Source: Wall Street Journal
Synopsis:
- American financial system has undergone a complete reshaping. More changes expected in the coming years.
- Current events “eclipsed” the events preceding the 1987 market crash, according to president of Alexander Trading.
- Week ending September 19, 2008 has seen a 1000-point swing in the Dow Jones Industrial Average.
- In one 5-day period, Lehman Brothers (LEH) goes bankrupt, Merrill Lynch seeks $55 Billion merger with Bank of America Corp, and AIG taken over by Federal Reserve.
- American International Group (AIG) needs $15 Billion to $25 Billion to remain solvent.
- Short-selling prohibited for 799 different stocks until October 2.
- Markets called “financial demilitarized zone”.
