According to Reuters, Lehman (LEH) will seek Chapter 11 protection.

Reuters reports that Bank of America (BAC) will buy Merrill Lynch (MER) for $50 billion.

Reuters reports that AIG (AIG) is facing a liquidity crisis and has asked to borrow $40 billion from the Fed.

Reuters writes that ten large banks have set up a $70 billion borrowiing facility.

Reuters reports that Fannie Mae (FNM) and Freddie Mac (FRE) CEOs could lose their bonuses.

The Wall Street Journal reports that the Fed is expected to expand its emergency lending capacity.

The Wall Street Journal reports that GM (GM) will unveil its Volt electric car, perhaps the company’s most important new vehicle in decades

The Wall Street Journal reports that EA (ERTS) has dropped its bid for Take-Two (TTWO).

The Wall Street Journal reports that the CEO of Sirius XM (SIRI) announced his plans to reinvigorate the company.

The Wall Street Journal says that while Goldman Sachs (GS) and Morgan Stanley (MS) may survive, their stocks will be hammered.

The Wall Street Journal reports that writedowns of mortgage holdings by Lehman and write-offs at Merrill could force many other banks to increase losses and reserves.

The Wall Street Journal reports that the new Apple (AAPL) iPhone is selling slowly in Japan.

The New York Times reports that the dollar fell sharply against major currencies in Singapore, while futures contracts on American stocks nosed-dived.

The FT reports that GM will up its commitments to Delphi to $10.4 billion.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.