TIMELINE: Pressure on G7 as financial chaos continues
(Reuters) - Here is a chronology of the recent global market chaos:
September 14/15 - Investment bank Lehman Brothers Holdings Inc files for bankruptcy protection; Merrill Lynch & Co Inc to be taken over by Bank of America Corp.
September 16 - U.S. Federal Reserve announces plan for $85 billion loan to American International Group Inc in return for an 80 percent stake in the insurer; Britain's Barclays buys parts of Lehman's North American assets for $1.75 billion.
September 17 - British bank Lloyds TSB Group Plc agrees to rescue rival HBOS Plc, scooping up Britain's biggest home loan lender in an all-share deal.
September 19 - U.S. Treasury Secretary Henry Paulson calls for the government to spend billions of dollars to take toxic mortgage assets off financial companies. Stock markets soar.
September 20 - Details emerge of the $700 billion U.S. plan.
September 21 - Goldman Sachs Group Inc and Morgan Stanley become bank holding companies regulated by the Fed.
September 22 - Nomura Holdings Inc says it will buy Lehman's franchise in Asia Pacific and acquires Lehman's business in Europe. Mitsubishi UFJ Financial agrees to buy up to 20 percent of Morgan Stanley for $8.5 billion.
September 23 - AIG signs definitive agreement for up to $85 billion in borrowings from the Fed, the main part of a rescue plan that will see it take a 79.9 percent stake in the insurer.
September 24 - Warren Buffett's Berkshire Hathaway Inc says it will buy up to 9 percent of Goldman, which also announced plans to sell $2.5 billion in common stock.
-- The FBI says it is expanding its probe of possible corporate fraud related to the U.S. mortgage market collapse. The probe will include Fannie Mae and Freddie Mac, which were effectively nationalized on July 13.
September 25 - Washington Mutual is closed by the U.S. government in the largest failure of a U.S. bank. Its banking assets are sold to JPMorgan Chase & Co for $1.9 billion.
September 29 - Britain announces the nationalization of mortgage lender Bradford & Bingley Plc. Banking and insurance company Fortis NV is bailed out by Belgian, Dutch and Luxembourg governments.
-- U.S. House of Representatives rejects the $700 billion rescue plan.
September 30 - World stocks fall but fears of a major meltdown ease as European losses are muted.
-- EU regulators endorse a 6.4 billion euros public bailout of Dexia SA, the Belgian-French financial services group. Continued...
Commentary
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