2008 Crisis - Basic Timeline

8/11/2019 2008 Crisis - Basic Timeline

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Chicago MUN2014

Background Guide

Part One

The Timeline


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The Wall Street

Meet

2008

Image taken from1


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1990

Drexel Burnham Lambert files for bankruptcy.

1998

Citicorp and Travellers merge to form Citigroup, the largest financial services company in the world. The

merger violates the Glass-Steagal Act. Federal Reserve Chairman Alan Greenspan gives Citigroup an

exemption of one year.

1999

Gramm Leach Bliley Actpassed in the US Congress. The act overturns Glass-Steagal Act.The Act

clears way for massive financial deregulation in the next ten years.

2003

October 31st

: Lehman Brothers decides to re-diversify its business and starts with the acquisition ofNeuberger Bermanon October 31, 2003, for $2.63 billion in cash and securities.2

''When Neuberger is combined with our existing wealth and asset management group, Lehman

Brothers will emerge as one of the leading providers of services to a highly desirable

marketplace.''

- Richard S. Flud Jr.

2005

AIG Accounting ScandalAmerican International Group becomes embroiled in a series of fraud

investigations conducted by the Securities and Exchange Commission, U.S. Justice Department, and New

York State Attorney General's Office. CEO, Maurice Greenberg ousted amid the accounting scandal in

February 2005. The New York Attorney General's investigation leads to a $1.6 billion fine for AIG and

criminal charges for some of its executives.

2006

November 26th: Lehman Brothers agrees to buy H.A. Schupf.34


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2007

The year of the Boar

February:

Lehman Brothers Holding Inc.s stocks reach a record of $86.18, giving Lehman Brothers

a market capitalization of close to $60 billion.

May 22nd

:

Legislation passed by the Bush administration to tighten oversight on Freddie Mac and

Fannie Mae.5

July 31st

:

Investment bank Bear Stearns liquidates two hedge funds that invested in risky

securities backed by subprime mortgage loans.

August 6th

:

American Home Mortgage Investment, which specializes in adjustable-rate mortgages,

files for Chapter 11 bankruptcy protection.6

August 16th

:

Fitch Ratings cuts the credit rating of giant mortgage lender Countrywide Financial to its

third-lowest investment-grade ratingBBB+. Countrywide borrows the entire 11.5

billion $ available in its credit lines with other banks

7

August 27th

:

Lehman brothers shut BNC Mortgage, firing 1200 people.8

September 28th

:

AIG purchases the remaining 39% that it does not own of online auto insurance

specialist 21st Century Insurance for $749 million9

November 15th

:

Merrill Lynch names John Thain as its new CEO. Earlier that month, Merrill Lynch had

announced it would write-down $8.4 billion in losses associated with the national

housing crisis and remove E. Stanley O'Neal as its chief executive. O'Neal had earlier

approached Wachovia bank for a merger, without prior Board approval, but the talks

ended after O'Neal's dismissal.10


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November 19th

:

Shares of the two giant government sponsored enterprises fall to a ten year low on

concerns about mortgage defaults.

December 25th

:

Merill Lynch sells its commercial finance business to General Electric and sells off major

shares of its stock to Temasek Holdings, a Singaporegovernment investment group, inan effort to raise capital. The deal raises over $6 billion.

11

Additional:

Red line marks the 10 month moving averages and the green line marks the 20 month

moving averages of Lehman Brothers Holdings Inc. in 2007.

Image taken from 9

2008

The year of the Rat

The U.S. economy is in recession. The crisis in subprime mortgages infects the credit markets.

January 11th

:

Bank of America, the biggest U.S. bank by market value, agrees to buy Countrywide

Financial for about $4 billion.12

March 16th

:

The Federal Reserve agrees to guarantee $30 billion of Bear Stearns' assets in


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connection with the government-sponsored sale of the investment bank to JPMorgan

Chase.

The Federal Reserve Board establishes the Primary Dealer Credit Facility (PDCF),

extending credit to primary dealers at the primary credit rate against a broad range of

investment grade securities. The Federal Reserve Board votes to reduce the primary

credit rate 25 basis points to 3.25 percent, lowering the spread between the primary

credit rate and FOMC target for the federal funds rate to 25 basis points. The Board also

votes to increase the maximum maturity of primary credit loans to 90 days.13

.14

March 19th

:

To reduce the amount of capital to be set aside by Freddie Mac and Fannie Mae, the

two mortgage financing companies have been cleared by the Federal Housing Enterprise

Oversight to buy more mortgages so as to help the housing market they support.15

June 9th

:

Lehman Brothers reports $2.8 billion in losses, at the end of the second quarter.16

June 15th

:

After disclosure of financial losses and subsequent to a falling stock price, AIG CEO

Martin J. Sullivan resigns and is replaced by Robert B. Willumstad, Chairman of the AIG

Board of Directors since 2006.

July 11th

:

Federal regulators seize IndyMac Federal Bank after it becomes the largest regulated

thrift to fail. The Office of Thrift Supervision closes IndyMac Bank, F.S.B. The Federal

Deposit Insurance Corporation (FDIC) announces the transfer of the insured deposits

and most assets of IndyMac Bank, F.S.B. to IndyMac Federal Bank, FSB.17

July 18th

:

Merill Lynch CEO John Thain announces $4.9 billion fourth consecutive quarterly losses

for the company from defaults and bad investments in the ongoing mortgage crisis. In

one year between July 2007 and July 2008, Merrill Lynch lost $19.2 billion, or $52 million

daily. The company's stock price had also declined significantly during that time.18

July 28th

:

Merill Lynch announces the sale of select hedge funds and securities in an effort to

reduce their exposure to mortgage related investments.


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July 29th

Temasek Holdings agrees to purchase the Merill Lynch funds and increase its investment

in the company by $3.4 billion.

July 30th:Administration gets temporary authority to offer an unlimited line of credit to Fannie

Mae and Freddie Mac.19

August 11th

:

Structured equity solutions released by the SEC regarding Reverse Exchangeable Notes

Linked to the Common Stock of a Single Reference Stock Issuer20

August 15th

:

Lehman Brothers shares rise by 6%.

Soros Fund Management raises its stake in Lehman Brothers to 9.47 million commonshares at the end of June 30, up from 10,000 shares at the end of March 31.

21

August 15th

:

Andrew Cuomo, New York Attorney General, threatenes to sue Merrill Lynch in August

2008 over its misrepresentation of the risk on mortgage-backed securities.A week

earlier, Merrill Lynch had offered to buy back $12 billion in auction-rate debt and said it

was surprised by the lawsuit22

August 18th

:

Merill Lynch freezes hiring and reveales that it had charged almost $30 billion in losses

to their subsidiary in the United Kingdom, exempting them from taxes in that country.23

August 19th

:

J.P. Morgan analysts predict Lehman posting losses of $4 billion, the next quarter.24

August 22nd

:

Merill Lynch settles. CEO John Thain announced an agreement with the Massachusetts

Secretary of State to buy back all auction-rate securities from customers with less than

$100 million in deposit with the firm.25

August 22nd

:

Federal Reserve Chairman Ben Bernanke delivers a speech at an annual meeting in

Jackson Hole, Wyo. The topic: "Reducing Systemic Risk."26


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August 27th

:

Temasek Holdings Pte. Ltd., the largest shareholder in Merrli Lynch makes a public

statement regarding having faith in the company under Chief Executive John Thain.

August 31st

:

South Korean press report that the state-run Korea Development Bank remains in talks

to buy a stake in Lehman Brothers.27

September 2008

2nd

: HSBC and China bank reported to be the new competitors to the bid for Lehman along with

the Korean Development Bank.28

5th

: Goldman Sachs downgrades Merrill Lynch's stock to "conviction sell" and warns of further

losses at the company. Financial Media company, Bloomberg reports that Merrill Lynch had lost

$51.8 billion on mortgage-backed securities as part of the subprime mortgage crisis.29

7th

:Mortgage giants Fannie Mae and Freddie Mac are taken over by the government30

. The

Federal Housing Finance Agency (FHFA) places Fannie Mae and Freddie Mac in government

conservatorship. The U.S. Treasury Department announces three additional measures to

complement the FHFAs decision:

1) Preferred stock purchase agreements between the Treasury/FHFA and Fannie Mae and

Freddie Mac to ensure the GSEs positive net worth;

2) a new secured lending facility which will be available to Fannie Mae, Freddie Mac, and the

Federal Home Loan Banks; and

3) a temporary program to purchase GSE MBS.31

10th

: News that Korean Development Bank has walked away from negotiations to buy Lehman

Brothers.32

10th

: Lehman Brothers posts a $3.93bn third-quarter loss after $5.6bn of write-downs on toxic

mortgages. The first loss in 14 years. Chief executive Dick Fuld hammers up a for sale sign with

plans to sell off assets. Investors are nervous after rising home loan defaults forced the US

government to seize control of major lenders Fannie Mae and Freddie Mac two days earlier.

They doubt the 158-year-old Wall Street bank can survive. The shares slide 7pc. It has now

fallen 52pc in two days.33

11th

: Lehman says it is in talks with potential buyers. Bank of America is put in frame as it

confirms Korea Development bank is no longer interested. However, this raises questions about

the banks survival and the shares tumble further 42 pc to $4.4434


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12th

: Barclays says it is considering bidding for Lehman. Lehman shares fall a further 13.5pc.

Other financial stocks are hit with Washington Mutual, AIG and Merrill Lynch shares tumbling

on capital adequacy concerns. US government talks with Wall Street bankers about what to do.

Tim Geithner, the New York Fed president, proposes good bank, bad bank solution. This will

let a buyer take on Lehmans good assets, with Wall Street stumping up to cover for $80bn oftoxic debts.

35

13th

: Lehman Brothers puts itself up for sale36

14th

: Lehman teeters. More than 100 top Wall Street bankers, along with regulators and the US

Treasury officials spent the weekend in the Feds New York building exploring options. After

$229bn in bail-outs for Bear Stearns, and Fannie Mae and Freddie Mac, the US Treasury says it

wont part with more taxpayer money. It wants Wall Street to stump up. Tim Geithner, the New

York Fed president, sets out a doomsday scenario in which Lehmans problems infect other

banks. Wall Street doesnt bite. That evening Barclaysand Bank of America pull out of talks.The Fed, fearing a market rout the next day, announces extraordinary steps to increase liquidity

and calm nerves. Also discussed is a state bailout for AIG, the countrys biggest insurer, which is

looking increasingly precarious. For the first time, the authorities realise its key role as the

major insurer of derivative contracts. Debt rating agency threaten to downgrade AIG unless it

raises $40bn to bolster its balance sheet. This would trigger collateral calls from debt investors

who bought cover. Fundraising talks with billionaire investor Warren Buffett and private equity

firms JC Flowers, KKR and TPG fail.37

14th

: The Federal Reserve Board expands the list of eligible collateral for the PDCF to include

any collateral that can be pledged in the tri-party repo system of the two major clearing banks.

Previously PDCF collateral had been limited to investment-grade debt securities. The Board also

expands the list of collateral accepted by TSLF to include all investment-grade debt securities

and increases the frequency of Schedule 2 TSLF auctions and total offering to $150 billion. The

Board also adopts an interim final rule that provides temporary exceptions to Section 23A of

the Federal Reserve Act to allow insured depository institutions to provide liquidity to their

affiliates for assets typically funded in the tri-party repo market.38

14th

: Merrill Lynchis sold to Bank of Americaamidst fears of a liquidity crisis and Lehman

Brotherscollapse in an all-stock deal worth $50 billion, snagging the world's largest retail

brokerage.39

Additional:

Red line marks the 10 month moving averages and the green line marks the 20 month moving

averages of Lehman Brothers Holdings Inc. in 2008


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Image taken from 40

1http://graphics8.nytimes.com/images/2009/05/02/business/03real_600.jpg

2http://www.nytimes.com/2003/07/23/business/market-place-lehman-to-buy-neuberger-berman-for-2.6-

billion.html

3http://www.reuters.com/article/2006/11/20/businesspro-financial-lehman-schupf-dc-idUSN2042760420061120

4http://www.crainsnewyork.com/article/20061120/FREE/61120008/lehman-agrees-to-buy-h-a-schupf

5http://www.washingtonpost.com/wp-dyn/content/article/2007/05/22/AR2007052200166.html

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7http://www.sec.gov/Archives/edgar/data/25191/000095014807000204/v33101exv99w3.htm

8http://www.marketwatch.com/story/lehman-shuts-subprime-lending-unit-eliminating-1200-jobs

9http://articles.latimes.com/2007/sep/28/business/fi-aig28

10http://www.nytimes.com/2007/11/15/business/15merrill.html


12http://newsroom.bankofamerica.com/?s=press_releases&item=7956
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14http://www.federalreserve.gov/newsevents/press/monetary/20080316a.htm


16http://www.ft.com/cms/s/0/a0c4461e-3617-11dd-8bb8-0000779fd2ac.html#axzz34PBPktGN

17 http://www.fdic.gov/news/news/press/2008/pr08056.html



20http://www.sec.gov/Archives/edgar/data/806085/000119312508173750/dfwp.htm

21

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22http://news.bbc.co.uk/2/hi/business/7564630.stm

23http://www.bankingtimes.co.uk/2008/08/18/merrill-lynch-freezes-jobs-and-uk-tax-liability/

24http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaZw_5o4U1Y4

25http://bostonherald.com/business/general/view/2008_08_22_auction_securities_story/

26http://www.federalreserve.gov/newsevents/speech/bernanke20080822a.htm

27http://www.marketwatch.com/story/lehman-kdb-talks-reportedly-still-on

28http://www.reuters.com/article/2008/09/03/us-lehman-hsbc-idUSSEO14985720080903

29http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDWTPYeHBS8g&refer=home


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talks-with-rivals-as-shares-plunge.html
http://www.federalreserve.gov/newsevents/press/monetary/20080316a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20080316a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20080316a.htmhttp://www.washingtonpost.com/wp-dyn/content/article/2008/03/19/AR2008031900776.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2008/03/19/AR2008031900776.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2008/03/19/AR2008031900776.htmlhttp://www.ft.com/cms/s/0/a0c4461e-3617-11dd-8bb8-0000779fd2ac.html%23axzz34PBPktGNhttp://www.ft.com/cms/s/0/a0c4461e-3617-11dd-8bb8-0000779fd2ac.html%23axzz34PBPktGNhttp://www.ft.com/cms/s/0/a0c4461e-3617-11dd-8bb8-0000779fd2ac.html%23axzz34PBPktGNhttp://www.fdic.gov/news/news/press/2008/pr08056.htmlhttp://www.fdic.gov/news/news/press/2008/pr08056.htmlhttp://www.nytimes.com/2008/07/18/business/18merrill.htmlhttp://www.nytimes.com/2008/07/18/business/18merrill.htmlhttp://www.nytimes.com/2008/07/18/business/18merrill.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2008/07/30/AR2008073000742.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2008/07/30/AR2008073000742.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2008/07/30/AR2008073000742.htmlhttp://www.sec.gov/Archives/edgar/data/806085/000119312508173750/dfwp.htmhttp://www.sec.gov/Archives/edgar/data/806085/000119312508173750/dfwp.htmhttp://www.sec.gov/Archives/edgar/data/806085/000119312508173750/dfwp.htmhttp://www.marketwatch.com/story/soros-buy-puts-shine-on-lehman-shareshttp://www.marketwatch.com/story/soros-buy-puts-shine-on-lehman-shareshttp://www.marketwatch.com/story/soros-buy-puts-shine-on-lehman-shareshttp://news.bbc.co.uk/2/hi/business/7564630.stmhttp://news.bbc.co.uk/2/hi/business/7564630.stmhttp://news.bbc.co.uk/2/hi/business/7564630.stmhttp://www.bankingtimes.co.uk/2008/08/18/merrill-lynch-freezes-jobs-and-uk-tax-liability/http://www.bankingtimes.co.uk/2008/08/18/merrill-lynch-freezes-jobs-and-uk-tax-liability/http://www.bankingtimes.co.uk/2008/08/18/merrill-lynch-freezes-jobs-and-uk-tax-liability/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaZw_5o4U1Y4http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaZw_5o4U1Y4http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaZw_5o4U1Y4http://bostonherald.com/business/general/view/2008_08_22_auction_securities_story/http://bostonherald.com/business/general/view/2008_08_22_auction_securities_story/http://bostonherald.com/business/general/view/2008_08_22_auction_securities_story/http://www.federalreserve.gov/newsevents/speech/bernanke20080822a.htmhttp://www.federalreserve.gov/newsevents/speech/bernanke20080822a.htmhttp://www.federalreserve.gov/newsevents/speech/bernanke20080822a.htmhttp://www.marketwatch.com/story/lehman-kdb-talks-reportedly-still-onhttp://www.marketwatch.com/story/lehman-kdb-talks-reportedly-still-onhttp://www.marketwatch.com/story/lehman-kdb-talks-reportedly-still-onhttp://www.reuters.com/article/2008/09/03/us-lehman-hsbc-idUSSEO14985720080903http://www.reuters.com/article/2008/09/03/us-lehman-hsbc-idUSSEO14985720080903http://www.reuters.com/article/2008/09/03/us-lehman-hsbc-idUSSEO14985720080903http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDWTPYeHBS8g&refer=homehttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDWTPYeHBS8g&refer=homehttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDWTPYeHBS8g&refer=homehttp://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090700259.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090700259.htmlhttp://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090700259.htmlhttp://www.treasury.gov/press/releases/hp1129.htmhttp://www.treasury.gov/press/releases/hp1129.htmhttp://www.treasury.gov/press/releases/hp1129.htmhttp://news.bbc.co.uk/2/hi/7607820.stmhttp://news.bbc.co.uk/2/hi/7607820.stmhttp://news.bbc.co.uk/2/hi/7607820.stmhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2791390/Lehman-unveils-first-loss-since-going-public.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2791390/Lehman-unveils-first-loss-since-going-public.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2791390/Lehman-unveils-first-loss-since-going-public.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2791390/Lehman-unveils-first-loss-since-going-public.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2953134/Lehman-Brothers-holds-sale-talks-with-rivals-as-shares-plunge.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2953134/Lehman-Brothers-holds-sale-talks-with-rivals-as-shares-plunge.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2953134/Lehman-Brothers-holds-sale-talks-with-rivals-as-shares-plunge.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2953134/Lehman-Brothers-holds-sale-talks-with-rivals-as-shares-plunge.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2953134/Lehman-Brothers-holds-sale-talks-with-rivals-as-shares-plunge.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2953134/Lehman-Brothers-holds-sale-talks-with-rivals-as-shares-plunge.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2791390/Lehman-unveils-first-loss-since-going-public.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2791390/Lehman-unveils-first-loss-since-going-public.htmlhttp://news.bbc.co.uk/2/hi/7607820.stmhttp://www.treasury.gov/press/releases/hp1129.htmhttp://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090700259.htmlhttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDWTPYeHBS8g&refer=homehttp://www.reuters.com/article/2008/09/03/us-lehman-hsbc-idUSSEO14985720080903http://www.marketwatch.com/story/lehman-kdb-talks-reportedly-still-onhttp://www.federalreserve.gov/newsevents/speech/bernanke20080822a.htmhttp://bostonherald.com/business/general/view/2008_08_22_auction_securities_story/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaZw_5o4U1Y4http://www.bankingtimes.co.uk/2008/08/18/merrill-lynch-freezes-jobs-and-uk-tax-liability/http://news.bbc.co.uk/2/hi/business/7564630.stmhttp://www.marketwatch.com/story/soros-buy-puts-shine-on-lehman-shareshttp://www.sec.gov/Archives/edgar/data/806085/000119312508173750/dfwp.htmhttp://www.washingtonpost.com/wp-dyn/content/article/2008/07/30/AR2008073000742.htmlhttp://www.nytimes.com/2008/07/18/business/18merrill.htmlhttp://www.fdic.gov/news/news/press/2008/pr08056.htmlhttp://www.ft.com/cms/s/0/a0c4461e-3617-11dd-8bb8-0000779fd2ac.html%23axzz34PBPktGNhttp://www.washingtonpost.com/wp-dyn/content/article/2008/03/19/AR2008031900776.htmlhttp://www.federalreserve.gov/newsevents/press/monetary/20080316a.htm


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35http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676556/Barclays-considers-Lehman-

Brothers-bid.html

36http://www.marketwatch.com/story/lehman-for-sale-in-rush-to-try-to-salvage-struggling-firm

37http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676589/Lehman-Brothers-teeters-on-

verge-of-collapse-as-Barclays-pulls-out.html

38http://www.federalreserve.gov/newsevents/press/monetary/20080914a.htm

39http://online.wsj.com/news/articles/SB122142278543033525
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676556/Barclays-considers-Lehman-Brothers-bid.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676556/Barclays-considers-Lehman-Brothers-bid.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676556/Barclays-considers-Lehman-Brothers-bid.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676556/Barclays-considers-Lehman-Brothers-bid.htmlhttp://www.marketwatch.com/story/lehman-for-sale-in-rush-to-try-to-salvage-struggling-firmhttp://www.marketwatch.com/story/lehman-for-sale-in-rush-to-try-to-salvage-struggling-firmhttp://www.marketwatch.com/story/lehman-for-sale-in-rush-to-try-to-salvage-struggling-firmhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676589/Lehman-Brothers-teeters-on-verge-of-collapse-as-Barclays-pulls-out.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676589/Lehman-Brothers-teeters-on-verge-of-collapse-as-Barclays-pulls-out.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676589/Lehman-Brothers-teeters-on-verge-of-collapse-as-Barclays-pulls-out.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676589/Lehman-Brothers-teeters-on-verge-of-collapse-as-Barclays-pulls-out.htmlhttp://www.federalreserve.gov/newsevents/press/monetary/20080914a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20080914a.htmhttp://www.federalreserve.gov/newsevents/press/monetary/20080914a.htmhttp://online.wsj.com/news/articles/SB122142278543033525http://online.wsj.com/news/articles/SB122142278543033525http://online.wsj.com/news/articles/SB122142278543033525http://online.wsj.com/news/articles/SB122142278543033525http://www.federalreserve.gov/newsevents/press/monetary/20080914a.htmhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676589/Lehman-Brothers-teeters-on-verge-of-collapse-as-Barclays-pulls-out.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676589/Lehman-Brothers-teeters-on-verge-of-collapse-as-Barclays-pulls-out.htmlhttp://www.marketwatch.com/story/lehman-for-sale-in-rush-to-try-to-salvage-struggling-firmhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676556/Barclays-considers-Lehman-Brothers-bid.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4676556/Barclays-considers-Lehman-Brothers-bid.html

2008 Crisis - Basic Timeline

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