The beginning of the end is here.
The widely-anticipated taper of the U.S. Federal Reserve’s Quantitative Easing program or QE3 will finally begin early next year, the US Fed announced today at the conclusion of the two-day Federal Open Market Committee (FOMC) meeting.
Lehman Brothers files for bankruptcy; BoA acquires Merrill Lynch
It’s a sad — and scary — day for financial markets today.
Lehman Brothers, a global financial services firm operating for more than 158 years, filed for Chapter 11 bankruptcy after attempts to rescue it failed. The company went down with total debt amounting to $613 billion and losses amounting to $60 billion brought by subprime mortgage investments. More than 26,000 employees are expected to go unemployed.
And yet months ago, we thought the financial meltdown has already reached its peak when tens and thousands of employees in Citigroup, UBS, Morgan Stanley, and Siemens, among others, were laid off.