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Wall Street Meltdown: Lehman (LEH) Files for Record Bankruptcy, Merrill Lynch (MER) Is Sold, AIG Seeks Capital

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When Wall Street woke up Monday morning, two more of its storied firms had fallen. Lehman Brothers (NYSE:LEH) , burdened by $60 billion in soured real-estate holdings, said it is filing for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed. Bank of America Corp. (NYSE:BAC) said it is snapping up Merrill Lynch & Co. Inc. (NYSE:MER) in a $50 billion all-stock transaction. And the world's largest insurance company, American International Group Inc.(NYSE:AIG), was forced into a restructuring as it sought a lifeline from the Federal Reserve

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