Investment back Lehman brothers files for bankruptcy protection, rival Merrill Lynch agrees to be taken over by bank of America.
SEPTERMEBER 16, 2008
The federal reserve bank of new your will lend up to $85 billion
to AIG to save the company from disorderly failure, Under the
two-year facility, US government will receive a 79.9 percent
equity interest in the insurer.
SEPTEMBER 18, 2008
British bank Lloyds TSB buys rival HBOS scooping up Britain’s biggest home loan lender in an all-share deal which values HBOS at over 12 billion pounds.
SEPTEMBER 19, 2008
Is he as smart as he looks?
He is in charge of the project to prevent more banks and other financial institutions from collapsing, and in general to try to limit the economic crisis. Do you trust him with this responsibility?
US Treasury Secretary Henry Paulson calls for the government to spend hundreds of billions of dollars to take toxic mortgage assets off the books of financial firms to restore stability. The news rallies shares in Britain and America.
SEPTEMBER 20, 2008
Bush Administration asks Congress for $700 billion to bail out firms burdened with bad mortgage debt.
SEPTEMBER 24, 2008
Warren Buffett’s Berkshire Hathaway Inc invests $5 billion in Goldman Sachs Group Inc. Goldman’s shares rose 6 percent.
SEPTEMBER 26, 2008
Washington Mutual is closes by the U.S. government, in by far the largest failure of a U.S bank, and its banking assets are sold to JPMorgan Chasefor $1.9 billion.
SEPTEMBER 29, 2008
European governments scramble to shore up banks, rescuing Belgium’s Fortis, Bradford & Bingley in the UK and Germany’s Hypo Real Estate.
SEPTEMBER 29, 2008
House of Representatives rejects $700 billion bailout plan, sending global markets sliding.
OCTOBER 03, 2008
The House of Reps passes a revised bailout plan two days after the Senate. Wells Fargo says it has agreed to buy Wachovia for about $16 billion, thwarting a planned Citigroup deal.
OCTOBER 7, 2008
Iceland is forced to prop up its currency, take over Landsbanki, its second-biggest bank, and ask Russia for a loan of 4 billion Euros to avoid “national bankruptcy”
OCTOBER 08, 2008
Britain will inject 50 billion pounds into the country’s banks following dramatic falls in the share prices of HBOS and RBS and other banks.
OCTOBER 10, 2008
Stocks dive 10 percent in Tokyo and 9 percent in London, but the Dow ends just 1.5 lower after a record day of volatility.
OCTOBER 13, 2008
Shares roar back, scoring record gains on Wall Street, after European governments pledge more than $1.3 trillion to bolster banks.
OCTOBER 14, 2008
The Treasury says it will inject $250 billion into U.S. banks by purchasing preferred shares. Nine banks agree to accept government stakes in return from the money.