Embattled investment bank Lehman Brothers yesterday filed for bankruptcy after suffering multi-billion dollar losses.
The announcement marked the second largest financial institutional collapse and the biggest ever bankruptcy in history.
The credit crisis inflicted write downs of $US3.9 billion ($A4.9 billion) in the last quarter alone on the 158 year old institution.
Meanwhile Merrill Lynch, another firm battered by the credit crisis, made a snap decision to accept the purchase offer from the Bank of America in a $US50 billion ($A62.2 billion) all-stock transaction.
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