TIMELINE - Pressure on G7 as financial chaos continues

Tue Oct 14, 2008 1:28pm BST
 
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(Reuters) - Here is a chronology of the recent global market chaos:

September 14/15 - Investment bank Lehman Brothers Holdings files for bankruptcy protection; Merrill Lynch & Co to be taken over by Bank of America Corp.

September 16 - Federal Reserve announces plan for $85 billion (48.3 billion pound) loan to American International Group Inc in return for 80 percent stake in the insurer; Barclays buys parts of Lehman's North American assets for $1.75 billion.

September 17 - Lloyds TSB Group agrees to rescue rival HBOS, 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 to restore financial stability. News of the plan helps world stock markets soar.

September 20 - Details emerge of the $700 billion U.S. plan.

September 21 - Goldman Sachs Group 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.  Continued...

 
Anthony Bolton, president for investments at Fidelity International, an affiliate of Boston-based Fidelity Investments, the world's biggest mutual fund firm, listens to a reporter's question during a news conference in Seoul October 21, 2009.   REUTERS/Lee Jae-Won
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