Rocky Road
Last update: September 15, 2008 - 10:58 PM
A look back at a tumultuous year on Wall Street:
Jan. 11, 2008: Bank of America acquires faltering mortgage giant Countrywide Financial for $4 billion.
March 16, 2008: J.P. Morgan, a major Wall Street bank buys struggling investment firm Bear Stearns for $2 a share with the Federal Reserve agreeing to back $30 billion worth of risky mortgage investments.
July 11, 2008: Federal regulators seize California-based mortgage lender IndyMac, in the third-largest bank failure in U.S. history. The collapse is expected to cost the FDIC between $4 billion and $8 billion. Nearly $1 billion in deposits were uninsured, affecting about 10,000 people.
Sept. 7, 2008: Federal government takes control of mortgage giants Fannie Mae and Freddie Mac, promising up to $200 billion in capital to restore the firms to financial health.
Sept. 14, 2008: Brokerage firm Merrill Lynch agrees to be acquired by Bank of America for roughly $50 billion. After failing to find a buyer, securities firm Lehman Brothers Holdings Inc. announces it intends to file for Chapter 11 bankruptcy.
Sept. 15, 2008: New York state officials step in to try to help AIG, the world's largest insurance company, raise capital as it faces potentially disastrous downgrading from credit rating agencies.
Sources: New York Times, Wall Street Journal and other News Services
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