A day after U.S. authorities rescued American International Group (AIG), more bad news loom on the horizon. HBOS, currently U.K's largest mortgage lender with 20% of the market, is set to be taken over by Lloyds TSB.
More bad news; ailing U.S bank Washington Mutual Inc. appeared to be up for sale and stock in the last two big investment banks, Morgan Stanley and Goldman Sachs, were pummeled as the Dow dropped another 450 points. Rumors also have Morgan Stanley in merger talks with Wachovia Corporation and Chinese bank CITIC.
So much for the calm after the storm. People has already called this has the worst financial crisis since the Great Depression and things seems to be getting from bad to worse. I wonder how long it will be before Singapore gets badly affected by the markets.