Summary

NAME: US BANKS 2 20080915I TAPE: EF08/0937 IN_TIME: 10:34:40:18 DURATION: 00:03:47:19 SOURCES: AP Television/ABC/Various DATELINE: Various, Sept 2008/FILE RESTRICTIONS: see script SHOTLIST: ABC - No Access North America/Internet New York, NY - 14 September 2008 ++NIGHT SHOTS++ 1 Various of exteriors of Lehman Brothers building 2 People leaving and entering Lehman Brothers building 3 Low shot of people carrying bags 4 Various of people leaving building 5 Various of items in people's hands 6 SOUNDBITE: (English) Name not given, Lehman Brothers employee: (Q: How's the mood in there tonight?) It's terrible, it's terrible, people are grabbing all their stuff 7 SOUNDBITE: (English) Name not given, Lehman Brothers employee: (Q: What's plan B for you?) I don't know, you know, go home, see the wife and kids, and go from there 8 Various of people leaving Lehman building carrying bags ABC - No Access NAmerica/Internet New York, NY - 14 September 2008 9 People leaving Lehman building with security outside 10 Man entering building 11 Various of people in building lobby ++DAY SHOTS++ 12 Various of exterior of New York Federal Reserve showing security standing outside and cars leaving NYSE New York, NY - 12 September 2008 13 New York Stock Exchange floor 14 Mid of workers at NYSE ABC - No Access NAmerica/Internet New York, NY - 14 September 2008 15 SOUNDBITE: (English) Hugh Johnson, Chief Market Analyst at Johnson Illington Advisors: ++PART OVERLAYED WITH FILE PICTURES OF HOUSES UP FOR SALE++ Lehman like so many other investment banks and banks really got, quite frankly, caught up in the housing bubble, but like every bubble, the bubble ended and now we're seeing the downside of that bubble ABC - No Access NAmerica/Internet New York, NY - 10 September 2008 16 Wide exterior of Lehman building AP Television FILE: Washington, DC - recent 17 Various exteriors of Fannie Mae building 18 Various exteriors of Freddie Mac building ABC - No Access NAmerica/Internet FILE: Seattle, Washington - recent 19 Various exteriors of Washington Mutual building ABC - No Access NAmerica/Internet FILE: New York, NY - recent 20 Various exteriors of Bear Sterns building ABC - No Access NAmerica/Internet New York, NY - 14 September 2008 21 SOUNDBITE: Anne Mathias, Analyst, The Stanford Group: If you just keep stepping in and keep rescuing and keep rescuing, it doesn't restore confidence by the market participants that things are ok in the market NYSE New York, NY - 12 September 2008 22 Mid NYSE floor 23 Various of workers on NYSE trading floor ABC FILE - - No Access NAmerica/Internet Date and Locations Unknown 24 Various exteriors of Merrill Lynch 25 Various exteriors of Bank of America STORYLINE: When Wall Street woke up on Monday morning, two more of its storied firms had vanished Lehman Brothers, burdened by 60 (b) billion US dollars in soured real-estate holdings, said it is filing for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed On Sunday evening, people were seen leaving the Lehman Brothers building in New York carrying bags and boxes It's terrible, it's terrible, people are grabbing all their stuff, said one employee, who did not give her name Bank of America Corp said it is snapping up Merrill Lynch & Co Inc in an 50 (b) billion (US) dollar all-stock transaction Merrill Lynch is a more attractive takeover candidate to Bank of America than Lehman is because of its size and strong position in the retail market The demise of the independent Wall Street institutions came as shock waves from the 14-month-old credit crisis roiled the US financial system six months after the collapse of Bear Stearns The world's largest insurance company, American International Group Inc, also was forced into a restructuring And a global consortium of banks, working with government officials in New York, announced a 70 (b) billion (US) dollar pool of funds to lend to troubled financial companies The aim, according to participants who spoke to The Associated Press, was to prevent a worldwide panic on stock and other financial exchanges Ten banks - Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley and UBS - each agreed to provide 7 (b) billion (US) dollars to help enhance liquidity and mitigate the unprecedented volatility and other challenges affecting global equity and debt markets The Federal Reserve also chipped in with more largesse in its emergency lending program for investment banks The central bank announced late Sunday that it was broadening the types of collateral that financial institutions can use to obtain loans from the Fed Lehman Brothers' announcement that it is filing for bankruptcy came after all potential buyers walked away Lehman like so many other investment banks and banks really got, quite frankly, caught up in the housing bubble, but like every bubble, the bubble ended and now we're seeing the downside of that bubble, said Hugh Johnson, a Chief Market Analyst at Johnson Illington Advisors Potential suitors were spooked by the US Treasury's refusal to provide any takeover aid, as it had done six months ago when Bear Stearns faltered and earlier this month when it seized Fannie Mae and Freddie Mac If you just keep stepping in and keep rescuing and keep rescuing, it doesn't restore confidence by the market participants that things are ok in the market, Anne Mathias, an analyst for the Stanford Group said Futures pegged to the Dow Jones industrial average fell more than 300 points in electronic trading on Sunday evening, pointing to a sharply lower open for the blue chip index Monday morning Asian stock markets were also falling The stunning weekend developments took place as voters, who rank the economy as their top concern, prepare to elect a new president in seven weeks It likely will spur a much greater focus by presidential candidates - Republican John McCain and Democrat Barack Obama - and members of Congress on the need for stricter financial regulation