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• Lehman Brothers Holdings said it will file for bankruptcy after it failed to find a buyer following the Treasury’s refusal to provide aid similar to the bailouts of Bear Stearns, Fannie Mae and Freddie Mac.
• Bank of America, which had been a suitor for Lehman, announced it would take over Merrill Lynch for $50 billion.
• Insurance titan AIG was reviewing its operations and reportedly asked the federal government for a $40 billion bailout.
• The deepening crisis led a global group of 10 banks to pool $70 billion to lend to troubled financial firms, hoping to avert a worldwide panic.
