The financial fallout from the subprime mortgage mess continues, with a plan to rescue Lehman Brothers collapsing and news coming on Sunday that longtime independent brokerage house Merrill Lynch will be taken over by the Bank of America. The Merrill Lynch deal was said to have been assisted by the government.

Lehman Brothers is expected to file for bankruptcy after the two most likely bidders reportedly pulled out of the bidding.

In addition, American International Group Inc., the world's largest insurance company, has been led into a forced restructuring.

It's been reported that 10 major worldwide banks have agreed to provide billions of dollars to boost global liquidity and reduce volatility in the financial markets.