Many years ago, a friend introduced me to his stock broker at Merrill Lynch and convinced me to invest. I remember questioning my friend about the lack of FDIC insurance at places like Merrill Lynch and he said “If Merrill Lynch goes under we have bigger problems to deal with.
WSJ Editorial:
“...The only thing anyone knows for certain is that today will be tumultuous for financial markets, after a historic Sunday that has remade Wall Street. With Lehman Brothers probably on the road to liquidation, and Merrill Lynch to be acquired by Bank of America, we are getting a Category 5 test of our financial levees.”