Wall Street’s woes go global?
Financial analysts talk to Riz Khan about fears that Wall Street’s woes will spread.
On Monday, September 15, Wall Street awoke to the disappearance of two of its giants: Lehman Brothers and Merrill Lynch, and some have compared the crisis to the Great Depression of the 1930s. Others referred to ‘meltdown Monday’.
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The fall of Lehman Brothers is the biggest bankruptcy in American history. Founded 158 years ago by a German immigrant, the investment bank grew into a multi-national giant, serving major corporations, governments and municipalities worldwide. Today, its debts total more than $600 billion.
Merrill Lynch agreed a sale on Sunday, to Bank of America, for roughly $50 billion to avoid a deepening financial crisis.
On top of all this, the world’s largest insurance company, American International Group – known as AIG – said it was days away from falling apart.
The governor of New York offered some temporary relief, but the company could need up to $40 billion to get back on its feet.
Riz speaks with two financial analysts – Lakshman Achuthan and Max Keiser – about the fears that Wall Street’s woes will spread around the world.
This episode of the Riz Khan show aired on Monday, September 15, 2008.
Published On 15 Feb 2009