Business

摘要

A momentous week for global markets recast America's financial system. At an emergency meeting convened by the Federal Reserve Bank of New York on September 12th, Treasury officials declined to back Lehman Brothers. With its potential rescuers, Bank of America and Barclays, scared off, the investment bank sought bankruptcy protection.rnDovetailing with Lehman's woes, Merrill Lynch said it had struck a deal with Bank of America and was being bought for $50 billion, half its value early last year.rnOn September 15th rating agencies downgraded American International Group,rnuntil recently the world's biggest insurer, forcing it to hand over some $14 billion in collateral to holders of its debt. As aig's share price slumped, and amid worries that its failure would be worse than anything the markets had yet seen in the crisis, the federal government seized control, lending aig $85 billion and taking an 80% equity stake.rnPanic spread to other banks, too. The day after aig's rescue, Morgan Stanley and Goldman Sachs saw their shares hammered by 24% and 14% respectively. They are Wall Street's only remaining large investment banks, though Morgan Stanley is said to be looking for a buyer, as is Washington Mutual, which had its credit-rating downgraded to junk status.