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With Buyout of Merrill, Bankruptcy for Lehman, Wall Street Plays “Let’s Make a Deal”
In one of its wildest and weirdest stretches ever, Wall Street entered a weekend awaiting a government bailout of Lehman Brothers Holdings Inc. (LEH) and exited with Merrill Lynch & Co. Inc. (MER) agreeing to sell itself to Bank of America Corp. (BAC) for nearly $50 billion, and Lehman announcing it will seek bankruptcy in a bid to avoid a total liquidation after it was unable to find a buyer.
And this real-life version of the game show Let’s Make a Deal is far from over: Like a once-great prizefighter who’s clawing for the ropes after being staggered by a shot to the…
16Sep2008 | Money Morning | Comments Off | Continued
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