Since last Monday, financials markets collapse, dollar collapse, US housing market collapse fear and Lehman Brothers file for bankrupcy.
First of all, last Monday one of the giant of investment bank, Lehman Brothers annouced his critical financial position. In 12 months, its shares loose 94%, from $67 to $3.65. This announcement creates chaos on the market.
On Sunday, Fed and 10 others companies decided to support financial market. JP Morgan Chase, Goldman Sachs, Bank of America, Barclays, Citigroup, Crédit Suisse, Deutsche Bank, Merrill Lynch, Morgan Stanley and UBS injected $70 billion to set up a collateralized borrowing facility, in case of difficulties.
By this hostile crisis, dollar collapse during Asiatic Markets opening hours. Monday, Euro coasted $1.4402 and at the end of the falls $1.4229. The preassures of the market and the doubts concerning Lehman Brothers have caused partly this collapse.
This Monday, Lehman Brothers asks for the "Chapter 11" bankcruptcy to protect it of its creditors. His branch of Asset Management still working, but try to seels its brokerage activities.
This crisis has affected an other bank: Merrill Lynch. Sunday, Bank of America and Merrill Lynch were in talks about a future fusion. And Monday, Bank of America buys Merrill Lynch for $50 billion to create a unique financial services firm: the first financial institution of the world.
We can say that these two weeks have been spectacular, unpredictable and dramatic in the history of financial market.
Carine Giubergia
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