This is one of the most tumultuous times on record in the global financial markets. The financial landscape is going through a period of upheaval with some major firms folding, other operations merging and a limited number of companies in both the Europe and the US, being rescued by governments. BILLION-DOLLAR BAIL-OUTS Governments have spent billions of dollars on rescue packages, led by the US with its $700bn rescue package.

BANKS AFFECTED BY THE GLOBAL CRISIS - 2008 Giants of the business world, such as Lehman Brothers and Merrill Lynch, have crumbled or been bought out. Bank Date Status Website Fannie Mae 07 Sep Nationalised Fannie Mae Freddie Mac 07 Sep Nationalised Freddie Mac Lehman Bros 15 Sep Collapsed Lehman Bros Merrill Lynch 15 Sep Taken over Merrill Lynch AIG 16 Sep Part-nationalised AIG HBOS 17 Sep Taken over HBOS WaMu 25 Sep Collapsed and sold WaMu Fortis 28 Sep Nationalised Fortis Bradford & Bingley 29 Sep Nationalised Bradford & Bingley Wachovia 29 Sep Taken over Wachovia Glitnir 29 Sep Nationalised Glitnir Hypo Real Estate 06 Oct Rescue package Hypo Real Estate RBS 13 Oct Part-nationalised RBS Lloyds TSB 13 Oct Part-nationalised Lloyds TSB UK RESCUE PLANS Much of the current crisis has been caused by the banks' unwillingness to lend to each other, so the UK government has come up with a plan to inject billions of pounds in capital and to guarantee loans in the hope that lending will resume.

The government has also nationalised or part-nationalised some leading UK banks struggling to survive the crisis.

STOCK MARKETS In London confidence in the markets fell with news of Bradford and Bingley's nationalisation. Banking shares have been the worst hit by the financial turmoil. FTSE 100 INDEX: 16 September 2008 - present NIKKEI 225 INDEX: 16 September 2008 - present In the United States, the Dow Jones industrial average saw similar swings, posting sharp gains of more than 800 points as well as losses of more than 770 points. DOW JONES INDUSTRIAL AVERAGE: 16 September 2008 - present SHARE PRICES Banks have continued to suffer the steepest falls in share prices.

US bank Merrill Lynch was taken over by Bank of America on 15 September prompting an initial recovery in shares, but they have since dipped again. Fortis shares were falling sharply until a rescue deal was mounted by European banks on 29 September.

COMMODITIES The price of metals and oil has also been affected by the financial chaos. After reaching a record high in July of $147 a barrel, the price of oil has fallen and is now back under the $100 mark. Gold has fluctuated significantly.





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