|Danke Shoen Herr Gramm!!|
NEW YORK (Reuters) - The ruptured U.S. financial system was facing an unprecedented shakeup on Sunday that was expected to lead to the failure of Lehman Brothers, the takeover of Merrill Lynch & Co and big asset sales by major insurer American International Group.
The developments indicate that chief executives on Wall Street and regulators in Washington are accepting that massive triage is necessary in the face of the 13-month old credit crisis and destructive U.S. housing bust.
"The U.S. financial system is finding the tectonic plates underneath its foundation are shifting like they have never shifted before," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey. "It's a new financial world on the verge of a complete reorganization."