Big Financial Crisis

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Let us keep some extract for our record from ET.
The oldest and the fourth-largest investment bank Lehman Brothers Holdings filed for bankruptcy, while Merrill Lynch, famous for its iconic bull statue in the New York City financial district, sold out before it was too late. With stunning speed, two of the most storied investments banks faded into history, with Lehman headed for the biggest ever bankruptcy filing and Bank of America (BankAm) buying Merrill in a $50-billion stock deal. Another world titan, the largest US insurer, American International Group (AIG) has been given special permission to access $20 billion of capital in its subsidiaries to free up liquidity. AIG had asked the US Federal Reserve for a bridge loan.