Rampant Speculation, Few Facts In Lehman's Wake

Law360, New York (September 16, 2008, 12:00 AM EDT) -- In what seemed to be the blink of an eye, the face of Wall Street changed dramatically last weekend with Lehman Brothers Holdings Inc. filing for Chapter 11 bankruptcy and Bank of America Corp.'s proposed $50 billion purchase of Merrill Lynch & Co. Inc.

With markets gyrating on every piece of news, and sometimes without any news at all, what comes next is anybody's guess.

“There's a panic out there,” said Denis Cronin, a partner at Vinson & Elkins LLP in New York. “It's impossible to...
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