CNBC Market News: Financial Crisis — This Day—One Year Ago: Sept. 21, 2008 - This Day One Year Ago * US * News * Story

Runway Angels
The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.
Smartphone Guide
Here's a need-to-know guide to nine devices, based on features, price, network and platform.
Wines for the Holidays
Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES

A Healthier & Wealthier You
Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.
The Billionaire BFF's
Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?
The Many Myths of Coca-Cola
Can you tell which statements are true, and which ones are just rumors?

SPECIAL REPORTS

Winterizing Your Portfolio
If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.
Investor's Guide to Real Estate
Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.
Alternative Investing
Stocks and bonds? Sure. But it's a big world out there for investors.

CNBC ON DIGG

The Financial Crisis: This Day—One Year Ago, Sept. 21, 2008

Published: Friday, 18 Sep 2009 | 4:54 PM ET

Text Size

By: CNBC.com

On Sunday, the crisis does not rest. Nor do those trying to manage it.

This Day 1 Year Ago - A CNBC Special Report - See Complete Coverage
The Bush administration and Congress step up talks on a historic $700 billion bank bailout—racing the clock to stem further financial market turmoil.

"This is a new phenomenon for every major player in this place and there are no dress rehearsals." says Peter Kenny, managing director at Knight Equity Markets. "That is why the market is so jittery. This has to work the first time."

What You Were Reading:

The Federal Reserve announces it has granted a request by the country's surviving major investment banks — Goldman Sachs [GS Loading... () ] and Morgan Stanley [MS Loading... () ] — to change their status to bank holding companies.

The change will let them create commercial banks that can take deposits, bolstering both firms' resources. It also will put them directly under the regulatory supervision of the central bank.

The Crisis: 1 Year Later - A CNBC Special Report - See Complete Coverage
Meantime, reports say Japan's Nomura Holdings is interested in buying the European operations of Lehman Brothers [LEHMQ Loading... () ], while Britain's Barclays will bid for more parts of the bankrupt firm. The news comes a day after a bankruptcy judge approved a revised version of Barclays' deal to purchase Lehman's core US business.

Japan's Mainichi newspaper says that investment bank Morgan Stanley [MS Loading... () ] approached Nomura for funding.

And officials of South Korean brokerage Samsung Securities in Hong Kong over the weekend continue to discuss a possible investment in Lehman's Asian operations.

What the Experts Were Saying:

John Harwood speaks with Republican presidential candidate John McCain and his Democratic rival Barack Obama about the "strings" that should be attached to the government bailout plan.

How to play the market this week: Ideas from Doug Kass of Seabreeze Partners Management; Vince Farrell of Soleil Securities; and Jim Lacamp of RBC Dain Rauscher. Larry Kudlow moderates.