Lehman Brothers files for bankruptcy, Merrill Lynch sold to Bank of America over the weekend
If this is a strong economy, I’d hate to see one in trouble.
Over the weekend, Lehman Brothers filed for Chapter 11 bankruptcy, which is more fallout from the U.S. mortgage and lending crisis. More than 24,000 employees at the 158 year old company may be out of work as Wall Street looks to sort out the credit mess on Monday.
Also this weekend, Bank of America Corp. agreed to buy Merrill Lynch & Co Inc. for $50 billion in stock. Merrill Lynch is the world’s largest retail brokerage firm. Lehman Brothers had no such luck as the United Kingdom’s Barclays Bank balked at a deal to buy the company over the weekend.
All eyes are now on New York as The Street prepares to deal with one of the worst financial weekends in U.S. history. It’s the economy…..