Wall Street's bloody Sunday

In case you haven't been paying attention, here's what's happening. Lehman Brothers, one of the largest and oldest US investment banks, is going bust, barring an unlikely last-minute government bailout. Merrill Lynch, for years one of the titans of Wall Street, hocked itself in a firesale to a rival, Bank of America. And AIG, one of the world's largest insurance firms, is begging for a $40bn emergency loan from the US government to stave off its own destruction. In the words of the Wall Street Journal: "The American financial system was shaken to its core".

Wall Street in turmoil

Lehman Brothers said it would file for bankruptcy protection and Merrill Lynch rushed into a $50bn takeover with Bank of America after a dramatic weekend on Wall Street. The Federal Reserve is making it easier for financial institutions to access Fed liquidity by easing terms on its borrowing facilities and accepting a much wider range of assets as collateral.

Wall Street was in turmoil on Monday as Merrill Lynch found shelter in a $50bn takeover by Bank of America and Lehman Brothers said it would file for bankruptcy protection.

Wall Street scrambles as Lehman falls

The announcement early Monday by Lehman Brothers that it would file for Chapter 11 bankruptcy after a rescue plan failed followed a weekend of seismic shocks from Wall Street, including an apparent government-brokered takeover of Merrill Lynch by the Bank of America.

Thousands of Lehman workers could lose their jobs

Lehman Brothers (LEH, Fortune 500) already announced last week that it was cutting 1,500 jobs in an attempt to right itself. But now, as the troubled investment bank reportedly hunts for a buyer, experts predict many more layoffs ahead. This would add to the the tens of thousands of layoffs that have already occurred this year on Wall Street.

But, but, but the economy is basically sound - this is just an anticipated correction - Senior Busch Administration Saurce

Wall Street suffers as Lehman shares plunge

Financial stocks led Wall Street to a lower open on Thursday amid the continuing fall-out from Lehman Brothers’ difficulties. Shares in the embattled investment bank fell another 41.1 per cent, $4.27 after the bell. Citigroup and Goldman Sachs cut their recommendations on Lehman.

Lehman plans asset sales, reports huge 3Q loss

Pedestrians walk pass Lehman Brothers headquarters on Wednesday, June 10, 2008 in New York. Lehman Brothers Holdings Inc., the nation's fourth-largest investment bank whose shares have fallen more than 80 percent this year as investors lost confidence amid mounting losses also said Wednesday it lost $3.9 billion during the third quarter due to wrong-way bets on mortgage securities and other risky assets. (AP Photo/Jin Lee)

Lehman Brothers said Wednesday it will sell a majority stake in its prized investment management business, slashed its dividend and indicated it may even consider selling the whole company. It reported an almost $4 billion third-quarter loss, boosting its losses so far this year to about $6.5 billion.