The Doghouse

[Wick]

Wall Street Meltdown: Lehman Files for Record Bankruptcy, Merrill Lynch Is Sold, AIG Seeks Capital- AP

When Wall Street woke up Monday morning, two more of its storied firms had fallen. Lehman Brothers, burdened by $60 billion in soured real-estate holdings, said it is filing for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed. Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction. And the world's largest insurance company, American International Group Inc., was forced into a restructuring as it sought a lifeline from the Federal Reserve.... » read more
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