Monday, September 15, 2008

Wall Street Meltdown

NEW YORK ( -- Wall Street was a vastly different world Monday from what it looked like just days earlier, following one of the most harrowing days in the history of U.S. financial industry.

In less than a day, Lehman Brothers, one of the nation's oldest investment banks, filed for bankruptcy - the largest ever announced in the United States. And Bank of America executed a bold and swift $50 billion takeover of Merrill Lynch, while the fate of other brand-name financial institutions remained in doubt.

Anxiety was palpable in the financial community Monday. The Dow Jones industrial average plunged more than 2.5% just after the opening bell, before paring some of those losses.

This sucks I guess?

No comments:

Post a Comment

Your comments are valued greatly. Please adhere to the decorum on the "First time here?" page. Comments that are in violation of any of the rules will be deleted without notice.

3/11 Update - No Moderation

*Non-anonymous commenting is preferred to avoid mix-ups. Anonymous comments are, at the behest of management, more likely to be deleted than non-anonymous comments.