Lehman Brothers has Ala. beginnings - WAFF-TV: News, Weather and Sports for Huntsville, AL

Lehman Brothers has Ala. beginnings

NEW YORK (AP) - There's an Alabama connection to Lehman Brothers.

The 158-year-old investment bank choked by the credit crisis and falling real estate values filed for Chapter 11 protection on Monday.

The company's roots began in 1844 when Henry Lehman immigrated from Rimpar, Germany, to Alabama, where he established a dry goods store that catered to local cotton farmers in Montgomery.

Lehman's bankruptcy filing marks the end of a Wall Street firm that started the U.S. cotton trade before the Civil War and financed the railroads that built a nation.

Lehman's filing is the biggest corporate bankruptcy in history.

(Copyright 2008 by The Associated Press. All Rights Reserved.) AP-NY-09-16-08 0654EDT

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