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.
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.
