Stocks plunge as worries now mount about AIG's future. Lehman Bros. files for bankruptcy. Bank of America will buy Merrill Lynch.
The fate of Lehman Bros. (LEH, news, msgs) and Merrill Lynch (MER, news, msgs) is sealed, with Lehman filing for bankruptcy and Merrill agreeing to be sold to Bank of America (BAC, news, msgs).
Wall Street is now watching and wondering what will happen to insurance giant American International Group (AIG, news, msgs), whose stock plunged $6.16, or 50.7%, to $5.98 this afternoon.
Shares of Lehman plunged $3.44, or 94.3%, to 21 cents per share after the company this morning filed for bankruptcy protection.
Wall Street is now left with two brokerages: Goldman and Morgan Stanley.
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