Employees arrive at Lehman Brothers New York headquarters to clean out desks as Lehman's attempt to sell itself failed.

FTG FOR BETSY STARK CS VO ON WALL STREET MELTDOWN / THE 158 YEAR OLD LEHMAN BROTHER FILING FOR BANKRUPTCY FOLLOWED BY STOCK GIANT MERRILL LYNCH BEING SOLD AFTER JUST TWO DAYS OF DISCUSSION / THE DOW JONES DROPPING TO A 504 POINT LOSS 14:01:41 VS EXT OF LEHMAN BROTHERS 14:02:56 TIGHT SHOT OF WOMAN HOLDING "WHO WILL BE NEXT" BANNNER 14:03:39 LAS OF TICKER OUTSIDE LEHMAN BROTHERS BUILDING 15:01:18 WS EXT OF LEHMAN BROTHERS

LEHMAN BROTHERS FIRES BOTTOM HALF OF ITS CLEVELAND STAFF IN WAKE OF $300-MILLION FRAUD CASE.

MISC. 1930'S NEWSREEL #9

A trader on the New York Stock Exchange remembers the ruthless day when the Lehman Brothers collapse precipitated the worst global economic crisis since the 1930s and explains that a strong foundation has been built since then with the market now too big to fail (Footage by AFPTV via Getty Images)

New York City - Lower Manhattan - World Trade Center - Financial District - Lehman Brothers Building - Three World Financial Center - American Express Tower - Winter Garden Atrium glass dome

FINANCIAL EXECUTIVE JOHN D. SPOONER DISCUSSES GROWING UP IN BROOKLINE - SENIOR VICE-PRESIDENT OF LEHMAN BROTHERS FINIANCIAL COMPANY

Employees of Lehman Brothers pack up their desks and leave the building after the company went bankrupt. Interviews with former employees. The Lehman Brothers marquis and signs. For sale signs reveal the failure of the housing market. The Lehman Brothers building. a Merrill Lynch executive shakes hands with a buyer of the failing company. A sign for the AIG company which is also near collapse. A huge American Flag hangs at the New York Stock Exchange building on Wall Street. PLEASE NOTE VIDEO & AUDIO OF NEWS ANCHORS & REPORTERS IS NOT AVAILABLE FOR LICENSING

Ten years after the global recession Dominique Strauss Kahn who was IMF director during the fall of Lehman Brothers in 2008 looks back on the financial crisis comparing the present situation as worse than it was at the time (Footage by AFPTV via Getty Images)

--SUPERS--\nFile\n\n --VIDEO SHOWS--\n- VO of Lehman Brothers building\n\n --VO SCRIPT--\n10 YEARS AGO THIS WEEK, THE FINANCIAL CRISIS CAME TO A HEAD, LEADING TO THE COLLAPSE OF LEHMAN BROTHERS. \nTHERE WAS ROLLING COVERAGE, BREAKING NEWS, AND HEADLINE AFTER HEADLINE ON BANKS COLLAPSING AND COMPANIES GETTING BAILED OUT. \n\n\n -----END-----CNN.SCRIPT-----\n\n --KEYWORD TAGS--\nFILE LEHMAN BROTHERS FINANCIAL CRISIS ANNIVERSARY\n\n

FTG FOR A BRIAN ROSS CS VO ON THE FINANCIAL CRISIS THAT HAS CAUSED THIS COUNTRY TO FACE A DEVASTATING ECONOMY AND RECESSION / INTV W/ RICHARD BLUMENTHAL, CONNECTICUT ATTORNEY GENERAL / LEHMAN BROTHERS / ANGLE ON ROSS NOT BLUMENTHAL

CU BOUQUET OF FLOWERS, ZOOM OUT PRIVATE DINING ROOM AT OLD INVESTMENT HOUSE OF LEHMAN BROTHERS FOR BUSINESS LUNCHEON OF RICH MEN.

A digital sign tells of the U.S. Stock Market plummeting as fears that AIG will not get the financing it needs to stay afloat. Traders on the NYSE trading floor. The doorway to Lehman Brothers after it's failure. An AIG sign at the Insurance Company's offices. Workers scramble to find the necessary financing while at work for AIG.

INVESTMENT EXPERTS SAY VICTIMS MIGHT NOT BE OUT THE HUNDRED MILLION DOLLARS THAT DISAPPEARED WITH A CLEVELAND STOCKBROKER.

TWENTY FIVE YEARS AGO TODAY - Pt 3

Shot 10/06/2008. Richard Fuld, chairman Lehman Brothers, testifies on Capitol Hill.

STATE DEPARTMENT DAILY BRIEFING TOPICS INCLUDE:-RUMOR AMERICAN HOSTAGES IN SYRIA

NAME: UK LEHMAN 20080915I TAPE: EF08/0937 IN_TIME: 10:53:53:22 DURATION: 00:01:15:21 SOURCES: AP TELEVISION DATELINE: London, 15 Sept 2008 RESTRICTIONS: SHOTLIST 1. Wide shot of skyscrapers in Canary Wharf 2. Exterior tilt down of Lehman Brothers offices in London 3. Various Lehman Brothers staff arriving for work 4. Newspaper reading "Wall Street in Crisis." 5. Various of trading floor at BGC Partners 6. Mid of trader 7. Wide of trading floor 8. SOUNDBITE (English) David Buik, BGC Partners: "Well the shares, as we say, have pulled back three percent so far this morning. When the Far East comes back, it's troops in play : Tokyo and Hong Kong opens tomorrow, the situation could be exacerbated, it will be interesting to see how things get on in New York this afternoon. In regards to the pound, it has rallied strongly from 1.76 to 1.81 because the market has turned negative on the dollar and the US Economy." 8. Exterior of Lehman brothers building STORYLINE The British operations of US investment bank Lehman Brothers were placed in administration on Monday to protect them from creditors, the accounting firm PricewaterhouseCoopers said, while Lehman's parent company in the United States headed for a bankruptcy filing there. Lehman Brothers employs about 5-thousand people in the United Kingdom. Most employees arriving for work at the company's regional headquarters in London's Canary Wharf financial centre had little to say. A memo given to Lehman staff in London on Monday said it was important not to make any financial commitments to third parties until the situation was clarified. The impact of Lehman's problems have reverberated around the world. World stock markets dropped sharply on Monday amid growing alarm over the world's financial system as investors react to the seismic shake-up on Wall Street involving the bankruptcy of Lehman Brothers and the takeover of Merrill Lynch. David Buik, of the inter-dealer broker BGC Partners said that the London stock market had fallen three percent this morning. "When the Far East comes back, it's troops in play : Tokyo and Hong Kong opens tomorrow, the situation could be exacerbated, it will be interesting to see how things get on in New York this afternoon," he said. "In regards to the pound, it has rallied strongly from 1.76 to 1.81 because the market has turned negative on the dollar and the US Economy," he added. Barclays PLC confirmed on Monday that it had considered a combination with Lehman Brothers but "did not proceed because it was not possible to conclude a transaction in the best interests of Barclays shareholders."

YESTERDAY'S NEWSREELS

Pete Fornatale 40:59 Pete Fornatale back with you on mixed bag radio with my guests today the bacon brothers. It's Kevin and Michael, if you do it alphabetically, it's Michael and Kevin, if you do it by age, I didn't check size places, we'll wait. Wait for later for that. What I would be interested in knowing is how to Philly boys like yourselves became dyed in the wool New Yorkers, Kevin Bacon 41:24 there's actually sort of a good reason for that our mother was a New Yorker. And our father, when they got married, she moved to Philadelphia, and he really devoted his life to the city of Philadelphia and was very, very influential down there, and really kind of transforming that city and making it the place that it is today. But I think that in subtle ways, our mother would sort of whisper in our ears, you know, you gotta go to New York, you know. I mean, it wasn't really obvious, but she had a real real love, I think for for the city and two of our sisters moved up here. And they were doing very romantic things in the 60s, like living in lofts. You know, when the when the, you know, Soho was just completely abandoned and was basically, you know, factories back in the, in the really old days, and come and visit her and them and see the life that they were living. And, you know, I knew that I had to go to LA or to New York to make a career as an actor. And my heart was really much more focused on the stage. And so the idea of being a New York actor, back in those days had a real kind of mystique that doesn't really have anymore, but it was really important for me to, to move here. And then my brother finally talked him into it, too. Pete Fornatale 42:49 Did you went to school here, Michael? Yes. Michael Bacon 42:51 No, I went to University of Denver. It was I never actually Oh, oh, you're right. I leave on my degree at Lehman College. But that was probably 10 or 11 years ago, I said I was a late graduate like when my 40s By the time I got my degree. But it was I can't say enough good things about the City University. What the the music program, Lehman College, you know, I spent two years studying with John Corigliano. How do you get that anywhere else is just was amazing. Pete Fornatale 43:18 And how did you avoid the temptations of Beverly Hills or? Or that lifestyle? Kevin Bacon 43:23 Well, I don't know if it's so much. I've always thought of myself as just being too too much of a chicken to move to Los Angeles. I mean, it's just I you know, I, I'm just I feel the happiest and the safest when I'm in New York, and I have my wife's family are all from from Manhattan. I've got my brother and my sister here. And we've got a couple more sisters on the on on the eastern corridor. So they're just like a stone's throw away. And you know, I don't know, I think there's certain sacrifices that you make. Certainly there's it's, it doesn't make any sense to be in the movie business and live in New York. But there's a handful of people that do and it's just just the sacrifice you make for your lifestyle. Pete Fornatale 44:04 Paul Newman up there in Westport managed pretty nicely. Yeah, a bunch of decades. Okay. You're both obviously very affected by the things that happen to the city. And the most monumental in recent memory was 911. A couple of questions on that. One is how it might have impacted your music, which we'll get to in a second. But first, Kevin, I read somewhere and it gave me chills that you made a connection between that day and a day earlier in your life. Would you mind telling us about that? Kevin Bacon 44:36 Yeah. Well, when my mother came to pick me up from school, the day that JFK was shot, was this weird moment because, you know, they were people were just going home early. And what year was that? 6363. So I was about five. And I remember showing up at school and I was thinking, wow, something's not cool, because there's no reason for her to be here, I mean, she worked. And, you know, it was just a strange thing that she would be there. And we walked home and she was very sad. I could tell she was sad. And she said, you know, the President's been been killed. And, you know, I didn't really know exactly what that meant, but I knew it wasn't, it wasn't good. When I went to pick up my daughter on September 11, you know, again, the kids didn't know what had happened. But, you know, I've been watching the news. And I just basically said, somebody's down to get Travis and my son and I ran across the park and ended up in my daughter's school on the Upper East Side and walked into the hall. And she looked at me, like, what are you doing here? And I said, we gotta go and try to x as we crossed the the transverse at 60, transverse and I tried to, you know, explain to her what was going on. So that it, you know, they sort of were connected for me in some ways, Pete Fornatale 45:57 did it hit you that day? Kevin Bacon 45:58 The enormity of the of the connection topics? Absolutely. Because I knew when I walked into the school, that she would take a look at me and would know that there was something wrong and that I was going to take me a little bit of time before I was going to be able to actually explain it to her son. Pete Fornatale 46:13 wow. How about on the musical side, Michael, how to something like that. seep its way into your composition. Michael Bacon 46:23 I think the, I think the most the most impact that had on us is we were in the band was in the midst of a tour in the middle of all that. And we were you know, you were on the road and it's always very strange if you're doing something like playing music and clubs and concerts and all of a sudden something as devastating as had happened to you. You wonder, is it or is what I'm doing worthy of the environment that we're now in and we got a bunch of jobs were canceled but we decided to keep going and I really think musically the thing that got us through is we put we put Dylan's I shall be released at the end of set. And that's just you know, that was so healing to us. I can just remember so many times of of you know, being sitting in a club waiting to go on and then I heard people that I knew had died and I didn't hadn't known you know, stuff like that and we just kind of kept going and you know, when when the when the Katrina thing happened we sort of all of a sudden put that back in the set because it just didn't feel right and the set with some you know, on quarry kind of thing and so you know, I give Bob Dylan a lot of credit for being able to you know writes such a you know, a wonderful kind of a healing piece of music that we could you know borrow when when we are feeling unworthy and and that it's ridiculous to be playing music in this kind of a situation Pete Fornatale 47:54 listen, I tell you we don't always follow the musical roadmap. Would you be able to do I shall be released

The names displayed on the front of skyscrapers that house the financial giants Bear Sterns, Lehman Brothers, AIG, and the Federal Reserve.

On 15 September 2008 Lehman Brothers filed for bankruptcy detonating the worst financial crisis since World War II (Footage by AFPTV via Getty Images)