Lehman Brothers tried to cultivate a longer list of takeover suitors than its eventual collapse into bankruptcy might suggest, the Financial Times has learnt. But that only twists the knife deeper for insiders who feel the firm should have acted more aggressively to save its own skin.

As long as two years ago, Lehman held advanced talks over a deal with insurer AIG, according to people close to those talks. After Bear Stearns’ collapse in the spring, Lehman sought out partners ranging from General Electric to HSBC and Morgan Stanley.