Wall Street loses two major players

Wall Street loses two major players

The credit crises stemming from the subprime mortgage debt took out two big names on Wall Street Sunday. Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy and Merrill Lynch & Co. faced a forced sale to Bank of America for $50 billion in stock.

The reduced headcount of Wall Street firms Monday left Goldman Sachs Group Inc. and Morgan Stanley as the remaining big, independent firms.

Another indication of possible trouble, the American International Group Inc. is asking the Federal Reserve for emergency funding and is poised to announce a major restructuring today.

Dow Jones industrial average futures fell 372, or 3.3 percent and bond prices surged as investors opted for the security of government debt.

The Federal Reserve is expected to make a decision on interest rates on Tuesday