AFP: Lehman bankruptcy shakes world financial system: "Last-ditch efforts to find a buyer collapsed Sunday. A London source at British bank Barclays said it walked away from negotiations because of concerns it would have to guarantee the 158-year-old US firm's trading commitments.
Bank of America said it was buying Merrill Lynch for 50 billion dollars in a transaction that creates the world's largest financial services company.
The acquisition gives Bank of America the largest brokerage in the world with more than 20,000 advisers and 2.5 trillion dollars in client assets.
Treasury Secretary Henry Paulson, who took part in weekend discussions in New York, said the actions 'will be critical to facilitating liquid, smooth functioning markets, and addressing potential concerns in the credit markets.'"