As some of Wall Street’s most venerable firms topple, even the most hardened individuals are wondering if their assets are adequately protected. - advertisement -
This week the markets opened with the news that investment bank Merrill Lynch was scooped up by Bank of America, ending its 94-year reign as one of the world’s most recognized brokerage houses. Lehman Brothers, another investment bank, announced its filing for Chapter 11 bankruptcy. This follows the collapse of other financial institutions, most notably Bear Sterns, bought up in March by J.P. Morgan Chase.
Officials and other experts were quick to assure investors that money is safe.