Financial Market Update

I'm tracking the news on the financial crisis, and here are the latest updates:

- The major indeces are off their lows, but overall the market's still sharply lower. The Dow's down 2% now while the Nasdaq's off just over 1%.

- Bank of America & Merrill Lynch are describing their deal as a "merger", but the reality seems to be that BofA will be taking over the $50 billion of Merrill's assets and "merging" them into BofA.

- AIG's stock is off over 40% as investors wonder whether there's a future for them.

- Lehman Brothers stock has fallen 90% JUST TODAY to spare change as they go bankrupt.

- Bush hardly had anything to say on today's news... Just something on "having confidence in the market".

Stay tuned here at C4O for more as we track today's big news on the financial crisis.