UK Mortgages rates and deals

Wall Street is in turmoil tonight as Merrill Lynch rushed to find shelter in a $35bn-plus takeover by Bank of America and Lehman Brothers appeared to be running out of options to save itself from becoming the biggest victim yet of the credit crunch. The moves cap a weekend of high drama which could lead to one of the most radical reshapings in the history of financial district

US insurer, AIG, has asked buy-out investors Kohlberg Kravis Roberts, TPG, and JC Flowers to raise $10bn-$20bn in equity, as part of an emergency plan to shore up its balance sheet

Talks among key players in discussions to rescue Lehman Brothers adjourned early on Saturday evening but expert groups of Wall Street division chiefs, Fed and Treasury officials continued to work late into the evening, focused on different dimensions of market stability

Bankers’ pay needs to be reformed so deals that turn bad are no longer handsomely rewarded, says the boss of HSBC.

Holidaymakers stranded abroad following the collapse of the tour operator XL are starting to arrive back at UK airports.

emilypatricia posted a photo:

this is what the banks should’ve done in 1929. downtown chicago 9/08

Ray Devlin posted a photo:

The skyscrapers line up on Lexington Avenue, in Midtown New York City. 2008