Financial Crisis Timeline: 2008
Timeline of Financial Crisis for the year 2008: Feb 20: Sharper Image files for bankruptcy San Francisco based Retailer of high-end electronics and gifts, Sharper Image Inc. filed for bankruptcy protection due to declining sales, three continuous years of losses and litigation. The company operates 184 locations country-wide. MARCH 16: Bear Sterns bought by JP Morgan Chase & Co Bear Stearns is bought by JP Morgan Chase & Co in a deal orchestrated by and backed up by the government following a sharp decline in shares and a collapse in confidence in the company. JULY 11: IndyMac Takeover Federal regulators seize IndyMac Bank after it succumbs to the pressures of tighter credit, tumbling home prices and rising foreclosures. IndyMac is the largest thrift ever to fail in the US. July 30: Mervyns files for bankruptcy protection Hayward, California based store, Mervyns, has filed for Chapter 11 bankruptcy protection. Sept. 7: Fannie Mae, Freddie Mac Seized by