by Bill McBride on 9/14/2008 09:44:00 PM
Sunday, September 14, 2008
This is a wild day for the financial markets. Here is a summary post (scroll down for actual posts):
UPDATE: from Bloomberg: Banks, Firms Set Up $70 Billion Fund for Liquidity
A group of banks including Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are putting up $70 billion for a borrowing fund aimed at providing liquidity.1) Lehman is expected to file bankruptcy before midnight ET.
2) AIG rejected private equity investment and has asked the Fed for help. A restructuring plan will be announced tonight or early tomorrow morning. Update: From the NY Times:
The American International Group is seeking a $40 billion bridge loan from the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said Sunday night.3) BofA bought Merrill Lynch for $29 per share in stock.
4) The Fed has expanded its lending facilities, including accepting equities.
Here are some sources for stock market futures:
CBOT mini-sized Dow (more liquid than big Dow above).
Barchart.com indices futures. (make sure you look at the ones with times - not dates - in the time column)
Note: today has been a VERY heavy news day, and I'm still digesting all the news - so I apologize for no analysis.
Posted by Bill McBride on 9/14/2008 09:44:00 PM