Wall Street carnage in worst day since 9/11 - and no end in sight

The rot on the global markets has grown with the biggest bankruptcy in American history. The crash of investment bank, Lehman Brothers, sent Wall Street plunging to its worst day since 9/11. Shock waves also reverberated around the world, prompting a big slump on markets - including some wobbles here in Australia.

Global investment bank Lehman Brothers is just the latest titan of Wall Street to collapse. On the same day, its rival Merrill Lynch, scrambled to save itself by selling itself off at fire sale to the Bank of America. It also emerged that America's biggest insurer AIG was in trouble, and it all follows global financial write off’s in the hundreds of billions over the past six months. Such is the scale of the financial carnage, analysts say the global economy has now entered a dangerous new phase, and no one really knows where the fallout will end. Deborah Cornwall reports.

Australian Broadcasting Corporation
Broadcast: 16/09/2008
Reporter: Deborah Cornwall

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