Global markets plummet after Lehman Brothers filed for bankruptcy and Merrill Lynch agreed to be taken over.

The domino effect of Wall Street firms toppling may not be over. Shares of American International Group fell more than 50 per cent on reports that the insurer had turned to the Federal Reserve for US$40 (S$57.25) billion in bridge financing to ward off a liquidity crisis and ratings downgrades.

--Reuters

Duration: 2 min 37 sec