ICONS ON WALL STREET TURNING INTO CRUMBS.
In one of the most extraordinary days in Wall Street’s history, Merrill Lynch is near an 11th-hour deal with Bank of America to avert a deepening financial crisis while another storied securities firm, Lehman Brothers, hurtled toward liquidation, according to people briefed on the deal. Via NYT Read the Rest
UPDATE: Sept. 15 (Bloomberg) — Australian stocks and U.S. futures tumbled after Lehman Brothers Holdings Inc. prepared to file for bankruptcy as potential buyers abandoned talks.
UPDATE 2: Merrill Lynch agreed to be acquired by Bank of America for $29 a share, or $43.5 billion, after being pressured into a deal by federal regulators. Read the rest
UPDATE 3: Year 2007: Goldman Sachs will hand out $16.5 billion in bonuses overall, the largest in history. Sachs top managers will each take home at least $25 million in bonuses. Year 2008: Goldman Sachs, the investment bank, today reported a 70 per cent decline in its third-quarter profit to $845 million, as the credit crunch dragged down asset valuations and reduced mergers and acquisitions activity.
UPDATE 4: Goldman, Morgan Stanley Bring Down Curtain on an Era. The Wall Street that shaped the financial world for two decades ended last night. “The decision marks the end of Wall Street as we have known it,” said William Isaac, a former chairman of the Federal Deposit Insurance Corp. “It’s too bad.” Read the rest
[...] financial pressure [1, 2, 3, 4], Microsoft is more likely to act irrationally. Just watch this one from yesterday’s news: In one of the most extraordinary days in Wall Street’s history, [...]
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