Tomorrow's Big News NOW!: Lehman, Merrill, AIG in Peril
If you're a daytime cable news guy like me this will be the huge story tomorrow.
Get ready for it with ...
- This NY Times story
- Bloomberg's homepage for updates
- CNBC for the moment by moment of what may be a serious drop in markets
- Fox Business News if you just wanna not think about it and watch the nice ladies in the tight, colorful sweaters
Your choice.
I'll be flipping between Ali Velshi on CNN and the rants of Jim Cramer on CNBC.
The U.S. financial system was badly shaken Sunday by the expected failure of Lehman Brothers , the surprise takeover of Merrill Lynch and big asset sales by major insurer American International Group.
The developments indicate that chief executives on Wall Street and regulators in Washington are accepting that massive triage is necessary in the face of the 13-month old credit crisis and destructive U.S. housing bust.
The developments indicate that chief executives on Wall Street and regulators in Washington are accepting that massive triage is necessary in the face of the 13-month old credit crisis and destructive U.S. housing bust.
"The U.S. financial system is finding the tectonic plates underneath its foundation are shifting like they have never shifted before," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey."It's a new financial world on the verge of a complete reorganization."
Ouch.
Those anchors at Fox might need to reapply their lip gloss two, maybe three times tomorrow.
The cost of being a journalist ... at Fox.
More about FBN in a clip from Brave New Films after the jump.
