Lehman Brothers Collapse. CRISIS NOT OVER. sep. 15, 2008.

Sep 15, 2008.
The venerable Lehman Brothers investment bank said early Monday that it will file for bankruptcy, while Bank of America unveiled plans to buy Merrill Lynch -- two pieces of news that profoundly alter the American financial landscape.

The fast-paced changes capped a roller-coaster Wall Street weekend and threatened to stir up U.S. financial markets already reeling from woes at other major financial firms and mortgage financing titans Fannie Mae and Freddie Mac.

"This crisis is clearly deeper than anybody had imagined only a short time ago," Peter Stein, an associate editor at The Wall Street Journal in Asia, told CNN.

Lehman Brothers said in a statement early Monday that it plans to file for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The 158-year-old investment bank had been undermined by bad bets on real estate -- the value of its shares declined 94 percent this year.

The fall of Lehman followed a wild, three-day scramble by top Wall Street executives and federal regulators, who worked around the clock to come up with a solution to a still-unfolding financial crisis.

By the end of the weekend, the Federal Reserve had stepped in to try to calm the markets by announcing plans to loosen its lending restrictions on the banking industry.

A consortium of 10 leading domestic and foreign banks agreed to create a $70 billion fund for loans to troubled financial firms.


Source:
http://edition.cnn.com/2008/US/09/15/banks.bigchanges/index.html

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[dustynbones]

He asked him "what went wrong"?

The moron refused to say GREED!

[Roelandvinken]

iq estimate; 45

[TheREIMaverick]

I just had to comment, great job on what you are doing! I like your video! to your success!

[MrShane737]

MONEY JUNKIES!!! END OF STORY!!! TELL A HEROIN ADDICT TO STOP SHOOTING UP, YOU THINK HE'LL LISTEN?????

[MAJIKVEGGIE]

Congratulation to the mainsteam media for finally acknowledging our financial crissis.

[jonnydorobantul]

USA is a "made in china(ASIA)" country...NIKE..made in asia, rebook...made in asia,puma..made in asia, CARS...made in asia(Japan and Koreea)...whats left made in USA????? I like what the russian astronaut from "armaghedon the movie" sez :"RUSSIAN ...AMERICAN...ALL MADE IN TAIWAN" :))))

[Bassplayingboy]

It is rediculous that top bank CEOs got $10mil for doing such a great job running our banks into the ground. This is NONSENCE and it has to stop.

[homer30]

this is one of the reason why socialism will never die. Karl Marx have predicted quite accurately the contradiction inherent in capitalism

[ronpauljimrogers]

The truth is free enterprise, Bill of Rights. Everything else is schemes built on top of the fundamental truths. "Capitalism" "communism" "socialism" - poof nonsense. You want food i have some, I want some wood i want some, we trade. Use a moneyorder.

[ronpauljimrogers]

What you do is peaceful noncompliance - in everything. There is a revolution afoot, have you noticed all the change? Everything coming at once? This is fact and it has an explanation.

go to mayanmajix d o t c o m

go to thecrowhouse d o t c o m

This is a criminal banking elite trying to take over the world. We can stop them we are the numbers they can't operate without us!

Knowledge is the key, understanding is the victory. Spread the message to everyone you meet.