Here’s a roll up of the current set of Wall Street failures and the aftermath. Thought I’d be amusing to put them in one place.
- WAMU – bankrupt, filed for FDIC protection, accounts bought by JPM
- Bear Stearns – sold to JPM with the backing of the Fed
- A.I.G. – propped up by the Fed under a special loan program
- Freddie Mac & Fannie Mae – under Federal conservatorship
- Lehman Brothers – filed for bankruptcy, most assets bought by Barclays
- Countrywide Financial – picked up by Bank of America right before it fell apart
- Merrill Lynch – picked up by Bank of America in anticipation of Merrill’s collapse
- Fortis – nationalized by Belgium, Luxembourg, and the Netherlands
- Wachovia – first bought with an FDIC guarantee by Citi, but it looks like Wells Fargo is going to get it
I’m sure there are a few I’m missing in here, but ouch, that’s a lot of death and destruction.