CBS Evening News - 2008-09-15
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Read a transcript preview of “CBS Evening News - 2008-09-15” from malgent, uploaded on 2025-09-13.
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Language: English (original, YouTube automatic captions)
[0:00] that a day that left Wall Street
[0:02] reeling.
[0:03] [Music]
[0:06] >> This is going to be one of the watershed
[0:08] days in financial markets history.
[0:10] >> It was a manic Monday in the financial
[0:12] markets.
[0:13] The Dow tumbled more than 500 points
[0:16] after two pillars of the street tumbled
[0:18] over the weekend. Lehman Brothers, a
[0:21] 158-year-old firm, filed for bankruptcy.
[0:24] I don't think anyone really expected a
[0:26] bank as big as Richmond to uh you know
[0:28] be in a position that it's in now.
[0:29] >> Brought down by bad mortgage
[0:31] investments, Lehman, which has 25,000
[0:33] employees, will be liquidated.
[0:35] >> I'm starting to find another job.
[0:37] >> Meanwhile, Meil Lynch, fearing it could
[0:39] be next, agreed in an active desperation
[0:42] to a shotgun marriage with Bank of
[0:44] America. Merryill, the country's biggest
[0:47] brokerage with 60,000 employees, had
[0:49] been battered by nearly $50 billion in
[0:52] mortgage related losses.
[0:54] >> It is definitely a very, very difficult
[0:57] time and it's not going to get better
[0:58] quickly.
[0:59] >> So, in just 6 months, three of the five
[1:02] biggest independent firms on Wall Street
[1:04] have now disappeared. Bear Sterns, which
[1:07] collapsed last spring, Lehman Brothers,
[1:09] and Meil Lynch. Treasury Secretary Henry
[1:11] Pollson tried to reassure investors
[1:14] today. The American people can remain
[1:16] confident in the soundness and the
[1:19] resilience of our financial system.
[1:21] >> Pollson attempted to broker a deal to
[1:23] sell Lehman over the weekend, but unlike
[1:25] the buyout deal for Bear Sterns, the
[1:27] government would not offer any financial
[1:30] guarantees.
[1:31] >> I never once considered that it was
[1:34] a