John
In what seems to have become common place, we had another weekend of nasty financial news. First up, the announcement by Lehman Brothers that it has filed for Chapter 11 bankruptcy. The 158 year old company was unable to work out a deal to be purchased. In a separate move, Bank of America agreed to purchase Merrill Lynch, saving it from a similar fate. Add these failures to the collapse of Bear Stearn’s and you have 3 of the 5 largest US investment banks failing in 2008. Not to mention the government bail out of Freddie Mac and Fannie Mae. And as if that were not enough, AIG the worlds largest insurance company, is asking the Federal Reserve for “emergency funding”.
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Popularity: 90% [?]Rate this: 2.5
Popularity: 90% [?]
My name is John. I am a devoted husband and father in my late thirties.
