A week to remember

I have not been through the Great Depression.

I have not been through the financial crisis in the 1980s.

I have not fully understand the impact of the Asian financial crisis in 1997.

But this time round, I finally understand although it did not affect me that much.

The events that happened just this week are as follows,

• Lehman Brothers filed for bankruptcy
• Merill Lynch got bought over by Bank of America for a mere USD50m
• AIG in crisis and got bailed out by the Federal Reserve for USD85billions
• AIA Singapore head quit and join competitor, Manulife Taiwan office
• Halifax Bank of Scotland, HBOS got bought over by Lloyds for another mere GBP12.2m
• Morgan Stanley is in talks for an immediate merger
• US bans short selling

Only Goldman Sachs will remain on Wall street if Morgan Stanley merger goes through. Isn't it very sad. A long history especially for Lehman Brothers, 158years to be exact and it was destroyed in such a short time....haiz...that's life