and FF is only surviving b/c the $3 trillion gov bailout, and AIG is going to reconstruct, and BS has gone for 6 months, and WM is almost nothing...

holy cow.what a twist

 真的很难让人相信啊，如果一年之前有人说leh要破产，美林证券会被boa收购，两房股票会跌到一文不值，华尔街要大洗牌，恐怕根本没人相信。

en, I am shocked, though I have thought Lehman would bankrupt, I didn't expect ML to be bought... They are really in panic.

i thought that the Fed wouldn't allow LEH to go bankrupt. I don't think many people expected it either. Will be a crazy day to unwind...
good for Ken Lewis. Finally there is hope to match JP.

FED won't waste one more penny of taxpayer's money on these banks except F2. If they bail out everyone, they set up a very bad example for wall street. Next time the bubble would be even bigger... anyway, lessons learned. It seems that I should delay my homeownership.

 我想fed就算愿意也没钱bail out了，现在的赤字已经比天高了。

saw a report early - Ken has been waiting to swallow ML for a long time. I agree with the commentary by deal Journal that Lehman is died of bid-ask spread rather than outside liquidity dry-out. Seller and buyers hold different views on Lehman, yes there is a price for Lehman ,but if it's a 10centf-for-dollar game, lehman would rather choose to bankrupt, slice itself up - this is the immutable self-interest mechanism.

Yes, mounting moral hazard pressure has already hit the Fed, with Leh not the first nor the last. Ultimately, it's the US taxpayers refused to take on the bad assets.

 now it reads like the Fed is going to help AIG? man!
i haven't got a grip of that yet.

我还以为美国人会大印钞票把债务转嫁到别国去呢？  

我觉得美国在思想上造就社会主义化了
现在经济上也多让
很好很强大

it's a not cash issue.

Fed 提供帮助不就是印钞票， 还有什么办法呢， 经济这样坏， 恐怕只有出去抢一点了。 

BTW, does anyone know what happens to Neuberger tomorrow?  Will it be liquidated together with rest of Lehman or will there be a side deal first for the PE houses to take it over?

it's going to be liquidated.