Stock Market Wall Street Events & Hedge Fund Events

Wall Street Events

Stock Market Wall Street Events

• September 15, Lehman Brothers Holdings, Inc. files for bankruptcy; later that day, Bank of America announces the purchase of Merrill Lynch for $50 billion in stock
• September 16, US Federal government commits $85 billion to American International Group (AIG), providing the insurer time and capital to deal with its financial issues
• September 17, share prices of Goldman Sachs and Morgan Stanley drop sharply
• September 18-19, 2008, US Securities and Exchange Commission (SEC) and U.K. Financial Services Authority impose emergency ban to protect against “naked” short selling abuses. Other countries follow suit and additional disclosure provisions are declared
• September 29, the US House of Representatives fails to pass a “Bailout Plan” for the US financial markets. Dow Jones Industrial Average plummets 777 points, the largest one day loss in its history
• October 1, the US Senate passes the “Emergency Economic Stabilization Act” by a vote of 75-24. The SEC extends short the selling ban, the US Congress continues to work on an economic rescue plan
• October 3, the US House of Representatives passes the economic “Bailout Plan” by a vote of 263 to 171

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