Wall Street Woes
Posted September 22nd, 2008 by admin
If all the world’s a stage, Monday was a downright tragedy on Wall Street. Not one, but two legends, Merrill Lynch and Lehman Brothers, came crashing down. After no last-minute hero emerged, investment banking firm Lehman Brothers filed for what is currently the largest bankruptcy in American history, with over $600 billion in debts. Merrill Lynch seemed slightly luckier, accepting an all-stock takeover deal from Bank of America. But the future may not be so bright. With the financial troubles plaguing both investment firms and banks, both storied institutions must find a way to merge their assets and human capital. Analysts predict that the road ahead for Bank of America will be rocky – acquiring Merrill Lynch was a huge gamble, and the long-range implications won’t be known for months. In the meantime, other Wall Street institutions will try to pick up the pieces of the bleeding Dow Jones, which fell more than 500 points after Monday’s economic shocker.
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