How a failed investment bank almost became the name of a whiskey line

A star investment banker was fired, launching a decade-long court fight

Star bankers are the core of an investment banking firm's business, so when Perella Weinberg let their restructuring guru Mike Kramer go in 2015, he sued, launching a ten-year legal fight.

Investment banking giant Lehman Brothers filed for bankruptcy in September 2008 when it had $619B in debt, making it the largest bankruptcy ever in the US

Nearly all of its 26,000 employees immediately lost their jobs. But in London, a few hundred remained tucked away, working for another decade to wind down the bank’s European business.

American Express briefly owned Lehman Brothers

In 1984, Shearson, a retail banking company and American Express subsidiary, bought the investment banking company Lehman Brothers—best known for its historic 2008 collapse—for $360M. The businesses were then called Shearson Lehman/American Express. American Express spun off Lehman Brothers with an IPO in 1994 that attracted nearly $3B in new capital.

Explaining the collapse of Silicon Valley Bank

In March 2023, Silicon Valley Bank—the nation's 16th largest bank at the time—collapsed after a rapid run on its deposits. Among other factors, the bank had placed more than half of its investments into long-term bonds, leaving it without the necessary cash on hand as its clients, largely start ups, panicked and withdrew their money at the same time. This visualization lays out the timeline and impact of the collapse.

Some companies like to make their IPO day antics unique

An article details some of the wildest bell-ringing day stunts in recent history, from Clifford the Big Red Dog ringing the opening bell to one company's employees roasting marshmallows in a campfire on Wall Street as it went public.

How one Portland dive bar helped drive Pabst Blue Ribbon's comeback

In 2004, the Washington Post reported on the resurgence of Pabst Blue Ribbon, recast as a hip alternative to bigger-label brews, and said its comeback was thanks to Lutz Tavern in Portland, Oregon, which sold the beer for $1 a can.

Red Lobster lost $11M on endless shrimp promotions—but its real estate holdings were what dragged it to bankruptcy

Golden Gate Capital, a PE firm, bought Red Lobster in 2014 for $2.1B. Golden Gate then sold Red Lobster's real estate, more than 500 storefronts, which generated $1.5B in revenue and helped finance the PE firm's acquisition of the company. Analysts say increased debt, high rent costs, and low equity put Red Lobster in an impossible position, leading to its 2024 bankruptcy filing—although the shrimp bill probably didn't help.

The strange story behind President Jimmy Carter's brother's 'Billy Beer'

During Carter's 1976 presidential campaign, his brother, Billy Carter, became a sideshow attraction as a country bumpkin. The Louisville-based Falls City Brewing Company decided to capitalize on the attention and hired Carter has a brand ambassador to promote his own "Billy Beer." What followed was a strange, suspicious bit of guerilla marketing and hucksterism, all of it documented in this Mental Floss retrospective.

Venture capitalists were once bullish on DTC brands

While a physical store can only hold so many objects, online retailers without the limits of four walls that could sell their products direct-to-consumer could theoretically be great investments. But they didn’t always provide investors with expected returns.

Hear how the Piggly Wiggly grocery store founder attempted to squeeze short sellers by cornering the grocery store's stock

Founded in 1916 in Memphis, TN by Clarence Saunders, Piggly Wiggly was the first modern grocery store with aisles for customers to shop for themselves. In 1922, investors placed short positions, sensing that the stock may be overvalued after several Piggly Wiggly franchises in the Northeast went bankrupt. Saunders attempted to squeeze short sellers by taking out $10M and buying up nearly 99% of all available Piggly Wiggly stock. Ultimately, the fiasco ended with Piggly Wiggly's stock being permanently banned from the New York Stock Exchange and Saunders leaving Piggly Wiggly and filing for bankruptcy.

How ‘vulture’ hedge funds make money

Some hedge funds specialize in snapping up distressed assets, like failing newspaper chains, and further stripping down their operational expenses in a bid to make a profit from the initial capital outlay. Delve into how one secretive firm known for the practice operates—and what’s at stake for the broader economy.

Twain was a notoriously bad investor

After becoming a famous writer, Twain invested in railroad stocks, a magnetic telegraph, and a printing press that weighed four tons. Eventually, he founded his own publishing company, which ultimately led to his bankruptcy. “He is, in business,” one lawyer said, “just a big overgrown boy.”

The Failure Museum is a curated collection of over 1,000 items representing failed products and companies

Sean Jacobsohn, a tech investor and founder of the Failure Museum, uses items from failed businesses to explain the six primary forces behind their flops, from a Theranos mug to a Blockbuster membership card.

LVMH's roughly 75 brands are categorized into six distinct business groups

The groups are as follows: Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, Selective Retailing, and Other Activities.

The Beatles sued Apple in 1978 to defend naming rights to their record label

The band created their own record label, Apple Corps, after their manager died in 1967, while the technology company chose the name "Apple" to appear before the video game company Atari in directories. Subsequent lawsuits were not settled until 2007.

London bankers created the first clearinghouse to process checks in 1770

Until that time, each banker was required to bring that day's checks to every other bank for settlement. Perhaps understandably, the first place bankers opted to gather to clear and settle checks was a tavern known as the Five Bells. The innovation gave rise to what would become clearinghouses, key institutions that facilitate payments.

Frisbee, Jet Ski, and Dumpster—explore a list of words you might not realize are trademarked

Many products that have become household names started out as first-of-a-kind items. As those products grew in popularity, the brand name became the default name for the product.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Budweiser stores yeast derived from the original 1800s strain in a secret bunker, which only the Head of Yeast Management can access—not even the CEO

The legend of Pittsburgh’s fake Burger King

Years ago, a Burger King in Pittsburgh lost its franchise due to repeated customer complaints about food quality. However, the franchise-holders continued to operate the restaurant, switching to generic packaging but keeping the signage and uniforms. Customers eventually caught on and raised suspicions, leading to Burger King's corporate leaders' involvement. Learn more about the bizarre establishment and how it managed to continue operations for months.

Ray Dalio started his career as a golf caddy in Long Island

When Dalio was 12 years old, he worked as a golf caddy at the Links Golf Club. That's where he heard about the stock market for the first time and decided to invest in Northeast Airlines—the only stock he knew that was selling for less than $5 a share. Dalio ended up tripling his profit and became fascinated with the stock market—ultimately laying the foundation for his legendary career as a hedge fund manager.

Not all companies with bank-sounding names are actually FDIC-insured banks

When purchasing a certificate of deposit, it's important to know if you are purchasing a “deposit” product issued by an FDIC-insured bank.

A barbell investment strategy focuses on balancing high-risk and low-risk investments

Barbell investment strategies emphasize bypassing medium-risk investments in favor of combinations of high-risk and low-risk investments. The idea is that the stability on the low-risk side offsets the volatility on the high-risk side, and would look like a barbell with two large weights on either end of the bar.

Britain’s bottle innovation saved Champagne

Champagne wouldn’t be where it is today without a surprising partner: 17th-century British glassmakers. An energy crisis caused by deforestation—not enough trees to burn—led to the search for an alternative fuel source. Enter coal. The plentiful resource burned much hotter than wood, creating stronger glass that could stand up to the pressure of the carbon monoxide produced by the wine’s second fermentation and solving one of the fledgling industry’s most vexing problems.

The World Football League, the most disastrous sports league ever

In the mid-1970s, a group of investors attempted to compete with the dominant National Football League. This short video highlights the league's intriguing innovations and speedy downfall. The investors dubbed their project the World Football...

Venture capital is a form of funding provided to early-stage companies with high growth potential, typically in exchange for an equity (or ownership) stake

Southwest Airlines was profitable for nearly 5 decades

Business History hosts Jacob Goldstein and Robert Smith explore how a carrier with just four airplanes shuttling across Texas revolutionized flying by offering free whiskey, cheap late-night tickets, and free-for-all seating allocation, despite how hard it is to make money running an airline. However, the success story didn't last forever.

Washington's whiskey distillery at Mount Vernon was one of the largest in the country

By 1799, Mount Vernon's distillery produced nearly 11,000 gallons of whiskey annually, making it one of the largest commercial distilleries in the United States during Washington's lifetime and a significant source of income for the estate.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

Many legends about George Washington, including his supposed wooden teeth and the story of cutting down the cherry tree, lack evidence.

See 33 images that became central to huge scandals, including a young Charles and Camilla, Michael Jackson's baby on a hotel balcony, and Hugh Grant's mugshot.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

The animatronic shark from Steven Spielberg's 'Jaws,' the first modern blockbuster, was a complex underwater apparatus called 'Bruce.'

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

Learn how monoclonal antibodies, which mimic the body's antibodies, can fight diseases like Ebola.

An investigation suggests a Scottish island became awash in forever chemicals via seafoam and seaspray—raising questions about what that means for the safety of other coastal areas.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

Some Pokémon have been named after real and fictional organisms, while some real-world species have been named after Pokémon, such as Chilicola charizard and Binburrum zapdos.

The Brothers Grimm were lawyers before they were storytellers, and became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.