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Investors face remarkable chaos Monday with the U.S. financial markets and Wall Street under intense pressure to stabilize faltering firms. Lehman faces the possibility of liquidation and Merrill Lynch sold itself to Bank of America on a day in which the U.S. financial system was shaken to its core. The U.S. federal government’s refusal to provide support to potential Lehman buyers prompted Barclays and Bank of America to walk away from talks. AIG sought to raise cash and craft a survival plan amid investor pressure. The U.S. Federal Reserve is expected to expand its lending facilities, and a group of global banks and securities firms announced a $70 billion loan program. European stock markets are called to plunge at the start, with government debt prices gaining on the security bid. The euro is higher, with gold up as a safe haven. Oil, however, is lower as the latest U.S. hurricane subsides.
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