Saturday, September 20, 2008

Lehman Gallery

A giant falls

In what is considered as the worst financial crisis on Wall Street in recent times, the US investment giant Lehman Brothers, burdened by $60 billion in soured real-estate holdings, filed a Chapter 11 bankruptcy petition in US Bankruptcy Court after attempts to rescue the 158-year-old firm failed. Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction. Picture shows the day's financial news displayed on the ABC news ticker in New York's Times Square, on Monday, September 15, 2008.

Serious repercussions in India

An onlooker reacts as he watches stock prices on a screen on the facade of the Bombay Stock Exchange in Mumbai, India, on Monday, Sept. 15, 2008. Indian stocks plunged on Monday amid anxiety about the global financial system on news of Lehman Brothers' bankruptcy and the takeover of Merrill Lynch. The 158-year-old Lehman Brothers’ move to file for bankruptcy today wiped off more than Rs 2,000 crore from the market valuation of those Indian companies in which the US financial major has made equity investments. the latest crisis will crimp global capital flows further, leaving little hope for the Indian stock markets to recover in the near future.

5000 lose jobs in UK

A London newspaper is sold near the offices of Lehman Brothers in Canary Wharf in London, on Monday, September 15, 2008. Over 5,000 workers in the UK lost their jobs after the collapse of US investment bank Lehman Brothers.The British operations of Lehman Brothers were placed in administration on Monday to protect them from creditors.

Worst credit crisis

Robin Radaetz holds a sign in front of the Lehman Brothers headquarters on Monday, September 15, 2008 in New York

Uncertain future

Employees of Lehman Brothers leave the company's headquarters in New York City carrying boxes and personal belongings as they clear their offices on Sunday, September 14, 2008 after hearing the news that Lehman Brothers may be forced to seek an orderly unwinding of its businesses.

Meltdown on Wall Street

Traders work on the floor of the New York Mercantile Exchange in New York, on Monday, September 15, 2008. Oil prices plunged to a seven-month low on Monday as the Gulf Coast energy infrastructure appeared relatively unharmed after Hurricane Ike and traders bet that Lehman Brothers' bankruptcy could ignite a massive liquidation of commodities.

Shattered dreams

Elizabeth Rose, a specialist with Lehman Brothers MarketMakers, works her post on the trading floor of the New York Stock Exchange on Monday, September 15, 2008. A stunning reshaping of the Wall Street landscape sent stocks down sharply on Monday, but the pullback appeared relatively orderly _ perhaps because investors were unsurprised by the demise of Lehman Brothers Holdings Inc. and relieved by a takeover of Merrill Lynch & Co.

Air of anxiety

A crowd of media and pedestrians gather in front of the Lehman Brothers headquarters on Monday, September 15, 2008, in New York.

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