NEW YORK: Lehman Brothers declared itself bankrupt Monday and Wall Street rival Merrill Lynch had to be taken over in a new financial earthquake that sent global markets into a slump and panicked central banks. The US Federal Reserve, European Central Bank and Bank of England injected tens of billions of dollars into money markets after the fall of the finance titans under the weight of the massive financing of bad loans. Lehman Brothers filed for bankruptcy on Monday after a frantic weekend of negotiations failed to arrange a rescue. In the fallout, Bank of America took over Merrill Lynch in a 50 billion dollar deal, insurance giant AIG was reported to have sought a massive emergency loan to head off its own crisis and a group of banks set up a 70-billion-dollar global emergency fund."You've probably seen more in one day of financial history than we've seen since the great crash of 1929," Macquarie Private Wealth associate director Marcus Droga said.
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