Читать книгу Corporate Governance - Quantity Versus Quality - Middle Eastern Perspective - Saleh Hussain - Страница 10

The financial market is the true mirror of any economy, and banks, financial institutions and companies are the reflection of such a mirror. Therefore, what the financial crisis brought to the surface is the collapse of many banks and financial companies, some examples of which are:

•Lehman Brothers - no longer in existence.

•Bear Stern - bought by JP Morgan

•Merrill Lynch - bought by Bank of America

•Goldman Sacks and Morgan Stanley - became commercial banks

•AIG, the biggest USA insurance giant - rescued by the US Government at US$85bn

•Citigroup - received a rescue package in excess of US$300 billion from the US Government.

•UBS - rescued / bought by the Swiss Federation

•Jerome Madoff, a fund manager in the United States - the disappearance of US$50 billion in funds.