Here’s a quick summary of what’s happened recently in rough order.
- Barclays & Bank of America withdraw from Lehman buy.
- US Government refuses to help Lehman.
- Lehman files for bankruptcy protection.
- Bank of America buys Merrill Lynch for $50bn valuing latter at $29/share (1.8x actual value).
- US Government rescues AIG by offering an $85bn loan package for 80% public stake in firm.
- Barclays buys Lehman’s core assets for $1.75bn and ponders taking on Lehman staff.
- Lloyds TSB buys ailing HBOS for $12bn at 232p/share.
- Morgan Stanley receives merger interest from Wachovia and others.