Executives leave the Lehman Brothers headquarters on 7th Avenue in New York City carrying personal belongings as they clear their offices Sunday, Sept. 14, 2008 after hearing the news that Lehman Brothers may be forced to seek an orderly unwinding of its businesses
Previously published on Yahoo! News
A failed plan to rescue the company was followed Sunday by more seismic shocks from Wall Street -- including a government-brokered takeover of Merrill Lynch by the Bank of America for $50 billion.
A forced restructuring of the world's largest insurance company, American International Group Inc., also weighed heavily on global markets as the effects of the 14-month-old credit crisis intensified.
A global consortium of banks, working with government officials in New York, announced late Sunday a $70 billion pool of funds to lend to troubled financial companies. The aim, according to participants who spoke to The Associated Press, was to prevent a worldwide panic on stock and other financial exchanges.
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."
Previously published on Yahoo! News
A failed plan to rescue the company was followed Sunday by more seismic shocks from Wall Street -- including a government-brokered takeover of Merrill Lynch by the Bank of America for $50 billion.
A forced restructuring of the world's largest insurance company, American International Group Inc., also weighed heavily on global markets as the effects of the 14-month-old credit crisis intensified.
A global consortium of banks, working with government officials in New York, announced late Sunday a $70 billion pool of funds to lend to troubled financial companies. The aim, according to participants who spoke to The Associated Press, was to prevent a worldwide panic on stock and other financial exchanges.
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."
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