Почему умер Lehman Brothers

Венчурный капиталист из Union Square Ventures объясняет, почему при малейшем колебании рынка так серьезно пострадал Lehman Brothers:

Imagine you have 100 dollars invested and the asset takes a 20 percent hit.  You lose 20 bucks.  With 1x leverage you would borrow an extra 100 dollars and the same 20 percent decline would cost you 40 bucks of equity.  With 2x leverage you would borrow 200 dollars and the 20 percent decline would cost you 60 bucks.  Looks linear so far.

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Now just to put the above example in perspective, Lehman was operating not with 4x but with 30x leverage!