Thursday, September 25, 2008

Timeline of the 2008 financial crisis

Major events in 2008 culminating in the present financial crisis:
  • Mar 14 - Bear Stearns gets Fed funding as shares plummet
  • Mar 16 - Bear Stearns gets acquired for $2 a share by JPMorgan Chase in a fire sale avoiding bankruptcy. The deal is backed by Federal Reserve providing up to $30B to cover possible Bear Stearn losses.
  • Sep 07 - Federal takeover of Fannie Mae and Freddie Mac
  • Sep 14 - Merrill Lynch sold to Bank of America amidst fears of a liquidity crisis and Lehman Brothers collapse
  • Sep 15 - Lehman Brothers files for bankruptcy protection
  • Sep 16 - Moody's and Standard and Poor's downgrade ratings on AIG's credit on concerns over continuing losses to mortgage-backed securities, sending the company into fears of insolvency.
  • Sep 17 - The US Federal Reserve loans $85 billion to American International Group (AIG) to avoid bankruptcy.
  • Sep 19 - Paulson financial rescue plan unveiled after a volatile week in stock and debt markets.
Source: this Wikipedia article, which includes related events prior to 2008.

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