November 9, 2008
Nightmare on Wall Street
By The Guardian, Sep 16 2008
A day of upheaval on global financial markets culminated last night in the heaviest fall in US share prices for almost seven years as the crisis that overwhelmed two of Wall Street's most prestigious banks broadened to threaten the survival of the world's largest insurance company. The US authorities were seeking to put together a $40bn rescue package for insurer AIG last night amid concern that bad investments compounded by the year-long credit crunch could send it into bankruptcy, similar to the demise of the investment bank Lehman Brothers. Lehman collapsed in a startling financial turn of events which saw another hallowed Wall Street name, Merrill Lynch, capitulate in a hastily arranged $50bn takeover by Bank of America.
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This flawed system was bound to collaps and it did ruining many economies but one wonders howcome when the world is sinking WB and IMF are stable and ready to offer countries to stabalize their economies.
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