As the credit crunch raises stress levels in Hong Kong, people start hugging it out.
"… chunk of their savings and -- now bankrupt investment firm LehmanBrothers. Social services organizations like -- tasks are reaching out to those suffering. The group recently sent up a government funded counseling hotline …" at 1:03
Richard Fuld, the CEO of failed LehmanBros ., is questioned about his compensation in a House committee hearing.
"… take home around. Four to 500 million dollars is. Ahead of -- LehmanBrothers -- the the last. Since 22002. The -- you must not -- She started compensation cane stock. The vast majority of the …" at 1:34
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke will be questioned by members of the House Financial Services Committee Wednesday. They faced tough questioning Tuesday by a Senate panel. Meanwhile, several firms are under investigation by the FBI.
"… companies several of wage war recently bailed out by the government. AIG LehmanBrothers Fannie Mae and Freddie Mac all now under investigation by the FBI. Senior law enforcement officials say they want to know with …" at 0:05
Watch Treasury Secretary Henry Paulson's opening statement to the Senate Banking Committee as he urges the panel to pass the $700 billion bailout plan.
"… Mac. Working with a market participants to prepare for the failure of LehmanBrothers. And lending to AIG's or can sell some of its assets in an orderly manner. And here I would make that comment …" at 1:51
Watch Treasury Secretary Henry Paulson's comments on the current financial crisis. Paulson says he's working on a plan that will cost "hundreds of billions" of dollars to stabilize the housing market.
"… Mac. Working with a market participants to prepare for the failure of LehmanBrothers. And lending to AIG. Silicon sell some of its assets. In an orderly manner. And this morning. We've taken a number of …" at 0:06
Wall Street ends a crazy week of ups and downs amid historic financial bailouts.
"… police were dispatched to the mid -- Manhattan headquarters of investment bank LehmanBrothers inside -- in a tense -- as workers packed boxes with their belongings. -- came to grips with their company's imminent demise. …" at 0:08
A whopping $180 billion is pumped into the financial markets to ease economy fears.
"… didn't. Maybe there was a black hole in the world of finance. LehmanBrothers collapsed insurance giant AIG was bailed out that banking system froze in fear. Prompting one London commentator to compare physics to finance …" at 0:14
"… But things really boiled over whether LehmanBrothers filed for bankruptcy this week one of the of the financial. It's -- no investment was safe. Shari sword flashes the thanks …" at 1:06
AIG was saved, while LehmanBrothers was left to fend for itself. It may look arbitrary, but experts say there's a method to government rescue plans.
"… it Fannie Mae and Freddie Mac. AIG got it last night but LehmanBrothers and no go so why some big companies get federal help to stay afloat while others get the brush off. …" at 0:11
"… in the financial world. But more people -- Lehman's troubles coming -- LehmanBrothers there was more time to anticipate. And -- looking back interconnected this was also an argument for a multi billion dollar aid …" at 0:36
"… ends. That's because some observers thought the government's decision not to help LehmanBrothers was going to set a precedent -- no more bailouts. But that is apparently not the case in Washington on or -- …" at 1:31
The Federal Reserve Tuesday opted to leave a key interest rate unchanged. While markets rallied on the news, others warned the worst could be yet to come.
"… play out. I feel -- for -- benefit on. One day after LehmanBrothers went under insurance giant NE IG was teetering on the brink. The Fed waited -- option to decide to leave the key …" at 0:07
CNN's Richard Roth hits the streets of New York to get a sense of what LehmanBrothers' demise means for the thousands connected with the storied bank.
"… morning like none other in the 158. Year history of financial giant LehmanBrothers the company went bankrupt. -- shocking part is that I don't think anyone really expected. The banks that is really two you …" at 0:02
"… LehmanBrothers headquarters is now another New York tourist attraction waited in America -- we just thought this was touted the history of Neil …" at 1:01