Image via CrunchBase, source unknown The financial sector continues to be buffeted. However you get your news -television, car radio, computer, newspaper - several stories seem to be standing out (besides the obvious and very real trauma suffered by those in Texas in the wake of a terrible hurricane). Former giants in the financial sector are collapsing or struggling to hang on.
The latest casualty? Lehman Brothers folded and Merrill Lynch is being bought by Bank of America, noted here in the New York Times: http://www.nytimes.com/2008/09/16/business/worldbusiness/16markets.html along with the fact that stocks took a rapid downward turn,fueling talk of a Black Monday.
Since Lehman Brothers has been around for so very long (158 years), the news of the firm’s demise was a huge shock to many, particularly the info (which could change at any moment, though it doesn’t seem likely) that there won’t be a government rescue of the company, no last minute reprieve or intervention as there was with Fannie Mae and Freddie Mac.
Black Monday and stock market crash fears increase as Lehman Brothers goes under…
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