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The Big Picture SNIP

http://bigpicture.typepad.com/comments/

Dow Futures down 240; SPX Futes off 30; Nasdaq off 36; Weak, and heading back towards the lows.

Roubini says all independent B/Ds are toast, they are highly leverage, and their business model is fundamentally flawed. Its a fundamental, radical change on Wall Street. Expects WaMu to go under, says AIG is in trouble.

Fed Plans Expanded Lending Facilities

AIG CEO turned down PE money, and turns to the Fed. (The currently cannot tap the Fed).

U.S. Opts to Avoid Lehman Rescue

CNBC reports that the Fed told Merrill Lynch to "Sell it self" and MER has been shopping itself for a few days.

Oil is under $100; trading at 99 change.

WSJ reporting Bank America/Merrill deal is done at roughly $44 billion.

The Lehman panel itself is an incompetent parade of horribles, and none of them have any business being there. Harvey "make the SEC toothless" Pitt, Bill "thanks-for-the-bailout" Gross, and Charlies "Dick-Fuld-is-AWESOME" Gasparino.

Love it that they brought on Bill Gross and Harvey Pitt to discuss LEH — the irony’s exquisite. Not to mention Gasparino, but that’s just icing on the cake. (I contacted CNBC earlier and offered my services)

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Vince Farrell says Bank of America is not stupid. He's wrong, their management has made some rather stupid moves -- how about their purchase of Countrywide? That was $4 billion worth of dumb.

Special Fed rules for taking even junkier paper; Cramer talking up Nasdaq, and he is a buyer not a seller. Harvey Pitt blames short seller. He is as clueless a pundit as he was a SEC Chair.