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...declines come after investment bank Lehman Bros. filed for bankruptcy and Bank of America reached a deal to acquire Merrill Lynch. The biggest worry of Asian investors, however, isn't so much the stability of Asia's own financial system. For the most part, Asian banks and securities firms have not suffered the mortgage and property losses of their U.S. counterparts. Asia's financial institutions have become more conservative in recent years, having learned their lessons from past speculative investments in assets such as office blocks and shopping malls during the Asian financial crisis that began in 1997. Several Japanese...
...traumatic day for financial firms - Lehman Bros. declared bankruptcy, Bank of America swallowed Merrill Lynch, and AIG scrambled to prevent becoming the next casualty. What does it all mean to you? Here are some questions worried investors and homeowners might be asking...
...York, the state that regulates it, to tap $20 billion in capital from its subsidiaries. Then it paid a visit to the Federal Reserve Bank of New York, where President Tim Geithner turned down its loan request but, according to the Wall Street Journal, asked Goldman Sachs and Lehman Bros. to organize a $70-billion to $75-billion rescue loan. There's no word yet on whether they'll actually do it, which means AIG's woes are likely to ripple through the market for some time...
...much for "Masters of the Universe." On Monday, being an employee of Lehman Bros. looked about as much fun as a perp walk. Overnight, the 158-year-old Wall Street behemoth filed for Chapter 11 bankruptcy protection, a stunning collapse that may leave thousands of employees without jobs. With $639 billion in assets, the firm's filing is the largest in history. Throughout the day, as media crews hovered around the entrance to the firm's Midtown Manhattan headquarters, some of Wall Street's best and brightest trickled out onto the pavement, their faces crestfallen and their ties yanked askew...
...losses, a cottage industry sprouted around them. Geoffrey Raymond, a painter who creates portraits of Wall Street titans - former New York Stock Exchange chairman Dick Grasso, former New York Governor Eliot Spitzer, ex-Bear Stearns CEO James Cayne - unveiled The Annotated Fuld, a large canvas of the embattled Lehman Bros. leader. Raymond rendered Richard Fuld with yellow brushstrokes, his eyes sunken and gazing into the distance, and invited passers-by to adorn the portrait with personal messages. Lehman employees were offered green markers; non-affiliated onlookers got black ones. Some scrawled angry missives: "The banks are next"; "A symbol...