Lehman was a pure investment bank and therefore the government refused to bail them out - they did not want to be the lender of last resort to an entity they co

Lehman was a pure investment bank and therefore the government refused to bail them out - they did not want to be the lender of last resort to an entity they could not regulate strongly. Once everyone saw this almost all of them converted to “commercial banks,” even Goldman, in order to receive bailouts. The exception is Jefferies, leaving them as the only bank on Wall Street with a balance sheet that lends over 6x ebitda.