The financial crisis is due to the collapse of corporate banks engaged in the financial industry, which leads to the turmoil of the entire financial system. Its most obvious feature is the stock market crash, which is the so-called financial storm, financial tsunami or financial earthquake.
The Wall Street financial crisis evolved from the subprime mortgage crisis.
The landmark event is that Lehman Brothers, the fourth largest investment bank in the United States, filed for bankruptcy protection and Merrill Lynch, the third largest investment bank in the United States, was acquired on the same day.
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