On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the massive exodus of most of its employees and clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. The filing marked the largest bankruptcy in U.S. history.

US stocks seen sharply higher on Summers withdrawal   CNBC - September 16, 2013
U.S. stock index futures signaled a sharply higher open on Monday, as global stocks and bonds reacted positively to the news that Larry Summers had pulled out of the race to be the next head of the Federal Reserve.