Milestones From a Credit Meltdown

2008 will be known as the Year of the Bailout.

By SHARE

In just over a year, the landscape of Wall Street has undergone a stunning transformation.

  • July 31, 2007: Two Bear Stearns funds that invested in mortgage securities file bankruptcy.
  • Aug. 9, 2007: French bank BNP Paribas freezes three funds with U.S. mortgage exposure, helping to spark a worldwide credit squeeze.
  • Oct, 30, 2007: Amid mounting losses, Merrill Lynch CEO Stan O'Neal resigns.
  • Nov. 4, 2007: Citigroup CEO Charles Prince steps down.
  • Jan. 11, 2008: Bank of America agrees to acquire Countrywide Financial.
  • March 16, 2008: JPMorgan Chase agrees to acquire Bear Stearns at firesale price.
  • July 11, 2008: Mortgage lender IndyMac Bank becomes the third-largest bank failure in U.S. history.
  • Sept. 5, 2008: Silver State Bank is closed in the 11th bank failure of the year.
  • Sept. 7, 2008: The government seizes Fannie Mae and Freddie Mac.
  • Sept. 15, 2008: Lehman Brothers files bankruptcy; Bank of America agrees to acquire Merrill Lynch.
  • Sept. 16, 2008: Government takes control of insurer AIG.