lehman-throws-in-the-towel-leaving-peers-to-weather-storm

Lehman throws in the towel, leaving peers to weather storm

One of the most dramatic weekends on Wall Street sees Lehman Brothers file for bankruptcy, while Bank of America takes over Merrill Lynch.
September 15, 2008
Lehman Brothers files for bankruptcy, Bank of America acquires Merrill Lynch, AIG is reported to be begging the Fed for a bridge loan of $40 billion and UBSÆs share price drops 18% on fears of a further $5 billion write-down û all in the space of 24 hours. A dramatic day indeed, and with equity markets in Asia, Europe and the US all tumbling as investors tried to make sense of the news, the drama looks to be far from over.

On the positive side, 10 major investment banks have come together to provide a $70 billion lending facility to ensure there is enough liquidity to allow LehmanÆs subprime-related assets to be unwound in...
¬ Haymarket Media Limited. All rights reserved.

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