from:Economist.com
The credit crunch turned into a full-blown global financial crisis in September when Lehman Brothers, one of Wall Street’s big investment banks, declared bankruptcy and American officials seized control of American International Group to prevent the giant insurer’s collapse. As panic spread, governments engineered the rescue of distressed banks or took them over directly. By the end of the month the remaining big Wall Street houses had either been absorbed by others or become bank holding companies.
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