Wall Street Meltdown: Lehman Files for Record Bankruptcy, Merrill Lynch is Sold, AIG Seeks Capital

When Wall Street woke up Monday morning, two more of its storied firms had fallen.
Lehman Brothers, burdened by $60 billion in soured real-estate holdings, filed a Chapter 11 bankruptcy petition in U.S. 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.

WTF is going on? This is a sad day for business.