We are fast approaching the 10 year anniversary of what was for me the scariest financial news month ever. A lot happened in September 2008 that reavealed t the unlicensed how very badly our financial system had been damaged and how unprepared our leadership was to handle it. Up until then it appeared that any crisis had been contained. But suddenly it became an emergency.
September 2008
7: Mortgage giants Fannie Mae and Freddie Mac are taken over by the government.
15: Bank of America agrees to purchase Merrill Lynch for $50 billion.
15: Lehman Brothers files for bankruptcy-court protection.
16: American International Group, the world's largest insurer, accepts an $85 billion federal bailout that gives the government a 79.9% stake in the company.
21: Goldman Sachs and Morgan Stanley, the last two independent investment banks, will become bank holding companies subject to greater regulation by the Federal Reserve.
25: Federal regulators close Washington Mutual Bank and its branches and assets are sold to JPMorgan Chase in the biggest U.S. bank failure in history.
29: Congress rejects a $700 billion Wall Street financial rescue package, known as the Troubled Asset Relief Program or TARP, sending the Dow Jones industrial average down 778 points, its single-worst point drop ever.
Oct. 3: Congress passes a revised version of TARP and President Bush signs it. Wells Fargo & Co., the biggest U.S. bank on the West Coast, agrees to buy Wachovia for about $14.8 billion.
Timeline from
https://www.usatoday.com/story/mone...onology-2008-financial-crisis-lehman/2779515/