Lehman Goes Bankrupt, Merrill Sold, AIG Desperate for Cash

Posted by Patrick O'Connor on 9/15/08 10:57 am

A wild weekend of deal making on Wall Street changed the financial landscape by historic proportions.  Lehman Brothers could not raise capital to survive, Merrill Lynch read the writing on the wall and decided to sell itself to Bank of America before suffering a similar fate, and AIG is still in scramble mode to raise capital and avoid bankruptcy.

Lehman Chapter 11

Lehman Brokerage Accounts Transferred to Other Firms

Merrill Lynch Sold to Bank of America

AIG Seeking $40 Billion

NY Allows AIG to Borrow from Subsidiaries

NY Fed Hosting AIG Meetings

Fed Expands Lending Programs

Some Economists Think Fed Will Cut Rates Tomorrow

Banks Hoarding Cash

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