What We Know So Far

Bank of America is in talks to by Merrill Lynch at $25-30 and could be announced as early as tonight according to the N.Y Times and the Wall ST. journal.

Barclays and Bank of America have walked away from Lehman and liquidation/ chapter 7 is next. (this could change but I doubt it)

Wamu is still in hot water- will JPM be a white knight?

AIG will be talking about a massive restructuring in the morning.

The market will be off the hook tomorrow—capitulation anyone? Sold to you…