Black Monday

Unprecedented times on Wall Street.  I recommend this article in the Journal today, which documents the dramatic events over the past weekend.  I am having a hard time finding the right perspective on this, but we are witnessing Lehman Brothers, a 158 year old institution that had never reported a quarterly loss before the 2nd quarter of this year, and Merrill Lynch, a 95 year old institution and the world’s leading weath management and advisory firm, essentially go poof before our eyes.  On the most recent Fortune 500 list, Merrill was #30 and Lehman was #37 (source).   I may have commentary on this over the next couple of days because I have a ton of personal experience with both firms, but for now all I can muster is ‘Wow’…

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