THIS RECENT DEVELOPMENT ON WALL STREET TODAY SUNDAY, SEP 14, 2008, IS UNPRECEDENTED IN BOTH SCALE AND SPEED:

• According to CNBC, today, Sunday Sep 14, 2008, Merrill Lynch, the world's largest brokerage firm, agreed to be acquired by Bank of America for $29 a share, or $43.5 billion, after being pressured into a deal by federal regulators over the weekend. This price represents a significant premium to its closing price on Friday of $17 a share. Merrill also has about a 45 percent stake in the asset management firm BlackRock, worth more than $10 billion. Click here for detail from CNBC.
  
• On the other hand, Lehman Brothers is filing for Chapter 11 bankruptcy as there is no buyer as of late Sunday. Federal authorities are expected to be involved in the orderly disposition of Lehman assets. Lehman's fate came after Barclays PLC walked away from a deal to purchase the distressed 158-year-old Wall Street investment bank. Click here for detail from CNBC. Lehman Brothers also has formally announced press release on this matter. It is now game over for Lehman.
  
• Another financial giant's faith is about to unravel soon: AIG. Cloberred by losses stemming from the credit crisis, AIG sought a $40 billion lifeline from the Federal Reserve, without which the company may have only days to survive.  Click here for detail from New York Times.
  
• Other related breaking news related to this (source: Bloomberg):
  • Bank of America Agrees to Buy Merrill for $50 Billion After Shares Plunge
  • Lehman Says It Will Seek Bankruptcy Protection as Suitors, Government Balk 
  • Fed Eases Loan Terms, Banks Set Up $70 Billion Fund in `Firebreak' Effort
  • Asian Stocks, U.S. Futures, Dollar Tumble on Lehman Bankruptcy; Banks Fall
  • Greenberg, His Firms Lost $3.1 Billion as AIG Plunged; Firm Seeks Capital
  • Lehman Customers' Securities, Cash Will be Protected, SEC Chairman Says