Lehman Brothers Files For Bankruptcy
The financial meltdown continues with Lehman Brothers (LEH) filing for Chaper 11 Protection. Speculation that a merger with Bank of America (BAC) would occur was incorrect as Bank of America announced a $50 Billion all stock buyout of Merrill Lynch (MER).
Below is a look at the stock chart of Lehman Brothers which has in the last six trading days tanked from $16.20 all the way to pennies. Thousands of the financial giant’s employees are now stuck looking for new jobs.
Lehman now joins the likes of Bear Stearns, Fannie Mae (FNM), and Freddie Mac (FRE).
More on this topic
(What's this?)
Creditors May Be Able to Claw Back Lehman 2007 Bonuses
(naked capitalism, 9/14/08)
Irony Alert: "Lehman is Tops in Fixed Income"
(naked capitalism, 9/16/08)
Barclays buys Lehman for a song
(Option ARMageddon, 9/17/08)
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Posted by Blain Reinkensmeyer on September 15, 2008 at 11:18 am --
[...] as Lehman Brothers files for bankruptcy, Bank of America has turned its sights on Merrill Lynch, buying it out for close to $50 billion. [...]
You gotta post something about the BOA buyout of Merril
Done
http://www.stocktradingtogo.com/2008/09/15/merrill-lynch-saved-by-bank-of-america-buyout/
Perhaps I should cover AIG’s liquidity problems as well.
What a day this has been so far, makes me wonder who is next in line.
AIG