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Previous | Next :: Fires Rage On Wall Street : Wall St : NYC | September 15, 2008, 1:33 am

Fires Rage On Wall Street : Wall St : NYC
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In one of the most dramatic days in Wall Street\'s history, Merrill Lynch agreed to sell itself to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, said it would file for Chapter 11 bankruptcy protection. Both huge wall street firms with top notch reputations they were both jointly humbled on this incredible Sunday.......... Alan Greenspan the previous head of the Federal Reserve said this was a once a century occurance........ It is certainly amazing to see the latest chapter in a tumultuous year in which these once-proud financial institutions have been brought to their knees as a result of tens of billions of dollars in losses because of bad mortgage finance and real estate investments.

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