Wall St in turmoil as banks falter

[cal04]

http://www.theaustralian.news.com.au/story/0,25197,24347745-12377,00.html

THE ruptured US financial system is facing an unprecedented shakeup that is expected to lead to the failure of Lehman Brothers, the takeover of Merrill Lynch and big asset sales by major insurer American International Group (AIG).

The developments indicate that chief executives on Wall Street and regulators in Washington are accepting that massive triage is necessary in the face of the 13-month old credit crisis and destructive US housing bust.

"The US financial system is finding the tectonic plates underneath its foundation are shifting like they have never shifted before," said Peter Kenny, managing director at Knight Equity Markets.

"It's a new financial world on the verge of a complete reorganisation."

[tomreedtoon]

1. AIG = Ain't Inny Good.

I knew that acronym years before the current mess.

[Raschel]

2. could Grandpa McCain deal?

Imagine McCain trying to have the energy to handle this right now, much less a year from now. He can barely stand up as it is. What a joke.

[cal04]

3. Nightmare on Wall Street

http://business.smh.com.au/business/nightmare-on-wall-street-20080915-4glr.html?page=fullpage#contentSwap3

Financial stocks plunged after Lehman Brothers failed to find a saviour over the weekend, prompting action from central banks hoping to prevent further collapses arising from the global credit crunch.

The Reserve Bank injected $2.1 billion into the banking system to help smooth over worries, while the US Federal Reserve eased access to emergency credit for struggling financial companies and a group of 10 global banks set up a $US70 billion fund to help offset a feared credit squeeze.

Bank of America has reportedly agreed to buy Merrill Lynch for $US44 billion ($53 billion), in the latest bailout, which has seen major banks such as Bear Stearns sold off for a fraction of their value .

The Merrill Lynch news offered little comfort for investors as futures for the Dow pointed down 286 points.

[Skittles]

5. I guess these guys won't be opening

[alittlelark]

4. Those w/ 'insider info' are already 'out of the game'

They got out months ago.


This game is a Ponzi scheme.


Tony Soprano would DIE for this opportunity.....

[Kimo]

6. Ponzi

Yes and the pyramid is collapsing!

Just like a rolling snowball getting bigger and faster!

The American people....citizens..have sit back with a buck in their pocket and let it happen.