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To: Rutgers who wrote (276)	9/15/2008 8:42:55 AM
From: Rutgers	Respond to of 285

Another big moment in the grand scheme of things from the 100,000' birds' eye view above Wall Street. This weekend, three major events took place: (1) Lehman Brothers, burdened by $60 billion in soured real-estate holdings, filed a Chapter 11 bankruptcy petition in U.S. Bankruptcy Court after attempts to rescue the 158-year-old firm failed. (2) Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction. (3) AIG, the world's largest insurance company, hit hard by deterioration in the credit markets, said Sunday it is reviewing its operations and discussing possible options with outside parties to improve its business. Last week its stock dropped 45 percent amid concerns about the company's financial underpinnings. The Wall Street Journal and The New York Times both reported early Monday on their Web sites that the American International Group is seeking an additional $40 billion in emergency funds -- possibly from the Federal Reserve -- to help it avoid a credit rating downgrade, which would make it more expensive for AIG to raise money. The insurer has already raised $20 billion in fresh capital this year. AIG was working with New York Insurance Superintendent Eric Dinallo and a representative of the governor's office through the weekend to craft a solution that protects policyholders, according to Dinallo's spokesman David Neustadt. "It's clear we're one step away from a financial meltdown," said Nouriel Roubini, chairman of the consulting firm RGE Monitor. biz.yahoo.com As a follow up to the prior post, MSFT never did complete the purchase of YHOO.