Lehman Brothers collapse. Sep. 15, 2008.

Sep. 15, 2008.
Global markets were reeling Monday after a convulsive day on Wall Street that saw a leading U.S. investment bank file for bankruptcy and other institutes scramble to merge as the credit crunch claimed one of its biggest victims yet.

Stock prices plunged in Asia and Europe in the wake of investment bank Lehman brothers announcing its collapse and Bank of America's $50 billion buyout of ailing brokerage Merrill Lynch.

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.

The Dow Jones Industrial Average fell 330 points or 2.9 percent to around 11091 in early trading. In Europe, FTSE index in London declined 3.37 percent while the Paris CAC 40 was down 4.47 percent.

Major Asian indexes were closed but India's Sensex fell 5.4 percent, Taiwan's benchmark dropped 4.1, Australia's key index dropped 2 percent and Singapore fell 2.9.

The turmoil followed a roller-coaster weekend for a Wall Street already concussed by woes at other major financial firms and mortgage-financing titans Fannie Mae and Freddie Mac.

At one point the U.S. Federal Reserve was forced to step in, announcing plans to loosen lending restrictions to the banking industry in an effort to calm markets, while a consortium of 10 leading domestic and foreign banks agreed a $70 billion fund to lend to troubled financial firms.

In an effort to calm market jitters, the European Central Bank on Monday said it has pumped $42.6 billion into money markets. The Bank of England in London also took steps, offering nearly $9 billion in a three-day auction.

Source:
http://edition.cnn.com/2008/BUSINESS/09/15/lehman.merrill.stocks.turmoil/inde...

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[baukiki]

I pity those lehman share holders.

losing a 150 yrs old firm is a big lost.

[F300]

I and all my relative will definitely never never spend any kind of money in USA related bond, fund or insurance.

I just hope all the Chinese and the China government stop investing in USA

[5xmama]

Good for you!!! You and Osama Bin Laden should be celebrating together forever in the Garden of Eden with your 72 Virgins God provides you each with for sex. With all of your crazy suicide martyrs are there any virgins left for you???

[greenwalk7313]

Wall Street is going to get worse once McCain is in the office. WAKE UP PEOPLE!!!. John McCain is only about war.. HE could care less about the middle class, the economy and our future. WAKE THE F UP!!!!

[greycloud24]

thank the american republican party for their zeal in following god. this is the result of a perfect god, allowing billions of people to destroy each other over the promised land. and we wonder why atheists like me are so mad at the religious right. they are destroying america and the world as well. if i am lucky maybe i can get canadian citizenship, at least they are handling things decently.

[lebanesegun]

Another Zionist bank is down the drain....

don't feel sorry just be happy ... less jewish influence would be more world peace...

[kicuville]

the worst is coming, just give MC CAIN 4 more years if you wanna se the end of USA, , all america's enemies are laughing big deal,

MC CAIN 2008= END OF USA

[killerbandit]

Steal from the rich, give it back to the poor.

[crez75]

i remember BLESSdone33 on her video. she said august 2008 will have a great economy collapse world wide. but it happens this september. how about the great tsunami in asia b4 the end of this year. someone also post that video.

[eric5906]

This is getting downright terrifying.