BREAKING NEWS! Mega Merger on Wall Street just announced!!!
In a surprise move, a slew of Wall Street firms brought together by the Fed and the US Treasury Department originally to discuss bailing out Lehman Brothers, decided to merge with each other instead.
The new entity, which Wall Street sources said was to be called CitiLehmanUnitedBearStearnsJPMorganGoldmanSachsAIGMerrillWaMu - FannieFreddieUnionCountrywideKravitz, will trade on the Exchanges under the shortened acronym, CLUSTERF*CK.
"I am pleased that a result of our discussions this weekend has been the formation of one, new, combined and formidable world class investment bank," said US Treasury Secretary Hank Paulson
Analysts said the new mega-investment bank would have a net asset value, after writedowns, of $2.48.