Lehman Brothers Files For Bankruptcy Wall Street is facing a complete restructuring. The investment bank Lehman Brothers filed for bankruptcy today after failing to find a buyer over the weekend. Bank of America bought Merrill Lynch instead, saving the firm from collapse. Marcus Mabry of the New York Times explains.

Lehman Brothers Files For Bankruptcy

Lehman Brothers Files For Bankruptcy

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Wall Street is facing a complete restructuring.

The investment bank Lehman Brothers filed for bankruptcy today after failing to find a buyer over the weekend. Bank of America bought Merrill Lynch instead, saving the firm from collapse.

Plus, AIG — one of the world's largest insurance companies — saw its stock price drop 50 percent.

Marcus Mabry, international business editor for the New York Times, explains.