Blimey What A Weekend!!

I wrote on Saturday morning that there could be some dramatic developments over the weekend, and I wasn't wrong!

Lehman Brothers, the fourth-largest U.S. investment bank, has succumbed to the subprime mortgage crisis it helped create in the biggest bankruptcy filing in history.

Lehman was forced into bankruptcy after two suitors, Barclays Plc and Bank of America Corp., withdrew from takeover talks Sunday.

The move threatens to deal a further blow to the global financial system, as banks unwind their deals with Lehman.

Meanwehile Merrill Lynch, also stung by the credit crunch, has agreed to be taken over by Bank of America in a dramatic weekend of events for Wall Street.