Failed Financial Institutions

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.

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