The Lehman portrayed by Mr Valukas is not the successful upstart presided over by an aggressive but inspirational Mr Fuld that had become part of industry lore.

In Europe, however, Henderson signalled ongoing commitment to Vauxhall cars, which are produced in Ellesmere Port on Merseyside, and in Luton.

Fortune senior editor-at-large Carol Loomis, who wrote this article, is a long-time friend of Warren Buffett's and a Berkshire shareholder.