Mortgage Meltdown – Bank of America Buying Merrill Lynch – Lehman Going Under?
Remember the quaint phrase, bankers hours? Well, these now include Sunday nights as Wall Street is desperately trying to save itself. The top firms bet wrong on liar’s loans and inflated subprime loans and the price seems to being paid tonight.
Rumors of the impending doom approaching Lehman Brothers are coming to fruition as the Federal Reserve and Washington told the firm they were not coming to their aid.
“Treasury and the Fed have determined that markets have adjusted to the situation since Bear Stearns,” said Gilbert Schwartz, a partner at Schwartz & Ballen LLP in Washington and a former Fed Board attorney. “If the markets, every time a big institution went bust, expected the government to step in, no one would ever adapt.”
Meanwhile word is coming across the wire that Bank Of America is buying Merrill Lynch for 44 billion dollars. This is a huge discount from just a few weeks ago.
The deal, which was being worked out in 48 hours of frenetic negotiating, could instantly reshape the U.S. banking landscape, making the nation’s prime behemoth even bigger. The boards of the two companies approved the deal Sunday evening, according to people familiar with the matter. via WSJ.com.
The mortgage crisis is changing the landscape of American and potentially the worlds finance.
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