The Frontline video, "Breaking The Bank", gives a behind the scenes look at the moments leading up to the Lehman bankruptcy and Bank of America/Merrill merger. Was September 13-14, 2008 the shadiest weekend in financial history? DV was there, Lehman Disaster Sending Index Futures Lower, BAC Buys MER. The drama continues tomorrow as Bernanke testifies before congress regarding allegations that he pressured Bank of America's Lewis to buy Merrill from Thain. Hopefully I'll be able to embed the hearing video.
"In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, filed for bankruptcy protection and hurtled toward liquidation after it failed to find a buyer." New York Times
Hat tip Value Plays
