The document summarizes major events of the global financial crisis from September 2008 to mid-October 2008. It describes Lehman Brothers filing for bankruptcy, the US government bailouts of AIG and Fannie Mae/Freddie Mac, bank mergers and acquisitions in the UK and US, the initial rejection and later passage of the $700 billion bailout bill in the US Congress, and massive government interventions to prop up banks in the US, UK, Europe, and Iceland. Stock markets saw historic volatility and declines over this period as the crisis deepened.

1. Global Turmoil Credit Crisis