How much sympathy should we have for Lehman Brothers?
Wall Street is reeling and the markets there haven't even opened yet. But the FTSE 100 index of leading UK shares has already tumbled by more than five per cent.
The news overnight that Lehman Brothers is filing for bankruptcy protection, Merrill Lynch is being taken over by the Bank of America, and that the insurer AIG is also in trouble, leaves Wall St wobbly to say the least. Only weeks after the US financial authorities bailed out mortgage giants Freddie Mac and Fannie Mae, it has made clear that a line has been drawn and that no help will be forthcoming for Lehman Brothers.
Tonight Newsnight will have the latest from Wall Street - our economics editor Paul Mason is there and has written a fascinating analysis on his blog which you can read here.
We'll be asking how much sympathy we should have for the unfortunate investment bank.
How and when will the ripples of this latest chapter in the global credit crisis be felt over here? And how much worse can things get?
As ever you can comment throughout the day here - and get the latest word from Wall Street via Paul Mason's blog.