Big day for street

2008-09-15

The Dow industrials dropped 504.48 points, or 4.4%, to 10917.51.

AIG
shares declined 61% amid a steep fall for financial stocks. Now it is looking for $70-$75 billion!!! look at that number again, 70-75 billion! Be cautious about moral hazard right now~~

Good bye, Lehman. Lehman reported having $639 billion in assets and $613 billion in debts. Yes, in billion!!!!!

On Sunday night, Bank of America struck a deal to buy Merrill Lynch for $29 a share, or about $44 billion.

Not like before, oil settled
below $100 for the first time since March. What a world! Falling apart~

Two of five brothers left on the street. Let us see. Goldman was off 12.1%, while Morgan Stanley fell 13.5%. Both firms are
due to report their fiscal third-quarter results in the next few days
and are expected to try to make the case that they’re very different
from Lehman and Merrill. Analysts are expecting each to stay in the
black but are bracing for write-downs of $1 billion to $2 billion each
at Goldman and Morgan Stanley.

What else can we expect?!