“I’ve been on Wall Street for many years, and I’ve never seen a weekend like this one,” said Michael Holland, 64, chairman and founder of New York-based Holland & Co. “We are unwinding what has been years of silliness in the financial markets, and the silliness is being vaporized as we speak, unfortunately with the stock price of a number of companies involved in it.”
lehman brothers
"Years Of Silliness" Unwound Over Single Weekend
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9.15.08![Lehman Files For Chapter 11, BoA Buys Merrill Lynch](../../../../consumermediallc.files.wordpress.com/2012/06/bullnbear.jpg?w=158&h=111&crop=1)
Lehman Files For Chapter 11, BoA Buys Merrill Lynch
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9.15.08Bankers worked hard over the weekend to prevent the American financial system from imploding.
- Lehman filed for Chapter 11
- Bank of America bought Merrlil Lynch
- A special trading session was opened Sunday from 2-6pm to allow traders to try to unwind their positions
- The Fed is expected to temporarily make it easier for banks to borrow from the government
- European Central Banks stand ready to pump billions into the global market
- Washington Mutual’s new CEO’s disclosure of further writedowns and setting aside of capital calmed investors and stemmed the massive selloff of its stock