The Financial Services Fact Book ensures it’s all on the record:
“In 2008 massive mortgage and real estate investment losses led to an upheaval in the securities industry [really?], with several major players failing or reorganizing. In March JPMorgan Chase agreed to take over Bear Stearns in a move backed by the Federal Reserve. In September Lehman Brothers announced it would file for bankrupcty, while another securities giant, Merrill Lynch, agreed to a takeover by Bank of America. Barclays Capital subsequently purchased Lehman’s investment banking and capital markets units. In September the Federal Reserve gave permission to two other major investment banks, Morgan Stanley and Goldman Sachs, to convert to traditional bank holding companies.”