How the drama unfolded...

Friday

* Lehman shares dive 13.5% to $3.65, a fall of 80% on the week.
* Merrill Lynch shares tumble 12%, ending the week down 33%.
* Bank of America still in lead position to launch rescue with backing from JC Flowers and China Investment Co.
* Barclays starts to negotiate Lehman rescue deal with the US Treasury.
23.00: Federal Reserve Bank summons 30 Wall Street chiefs to tell them there is no Government money for a rescue.

Saturday

* Day-long talks continue between US Treasury officials, Bank of America and Barclays.
* Treasury Secretary Hank Paulson again rules out Government support for any rescue bid.
* Bank of America switches attention to Merrill Lynch after being approached by its chief executive, John Thain.

Sunday

17.00: Bank of America quits Lehman talks.
19.00: Wall Street opens for emergency trading session.
19.00: Barclays walks away from Lehman takeover
23.00: Merrill Lynch board meets at New York's St Regis hotel to agree $50 billion takeover from Bank of America

Today

2.00: American International Group seeks $40 billion bridging loan from the Federal Reserve
3.00: Ten banks agree $70 billion borrowing facility.
4.53: Standard & Poor's warns that it may downgrade AIG.
5.30: Lehman Brothers files for Chapter 11 bankruptcy protection
5.36: Bank of America announces Merrill Lynch takeover.