16 September 2008

Stock Market Panic!

While i have been having a stressful affair with work, my other half has been keeping me up-to-date with the rest of the world. When i saw this, i just "WHATTA???"

One of the most sought-after employer and must have been one of the dream jobs of every investment finance students has gone Kapooooot?!

Source of Picture: The Sun

Lehman Brothers, the world's fourth biggest investment firm filed for bankruptcy, a victim of the US mortgage markets.
With losses of $613bn, it is thought to be the biggest bankruptcy in history.
Workers said one department of 500 people was bluntly told: “The company no longer exists.”

Many has called this the worst financial crisis since or worst than the 1929 Wall Street crash. If some of you can recall, the Wall Street crash literally gave way to the Great Depression. I, personally pray this is nothing of the like.

Source of Picture: Daily News
Other big hits:

- AIG (Manchester United supporter) shares have nearly halved: "Last night AIG was thrown a lifeline when it won permission to borrow £11.2billion from subsidiaries".

- Merill Lynch (Lehman's rival) - Fished out of the death row by agreeing to a $50bn takeover by Bank of America

- Bank of England and European Central Bank has been pumping billion of dollars into the money markets to control the tide.


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