"A steady stream of employees carrying boxes and bags came out of Lehman Brothers’ mid-town Manhattan headquarters as darkness fell on Sunday evening and bankruptcy loomed for the 158-year-old Wall Street institution."
(UK FT)Merrill sent to foster parents (selling itself to Bank of America to avoid collapse).
This is probably not the ending that CEO John Thain was reckoning on when he took the top job at the brokerage late last year, but it could have been much worse.
(N.Y. Times)AIG on street begging for food to feed family (needing $40 billion from Fed).
Insurer American International Group Inc., succumbing to relentless investor pressure that drove its shares down 31% on Friday alone, is pulling together a survival plan that includes selling off some of its most valuable assets, raising more capital and going to the Federal Reserve for help, people familiar with the situation said.
(Wall Street Journal)Long live K.K.R., Blackstone, JC Flowers and other private equity firms, who invariably represent the future of Wall Street.
We can also be floored and disturbed by the fact that Palin is back on the campaign trail, giving her same inaccurate stock speech, oblivious to, and unschooled by, reality.
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