The Rise and Fall of Lehman Brothers Chronicled in 'Lehman Trilogy'

San Jose Stage Company production explores how a financial giant could suddenly crater

Published on Feb. 9, 2026

Stefano Massini's epic three-part play 'The Lehman Trilogy,' adapted for the stage by Ben Power, seeks to answer how the investment banking firm Lehman Brothers, with over 150 years of profits and growth, could suddenly declare bankruptcy in 2007. The San Jose Stage Company production, directed by Kenneth Kelleher, uses just three actors to chart the company's history from its beginnings when the first of three Bavarian Jewish brothers arrived in America in 1844 and opened a fabric and suit shop in Montgomery, Alabama.

Why it matters

The play explores the seeds of capitalism's destruction, tracing how a once-small, immigrant-owned family business evolved into a sprawling financial giant before its dramatic collapse during the 2008 financial crisis. The story provides insight into the forces that can lead to the downfall of even the mightiest of corporations.

The details

The play follows the Lehman brothers as their small shop grows into a major investment banking firm over the course of more than a century. Along the way, the company shifts from a family-owned business closed on the Sabbath to a 'sloshy trading house' where 'the computer keyboards dance. The calculators dance. The printers dance. The new employees dance.' This transformation sets the stage for the firm's eventual demise.

  • The play is set primarily in 2007, the year Lehman Brothers declared bankruptcy.
  • The story begins in 1844 when the first Lehman brother arrived in America.

The players

Stefano Massini

The Italian playwright who wrote the original 'The Lehman Trilogy' play.

Ben Power

The playwright who adapted Massini's work for the stage.

Kenneth Kelleher

The director of the San Jose Stage Company production of 'The Lehman Trilogy.'

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The takeaway

The story of Lehman Brothers' rise and fall serves as a cautionary tale about the fragility of even the mightiest financial institutions, and the need for careful oversight and regulation to prevent the excesses that can lead to their downfall.