Lehman Brothers files for Bankruptcy

www.EmploymentCrossing.com The Stock Market has the worst point drop since 9/11. Merrill Lynch went on a rush sale and Bank of America will purchase the struggling financial establishment. “The collapse of Lehman Brothers has sent a major jolt through global financial markets as it is by far the biggest victim of the credit crisis that started in August 2007 and had been considered too big to fail," said Global Insight economist Howard Archer. "There is obviously widespread concern about other banks' exposure to Lehman Brothers, not only in the US but also in Europe. Lehman's collapse also increases concerns that other banks could fail." Analysts fear a wave of financial trouble as firms liked to Lehman Brothers scramble to cover their positions. The US Federal Reserve is expected to cut interests rates when it meets on Tuesday