Wall Street was rocked this week as Lehman Brothers Holdings Inc. filed for bankruptcy, Merrill Lynch & Co. sold itself to Bank of America Corp. and insurer American International Group Inc. saw its shares plummet as it scrambled to raise billions to stay afloat. Ross Professor Amiyatosh Purnanandam explains how the investment banking world got to this point, and what the future holds for the industry and regulators. Purnanandam, assistant professor of finance, also outlines how this Wall Street crisis affects average Americans.
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