September 14, 2008
Lehman Brothers Announces Bankruptcy Filing
- Lehman Brothers Holdings Inc. Announces It Intends to File Chapter 11 Bankruptcy Petition; No Other Lehman Brothers' U.S. Subsidiaries or Affiliates, Including Its Broker-Dealer and Investment Management Subsidiaries, Are Included in the Filing, September 15, 2008
- Federal Reserve Board announces several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities, September 14, 2008
- Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm - Combines leading global wealth management, capital markets and advisory company with largest consumer and corporate bank in U.S., September 15, 2008
- WSJ: "The U.S. government, which bailed out Fannie Mae and Freddie Mac a week ago and orchestrated the sale of Bear Stearns Cos. to J.P. Morgan Chase & Co. in March, played much tougher with Lehman. It refused to provide a financial backstop to potential buyers. Without such support, Barclays PLC and Bank of America, the two most interested buyers, walked away. Late Sunday night, Lehman said it intends to file for protection under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York."
- New York Times: After Frantic Day, Wall St. Banks Falter - Lehman Will File Bankruptcy; Merrill to Be Sold
- "As part of its ongoing investigation into executive pay, the Oversight Committee asked Treasury Secretary Henry M. Paulson, Jr. and Federal Housing Finance Agency Director James Lockhart to provide documents related to severance compensation and other exit pay for Richard F. Syron and Daniel H. Mudd, the former CEOs of Freddie Mac and Fannie Mae."
