanley.

Huge bailouts from governments and central banks helped avoid a second Depression but failed to prevent a global economic slowdown. Several economies are set to recover from the recession that was caused by the failure of the financial giants.

Several experts have said that the decision not to rescue Lehman Brothers was a mistake and Christine Lagarde, the French finance minister at that time who is now the head of the International monetary fund, had said that the decision not to save the company was horrendous. They said that the if the company was saved, then the crisis might have been less severe in the US economy.