Monday, September 15, 2008

Big Wall Street firms falter

Major U.S. financial firms continued to falter as Lehman Brothers failed and Merrill Lynch & Co. was purchased by Bank of America.

The downfall of two of the most established firms in the industry signals the most dramatic shift on the financial scene since the Great Depression.

Problems are directly related to the mortgage meltdown and the holding of bad loans.

`Tectonic' Shift on Wall Street as Lehman Fails, Merrill Sold
Bloomberg - 33 minutes ago
By Christine Harper Sept. 15 (Bloomberg) -- In the biggest reshaping of the financial industry since the Great Depression, two of Wall Street's most storied firms, Merrill Lynch & Co.
Video: Lehman Bros. Bankrupt, B of a Buys Merrill Lynch AssociatedPress

Merrill Lynch agrees to $50 billion bid from B of A MarketWatch
New York Times - Washington Post - MSN Money - International Herald Tribune

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