In Frantic Day, Wall Street Banks Teeter

[Faygo Kid]

Source: New York Times

In one of the most extraordinary days in Wall Street’s history, Merrill Lynch is near an 11th-hour deal with Bank of America to avert a deepening financial crisis while another storied securities firm, Lehman Brothers, hurtled toward liquidation, according to people briefed on the deal.

Bank of America has offered $50 billion or $29 a share for Merrill Lynch, people briefed on the negotiations said. Merrill shares closed at $17.05 on Friday.

The dramatic turn of events was prompted by the cataclysm of losses that has shaken the American financial industry over the last 14 months.

The moves came after a weekend of frantic negotiations between federal officials and Wall Street executives over how to avert a downward spiral in the markets. Questions still remain about how the market will react and whether other firms may still falter like A.I.G., the large insurer, and Washington Mutual, both of whose stocks fell precipitously last week. . . .



Read more: http://www.nytimes.com/2008/09/15/business/15lehman.html?hp

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Here it comes. This, "my friends," is the game changer.

[PassingFair]

1. Wall Street blinks.....

Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.

Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.

In their styes with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.

[glinda]

7. Great

Totally suited but somehow I am getting sick of pigs.

[Faygo Kid]

8. And their lipstick.

[tekisui]

2. It's still the economy, stupid.

McClueless and Tundra don't have an economic leg to stand on.

I know their answer already, "TAX CUTS!". That didn't work the last eight years.

Go get 'em Barack and Joe!

[freespirit5]

3. Blame Bush/McSame

nt

[paparush]

4. Holy Sh*t!

[Faygo Kid]

5. Exactly. We may never have seen anything like this. Goodbye, 401(k).

[Submariner]

6. What are folks 401(k)'s looking like today?

Once the financial sector scoundrels have sucked the mutual funds dry with their monumental bank failures, then the economy has to rebound, because we will barely have any money left to lose.

[brentspeak]

9. These are the days of "Whine" and Greenspan

"Whine" = Gramm, that is.