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After a intense weekend of meetings by the top Wall St. Firms, Lehman Brothers could not come up with a buyer to keep it out of bankruptcy. That put the nail in the coffin - and the century and a half old company filed for Chapter 11 protection. The bankruptcy filing also helped spark the sale of Merrill Lynch to Bank of America. In a press conference Monday, BofA said it agreed to buy Merrill in an all-stock deal valued at roughly 50 billion dollars. The sale of Merrill Lynch did not instill calm..instead nervousness abounded about who would be next. Wave after wave of selling ended with the Dow nose-diving 504 points, or nearly 4 and a half percent, the S&P 500 dropped 58 that's over 4.7%, and the Nasdaq tumbled 81 points, or 3.6%. Insurance giant AIG came under intense scrutiny as it struggled to raise capital and avert a downgrade by Wall Street ratings agencies. At roughly midday the company announced a deal with the state of New York, freeing up 20 billion dollars....
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Dow tumbles 504 points

After a intense weekend of meetings by the top Wall... (more)
Channel:MediaScrape Category:Business Views:8
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