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What a weekend!

Discussion in 'BlackHat Lounge' started by sinewave, Sep 15, 2008.

  1. sinewave

    sinewave Senior Member Premium Member

    Aug 25, 2007
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    BOA agreed to buy Merrill Lynch yesterday. BOA is the largest retail banking organization in the US; Merrill Lynch is the largest retail investment bank in the US. This new organization will be the largest of its ilk.

    Lehman brothers files bankruptcy. This org is/was one of the oldest global investment banks in the world. They weathered the great depression, but not the mortgage crisis.

    AIG announced restructuring and need for a bridge loan from the Fed yesterday. AIG is the largest insurance company in the US.

    Of course the US taxpayers now own Fannie Mae and Freddy Mac. I can't remember what percentage of the global economy these two behemoths represent.
  2. entity

    entity Registered Member

    Jan 17, 2008
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    I think this mortgage crisis will result in other unpleasent changes too. It's not over yet.