It was a historical weekend on Wall Street – in a really bad way!
Washington pretty much forced the money men to work all weekend long to try and avoid even more of a downward spiral in the markets stemming from a ‘crisis of confidence’.
One-time Wall Street giant Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to (hopefully) avert a mayjah crisis.
AND another once formidable Wall Street player, Lehman Brothers, announced that it would seek bankruptcy protection after it failed to find a buyer to bail them out.
Wall Street giants have lost hundreds of billions of dollars because of bad mortgage financing and real estate investments, according to reports.
We regular folks know what the real reason is, right?
Greed!
Don’t you love how the suits’ greed will basically eff us all over?!
[Image via WENN.]
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