Wall Street Meltdown Monday


Wall Street Meltdown: Lehman Files for Record Bankruptcy, Merrill Lynch Is Sold, AIG Seeks Capital
When Wall Street woke up Monday morning, two more of its storied firms had fallen. Lehman Brothers, burdened by $60 billion in soured real-estate holdings, said it is filing for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed. Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction. And the world's largest insurance company, American International Group Inc., was forced into a restructuring as it sought a lifeline from the Federal Reserve

Lehman Official Chap 11 press release -pdf