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Lehman Brothers filed for bankruptcy on Sunday to become the largest casualty of the global crisis, while Bank of America adds another slice to its growing financial services empire, buying Merrill Lynch in a $50 billion deal. Following are today's top videos:
BofA's Ken Lewis on Merrill Lynch
“We thought all along that government assistance would be required [if we decided to join Lehman Brothers] and that wasn’t available. We have minimal exposure to Lehman [LEH
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]. [AIG [AIG
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], on the other hand] I don’t know of a major bank that doesn’t have some significant exposure to them.”
—Ken Lewis, CEO, Bank of America
Whitney On Wall Street's Future
“At a minimum, it’s traumatic for anyone that is involved. When this whole credit crisis began, I never in my wildest dreams imagined that the landscape would be excluding Lehman Brothers, Bear Stearns, and now Merrill [MER
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] as a part of Bank of America [BAC
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]. This really exacerbates the credit crunch.”
—Meredith Whitney, Executive Director, Research Oppenheimer & Co.
Fed's Next Move
“[The Fed] is clearly going to be worried about liquidity in the market. There has been a lot of liquidity injection today and that may lead them to lower the interest rates. [However] that doesn’t address the fundamental problems, the weakness in America’s financial market, and so it is a temporary measure and it won’t really resolve the uncertainties about the depths of the problems in various financial institutions.”
—Joseph Stiglitz, 2001 Nobel Prize Winner
Bill Gross on Lehman
“I suppose in terms of the stock market, investors are afraid. But I think in addition, there’s a technical situation that’s associated with Lehman, it’s primarily in the credit markets but it flows through the stock markets.”
—Bill Gross, Founder & CIO, Pimco
Maria’s Market Message
“The latest developments out of AIG and a meeting at the Federal Reserve on interest rates—those are the two events Wall Street will be watching tomorrow. Meanwhile, stocks plunged as Lehman Brothers filed for bankruptcy protection and AIG, the world’s largest insurance firm teeters on the brink…”
—Maria Bartiromo, CNBC’s Closing Bell
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