The Seed's Of Lehman's Destruction

"They had to draw the line somewhere. The government can't have an open backstop for financial firms..."




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Source: Zubin Jelveh / Portfolio.com

The Financial Crisis Timeline

Sunday, Sept. 14, 2008 - Trouble brews..

...Merrill Lynch Chief Executive John Thain and Bank of America CEO Kenneth Lewis sat during a news conference announcing the aquisition of Lehman Brothers,which was on the brink of collapse and scrambling for a buyer. But a few days later, there were still no suitors for the 158-year old investment bank, and bankruptcy seemed inevitable.........

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Source: CNN Money

UPDATE: $70 Billion Cash Fund Ready. One Step From Meltdown.

"One Step From Meltdown..."

Ten banks -- Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley and UBS -- each agreed to provide $7 billion "to help enhance liquidity and mitigate the unprecedented volatility and other challenges affecting global equity and debt markets."

Read more about this huge $70 billion bailout

also see:
Bank of America says it will buy Merrill Lynch for $50 billion