Sr. no. Table of contents
2.1 Lehmann Brothers files for bankruptcy
2.2 Merill Lynch- BoA takeover
2.3 AIG gets U.S Government bailout
2.4 WaMu crashes
4. Tremors at the wall street
5. European economy
6. Asian economy
7. Impact on Indian economy
8. Industry wise impact
Lehmann Brothers files for bankruptcy:
Now, Lehman is the fourth largest U.S. investment bank crippled by billions of dollars in bad loans and unable to find an investment partner to thrown it a lifeline. And it's not the only news that's rattling financial markets this morning.
Also, rescuers in and around Galveston, Texas, scrambling to find thousands of people who refused to evacuate ahead of Hurricane Ike. At least 15 people are confirmed dead in Texas, Louisiana and Arkansas, and more than 2.5 million still have no power.
The announcement coming after weekend efforts to rescue the 158-year old investment bank fell apart.
Merill Lynch- BoA takeover:
A steady stream of company employees cleaned out their offices at the firm's New York headquarters not knowing what today will bring. Meantime, Bank of America tossed a financial lifeline to Merrill Lynch, the $50 billion deal said to be all but done.
AIG gets U.S Government bailout:
AIG, the world's largest insurer, saw net income for the three months to 30 September fall to $1.7bn (£989m) from $2.69bn for the same period last year. Estimated future losses from Hurricane Wilma are expected to reach $400m. Despite the fall in profits, AIG said the scope and diversity of its business ensured it remained financially strong.
Washington Mutual is also donating $100,000 to help with recovery efforts in Southeast Texas. Of that amount, $50,000 will be awarded to the United Way to help identify essential services needed during a crisis and to support their "2-1-1" helpline which provides callers with resources...