AP Stocks tumble amid new Wall Street landscape

[one...two...tree 2,762]

By TIM PARADIS, AP Business Writer

12 minutes ago

NEW YORK - A stunning reshaping of the Wall Street landscape sent stocks tumbling Monday, but the pullback appeared relatively orderly — perhaps because investors were unsurprised by the demise of Lehman Brothers Holdings Inc. and relieved by a takeover of Merrill Lynch & Co.

The Dow Jones industrial average fell 300 points, a number that has become familiar over the past year amid the turmoil in the financial sector. Bond prices soared as investors sought the safety of government debt.

Stocks also posted big losses in markets across much of the globe as investors absorbed Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock. While those companies' situations had reached some resolution, the market remained anxious about American International Group Inc., which is seeking emergency funding to shore up its balance sheet. A faltering of the world's largest insurance company likely would have financial implications far beyond that of Lehman, the largest U.S. bankruptcy.

The swift developments are the biggest yet in the 14-month-old credit crises that stems from now toxic subprime mortgage debt.

http://news.yahoo.com/s/ap/20080915/ap_on_..._re/wall_street

[*JG* 2]

I'm glad they aren't scared....cause this sort of thing scares the crude out of me.

[w¡n9Nµ7 §£@¥€r 123]

There's a reason so much of the wheeling and dealing happened on a Sunday. Imagine yesterdays events while the market was open?

[zqt3344 21]

Let them all go belly up, it needs to happen, that is the price you pay for irrational exuberance with sub prime debt!

:angry:

By TIM PARADIS, AP Business Writer

12 minutes ago

NEW YORK - A stunning reshaping of the Wall Street landscape sent stocks tumbling Monday, but the pullback appeared relatively orderly — perhaps because investors were unsurprised by the demise of Lehman Brothers Holdings Inc. and relieved by a takeover of Merrill Lynch & Co.

The Dow Jones industrial average fell 300 points, a number that has become familiar over the past year amid the turmoil in the financial sector. Bond prices soared as investors sought the safety of government debt.

Stocks also posted big losses in markets across much of the globe as investors absorbed Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock. While those companies' situations had reached some resolution, the market remained anxious about American International Group Inc., which is seeking emergency funding to shore up its balance sheet. A faltering of the world's largest insurance company likely would have financial implications far beyond that of Lehman, the largest U.S. bankruptcy.

The swift developments are the biggest yet in the 14-month-old credit crises that stems from now toxic subprime mortgage debt.

http://news.yahoo.com/s/ap/20080915/ap_on_..._re/wall_street