Banking crisis reverberates around world

Lehman Brothers listed debts of $613 billion when it filed for bankruptcy, owing hundreds of millions of dollars to banks in Tokyo, Hong Kong, New
York, Singapore and Taipei, among others … News of Lehman’s bankruptcy, Merrill Lynch’s sale to Bank of America
and AIG’s uncertain future sent the markets
tumbling. The Dow Jones Industrial Average fell 500 points on Monday … And, AIG met with New York state officials last weekend seeking permission to liquidate
assets — including Manhattan real estate — to raise cash. AIG also
approached the Federal Reserve for $40 billion in short-term financing. TRD

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