Shares on Wall Street today plunged in the wake of Lehman Brothers’ collapse into bankruptcy and fears over the future of AIG, the US insurance giant secures a $20 billion funding bailout.
The Dow Jones industrial average slumped more than 4.42 per cent, losing 504 points to fall to 10,917 – its worst one-day percentage loss since July 2002. Analysts had expected the Dow Jones to lose 400 points on opening.
The Standard & Poor’s 500 Index was down 58.74 points, or 4.69 per cent, to finish unofficially at 1,192.96 – its worst one-day percentage performance since September 2001. The Nasdaq Composite Index was down 81.36 points, or 3.60 per cent, to close unofficially at 2,179.91.
4,500 to 5,000 staff of Lehman Bros in London were reported to have been sent home today.
Looks like this may all get worse before it gets better and there an awful lot of families who are going to need a lot of support. There is going to be a great need for the work of the church.
Wouldn’t it be ironic if these momentous events on Wall Street turn off the money tap at 815?
#2 I suspect the money has gone – down the rapacious gullet of Mr Beers.