Wall Street shook to its foundations on Monday, Sept 15, 2008 after a series of historic events that included the bankruptcy of a major investment bank, the hastily arranged sale of another and the near collapse of one of the most iconic of blue-chip companies. Global stocks tumbled, with Wall Street marking its worst day since markets reopened after the attacks of Sept 11, 2001. The colossal market drop came on an unprecedented day that featured Wall Street mainstay Lehman Brothers filing for Chapter 11 bankruptcy protection and the sudden, breathtaking sale of investment bank Merrill Lynch to Bank of America for $50 billion.
If those events weren't enough, one of the nation's most important insurance and financial services companies, American International Group, teetered on the verge of collapse as investors bailed out and its shares lost more than 60 percent of their value in a single day. AIG, one of the 30 blue-chip component stocks of the Dow Jones Industrial Average, is far larger than the investment banks that have failed or have been sold. At the center of the storm is a widening credit crunch that's causing lending of virtually any kind to seize up. Without lending, the economy faces peril.
Mr Colm McCarthy will provide his in-depth analysis and share the far-reaching and long-lasting impact this financial crisis could have on every individual and business.
Colm McCarthy has worked in Asia for 17 years, based in Singapore. He was formerly the President of Bank of America in Asia, overseeing operations in 11 countries and recently retired in 2008. He has wide experience in banking across the region and well developed business contacts among large businesses across industries.