Couple months ago, it was Bear Stearns, and now it is Lehman Brothers plus Merrill Lynch. U.S. is suffering from not only hurricane, but also financial/economic storm. NASD has plunged, which in turn depresses the whole market within and beyond U.S. Desperate faces could be seen in stock exchange markets around the world. Unlike what happened to Bear Stream, Fed is not to bailout Lehman Brothers, which tried but failed to find a buyer itself.
One article from New York Times: