Lehman Brothers files for bankruptcy

America's fourth largest investment bank, Lehman Brothers, has filed for bankruptcy protection.

Shares around the world fell on average 4% on Monday

Lehman, one of America's oldest banks, has become the biggest casualty of the credit crunch.

As a result there have been more dire predictions about the health of the global financial system, with the anticipation of more bad news to come.

David Buick is from Cantor Index:

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Some critics say the credit crunch been brought about by greed and incompetence on the part of the banks.

Newshour's Julian Marshall put this to Steven Evans, the presenter of the BBC programme Business Daily, and, first, to James Edsberg, director of the business research group, Lighthouse Global:

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First broadcast 15 Sept 2008