Meltdown in the US


WASHINGTON, DC/NEW YORK - First the US Federal Reserve rescues Fannie Mae and Freddie Mac, then it allows Lehman Brothers to fail and now it rescues, or more accurately, takes over, AIG. All bets are off on regulatory oversight in the US.

Financial services firms are entering a new era, with the US Treasury and the Fed firmly calling the shots. The most recent market turmoil, sparked by Lehman's filing for Chapter 11 bankruptcy protection on September 15, has seen Merrill Lynch skirt with

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