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Lehman Brothers London have filed a court order in New York demanding $8bn

by SOLARLIFE | September 21, 2008 at 08:44 am

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Gordon Brown said that international regulation of the financial system must be updated. "We're in a new economy, a global financial economy, the world is changing very fast, but the governance of the global financial system has not caught up with it and that's what's got to change. Gordon Brown has to borrow £100bn for 2009 up from £43bn 2008.

The European administrators of failed US investment bank Lehman Brothers have filed a court order in New York demanding $8bn (£4.4bn) is returned from the US to London.
A PricewaterhouseCoopers (PwC) spokesman said the money was needed to pay creditors, salaries, property bills and other day-to-day expenses.
Lehman's European headquarters, where 4,500 staff worked, is based in London.
PwC is currently trying to find buyers for various parts of Lehman Europe.
'No redundancies'
Before it went into administration last Monday, Lehman Europe frequently transferred money from its London HQ to its parent company in New York, said the BBC's Joe Lynam.
"The money was usually kept overnight - earning interest - before being sent back to London."
But, as the bank neared its end last Sunday, that did not happen and Lehman Europe found itself down by $8bn, having formally requested the money earlier in the week, our reporter said.