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  • Europe, UK central banks shore up markets reeling from Lehman Brothers’ crash

    DEBKAfile
    Monday, Sept 15, 2008

    The second shock from Lehman Brothers’ crash is expected when Wall Street opens Monday, Sept. 15. The European Central Bank injected 30 billion to steady the markets, followed by the Bank of England, which earmarked 5 billion sterling to arrest the City’s slide.

    The fourth biggest American investment bank, Lehman Brothers, filed for bankruptcy early Monday after Barclays and the Bank of America withdrew their bids to rescue the 158-year old banking institution and the federal government refused a bailout. A workforce of 25,000 remains jobless.

    The Bank of America bought out the limping Merrill Lynch for app. $50 bn, but the American International Group Inc. (AIG), once the world’s largest insurer, is struggling to survive.

    (Article continues below)

    Ten US and foreign banks set up a $70bn fund to save troubled companies.

    The collapse of the three biggest names on Wall Street threatens to wipe out many billions of dollars from global pension funds and the banking and insurance industries in a worldwide chain reaction, which has been called the worst financial catastrophe in a century.

    Tel Aviv fell sharply with other world markets after The US government and Federal Reserve failed in their efforts over the weekend to bring the financial landslide under control in time for Monday’s trading. Some firms linked to the failing banks may be rescued while others will have no option but to file for bankruptcy. Lehman Brothers’ UK business Pricewaterhouscoopers has been placed into administration.

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    5 Responses to “Europe, UK central banks shore up markets reeling from Lehman Brothers’ crash”

    1. Robert Says:

      So the world get’s divided to the “Had’s” and the “Had’s not”….

      Smile and have FAITH

      There is more than financial energy in this world!!!

    2. rich Says:

      the financial house of cards crashing is heading to another great depression. better withdraw your cash from the banks before it’s too late. history repeats itself !!!!!

      youtube.com/goldieshome

    3. chris Says:

      When greed out does itself. Now we should be all worried. LOL. Maybe America can once again get away from these socialist practices of bailing out businesses that made poor choices. Otherwise I should get a 100% refund anytime I gamble my money at a casino and lose.

    4. Paulson is an idiot Says:

      Get this!

      The Fed has given AIG a green light to BORROW MONEY FROM THEMSELVES!!!

      http://www.larouchepac.com/new.....f-out.html

    5. Venom Says:

      I want to know where is all the money going to?


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