One year ago, Wall Street as we all knew it changed forever.
We are still feeling the aftershocks today.
Washington took over Fannie Mae and Freddie Mac , and extended a lifeline to AIG . Lehman Brothers filed for Chapter 11 bankruptcy protection after posting a loss of nearly $4 billion for its third quarter. That same weekend, Bank of America made a deal to buy Merrill Lynch for $50 billion. When Wall Street woke up for trading on Monday, September 15th, it was a very different environment. We were in unfamiliar territory, navigating very rough waters.
On “Closing Bell” today, Maria Bartiromoreflected on the state of the banks with key Wall Street commentators - Robert Albertson, Principal and Chief Strategist at Sandler O'Neill and Brad Hintz, Senior Analyst at Bernstein Research. Hintz was Chief Financial Officer at Lehman Brothers from 1996 to 1998 and previously Treasurer at Morgan Stanley from 1986-1996.