Sept 7, 2008 : U.S. bails out Fannie Mae and Freddie Mac
100 Billion Dollar to each.
Sept 9, 2008 : Lehman Brothers Struggles to Survive
Lehman Brothers struggled to survive after loosing more than half of its market value. Analysts feared that the investment bank was running out of time and options. Speculation rose that the government was unlikely to come to its rescue.
Sept 14, 2008 : Lehman Heads into bankruptacy, Merrill is sold
Lehman Heads into bankruptacy after it failed to find a buyer. Merrill Lynch agreed to be bought by Bank Of America.
Sept 16, 2008 : Fed's Loan Rescues AIG
The Federal Reserve agreed to lend AIG 85 Billion Dollar in exchange of control over AIG.
Sept 21, 2008 : Goldman Sachs and Morgan Stanly
The end of an era. Goldman Sachs and Morgan Stanly, the last big investment banks on Wall Street, got approval to become regulated bank holding companies.
Sept 25, 2008 : Washington Mutual Seized
Took over by FDIC, J P Morgan bough its deposits for $1.90
Sept 29, 2008 : Citi buys Wachovia
Initially Citigroup wanted to buy Wachovia’s banking operation for $2. Later Wells Fargo bought it for $15.1 billion.
Oct 01, 2008 : 700 Dollar Bailout Plan Reached
Senate passes $700 billion dollar financial bailout package.
Oct 06, 2008 : Global Markets Plummet
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