The past two weeks have seen unprecedented global market turmoil. Here is a day by day chronology of events.
Sunday, September 14
• Investment bank Lehman Brothers files for bankruptcy protection, rival Merrill Lynch agrees to be taken over by Bank of America.
Monday, September 15
• Insurer American International Group Inc. (AIG), says it is struggling for survival after losing some 92 per cent of its value this year.
Tuesday, September 16
• The US Federal Reserve Board says the Federal Reserve Bank of New York will lend up to $85 billion to AIG, in a plan aimed at saving the company from a "disorderly failure".
Wednesday, September 17
• British bank Lloyds TSB agrees to buy rival HBOS Plc, scooping up Britain's biggest home loan lender in an all-share deal which values HBOS at over $22.3 billion.
Thursday, September 18
• The Fed expands its currency swap lines to $247 billion, increasing the line with the ECB to $110 billion and the line with the SNB to $27 billion, while opening new swap facilities with the Bank of Japan of $60 billion, the Bank of England of $40 billion, and the Bank of Canada of $10 billion. The Lloyds TSB deal for HBOS Plc is officially announced as the UK government eases competition rules.
Friday, September 19
• Treasury Secretary Henry Paulson calls for the US government to spend hundreds of billions of dollars to take toxic mortgage assets off the books of financial firms to restore financial stability.
Saturday, September 20
• The Bush Administration asks Congress for $700 billion to bail out firms burdened with bad mortgage debt, seeking extraordinary authority.
• A US bankruptcy judge approves a revised version of British bank Barclays Plc's purchase of the core US business of Lehman worth about $1.75 billion.
Sunday, September 21
• Goldman Sachs and Morgan Stanley are granted approval to become bank holding companies regulated by the Fed, effectively killing off the investment banking model.
Monday, September 22
• Nomura Holdings Inc. says it will buy Lehman's franchise in Asia Pacific, including Japan and Australia and 3,000 staff. It also acquires Lehman's business in Europe.
• Morgan Stanley agrees to sell an equity stake of as much as $8.5 billion to top Japanese bank Mitsubishi UFJ Financial Group Inc.
Wednesday, September 24
• Warren Buffett's Berkshire Hathaway says it will buy up to nine per cent of Goldman, which also announced plans to sell $2.5 billion in common stock.
Friday, September 26
• Washington Mutual is closed by the US government, in by far the largest failure of a US bank. Its banking assets are sold to JPMorgan Chase for $1.9 billion.
Sunday, September 28
• Congressional leaders from both parties say they have a tentative agreement on the $700 billion fund.
Monday, September 29
• Britain announces the nationalisation of troubled mortgage lender Bradford & Bingley. Spanish bank Santander will buy its retail deposits and branch network.
• The Belgian, Dutch and Luxembourg governments agree to inject 11.2 billion euro ($16.4 billion) into Benelux banking and insurance company Fortis.
• Later yesterday the US House of Representatives rejected the Wall Street Bailout Bill that would have authorised the Treasurey Department to spend up to $700 billion to purchase soured mortgage - backed assets from banks with the goal of jump-starting stalled capital market.