Crisis on Wall Street: Lehman Brothers to file for Chapter 11 Bankruptcy; Bank of America buys Merrill Lynch; Insurance giant AIG agrees restructuring following 31% share plunge on Friday
Sep 15th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Crisis on Wall Street: Following a dramatic weekend in New York, the 158-year old business firm Lehman Brothers on Sunday ran out of options and agreed to file for bankruptcy. Bank of America has agreed a takeover of investment bank Merrill Lynch & Co. and insurance giant AIG - the world's biggest - agrees a restructuring. On Sunday, traders were at their desks trying to unwind a tangled web of complex contracts between Lehman and the financial network, while scrambling to estimate exposure.