There are so many failures, mergers, sales going on, we're going to update them here.
Latest on the chopping block appears to be Morgan Stanley is considering a merger with Wachovia. I don't think this news is so bad, it appears they are simply trying to cover the possibility of a collapse, although it appears Wachovia would honor $494M of Lehman credits in it's Money market funds.
Morgan Stanley goes to China. Guess what they are doing, begging for funds.
there had been a "collective failure" to grasp the extent of leverage in the financial system and the risk that it could be unwound in a disorderly fashion. Conditions may get worse as the limping U.S. economy leads to more credit losses
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