Posted AT 1:38 AM EST on 15/09/08
U.S. financial system in throes of historic shakeup, banks step in
NEW YORK — The ruptured U.S. financial system faces an unprecedented shakeup with Lehman Brothers set to file for bankruptcy, Bank of America buying Merrill Lynch, and the Federal Reserve saying for the first time it will accept stocks in exchange for cash loans.
On a black Sunday for Wall Street, 10 of the world's biggest banks also agreed to establish a $70-billion (U.S.) emergency fund, with any one of them able to tap up to a third of that.
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