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Thread: Who is going to be next?
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[quote=JIMMYB,322959]Jesus Christ! Yesterday, Leman Brother, the fourth largest investment bank with a history of 158 years, declared itself bankrupt. Couldn’t believe it! The day before yesterday, I just read that the US government might take some measures to save Leman Brothers. Really a surprise! Leman Brother’s bankruptcy has caused a financial earthquake to the global markets. The European and Asian markets were both affected greatly. In Europe, the DAX index in Frankfurt slumped 2.74 percent and the CAC40 index in Paris down 3.78 percent. Yesterday, China (mainland and Hong Kong markets), South Korea and Japan markets were closed. However, Taiwan market fell 3.5 percent. The S&P/ASX 200 index in Australia dropped 2.7 percent. The stock markets in Singapore, Malaysia, Philippine and New Zealand all dropped too. Although China’s stock market wasn’t affected yesterday, the central bank of PRC had declared to cut the interest rate on loans by 0.27 percent. Meanwhile, the reserve ratio was also adjusted, 1 percent down for those financial organizations except ICBC(Industrial and Commercial Bank of China, ABC (Agricultural Bank of China), BOC(Bank of China), CCB(China Construction Bank), BOC(Bank of Communications) and PSBC(Postal Saving Bank of China). The reserve ratio in Wenchuan earthquake area will be cut down by 2 percent. Apparently, China also wants to stabilize its A-share market. Another piece of news: BankAmerica Corporation has agreed to acquire Merrill Lynch with an offer of 50 billion US dollars. [/quote]
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