Analysts are calling it the "biggest restructuring on Wall Street since the depression"
Financial giant Lehman Brothers has gone bankrupt and Merrill Lynch has been sold to Bank of America.
It all happened over the weekend, and the stock market was down Monday as a result.
Lehman Brothers and Merrill Lynch were both in trouble.
But unlike bear Stearns six months ago, there was no bailout from the federal government this time.
"We will keep the name, and keep the organization intact," said Bank of America Chief Executive Officer Ken Lewis.
Bank of America's buyout of Merrill Lynch was a last-minute Saturday deal.
On Monday officials sold the mega bank-investment house merger as the "opportunity of a lifetime"
But admit it could be 2010 before Wall Street fully recovers from this credit crisis:
"It's definitely a very, very difficult time. We're not gonna get through it quickly, but we will, and we'll be well-positioned when it does," said Merrill Lynch CEO John Thain.
The dow sank Monday morning and so did markets around the world.
On news that Lehman Brothers - one of Wall Street's oldest firms - filed for chapter 11 bankruptcy
Saddled with 60 billion dollars in real estate debt.
The nation's largest insurance company A.I.G. was also forced into restructuring.
Its stock dropped 45 percent just last week.
President Bush telling Americans on Monday to hold on.