AP - Stocks are tumbling in early trading and Treasury bond prices are soaring as investors react to a stunning reshaping of the landscape of Wall Street.
AP - Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors on Monday and said it was trying to sell off key business units.
AP - With glass from shattered skyscrapers littering the streets, the nation's fourth largest city didn't open for business as usual Monday, and thousands of people faced long stays in crowded shelters because their homes were damaged or destroyed by Hurricane Ike.
The venerable Lehman Brothers investment bank says it will file for bankruptcy, while Bank of America unveiled plans to buy Merrill Lynch -- two pieces of news that profoundly alter the American financial landscape. The fast-paced changes threatened to stir up U.S. financial markets already reeling from woes at other major financial firms and mortgage financing titans Fannie Mae and Freddie Mac.
Wanda Collins has lived four blocks from Galveston's seawall for 30 years, and though she's seen hurricanes hit coastal Texas before, she's never had 5 feet of water collect in the garage under her home.