Here are some of the quotes making the news this Monday, already one of the most dramatic days in the history of the financial markets.

On Lehman Brothers

'It's precisely 6 months this weekend since Bear Stearns collapsed. I know exactly what the Lehman folks are going through'.

Former Bear Stearns employee (Here Is The City)

'There were people here who just a few weeks ago would go through Hell for Dick Fuld. That has changed. People want his head'.

Unnamed Lehman staffer (CNBC)

'At least (Bear CEO) Jimmy Cayne had an excuse - he was away playing golf and bridge. Fuld can't even say that'.

Lehman employee (Here Is The City)

'I was here before. I will be here after'.

Liz Willis, who runs a news stand outside Lehman's New York HQ building.

'There are no jobs anywhere. I'm alright, because I have saved a lot of money, but I know people who are really going to be in trouble'.

Unnamed Lehman staffer (The Financial Times)

On The Bank Of America / Merrill Lynch Merger

'The big difference here is that the CEO of Merrill is a much smarter guy than Dick Fuld was, and he's half as arrogant, and he understands the cards he has to play with'.

Gustavo Dolfino, president WhiteRock (Reuters)

'Merrill is very strong internationally and Bank of America is not, so when you add it all up it's a pretty good marriage'.

Michael Karp, chief executive executive search firm Options Group, New York (Reuters)

'The Merrill Lynch combination makes more sense than a Lehman deal'.

Peter Sorrentino, senior portfolio manager, Huntington Asset Management (Bloomberg)

'It's a puzzle that Ken Lewis said he didn't want to be in investment banking, and he's jumping in with both feet. Maybe by harnessing the brain power of Merrill, they can become a player'.

Jack Ablin, CIO Harris Private Bank (Bloomberg)

'Now Bank of America has one of the best and largest retail brokerages in the country, one of the top investment banks in the world, and a large stake in one of the best investment managers in the world'.

James Ellman, portfolio manager, Seacliff Capital (Bloomberg)

On The Future Of Wall Street

'The tectronic plates beneath the world financial system are shifting, and there is going to be a new financial world order born of this. It's an ugly and painful process'.

Peter Kenny, managing director, Knight Capital Group (Bloomberg)

'It seems perfectly clear leverage is going down, that banks will be more careful who they do business with, and that there is a desire to be more of an agent than principal. There will be a trend towards specialization'.

Donald Marron, head of private equity firm Lightyear Capital

'I think highly of Morgan Stanley and Goldman Sachs, so I expect them to ride this out. But as to whether we've seen the last of this crisis, I think the answer to that is clearly no. But as to where it goes from here and how it unfolds, I'm unsure'.

Roger Altman, CEO Evercore Partners (CNBC)

'There is likely to be a domino effect as other firms and individuals who relied on Lehman for financing feel the effects of the meltdown. The whole thing is frankly frightening for the US economy'.

'Chuck' Tatelbaum, bankruptcy lawyer, Adorno & Yoss (Bloomberg)

'On The Markets Generally

'This is a once in a half century, probably once in a century type of event. We shouldn't try to protect every single institution. The ordinary cost of financial change has winners and losers'.

Alan Greenspan, former Chairman of the US Federal Reserve (Bloomberg)

'The steps we are announcing today (widening the collateral for loans to investment banks for emergency funding), along with significant commitments from the private sector, are intended to mitigate the potential risks and disruptions to markets'.

Ben Bernanke, Chairman of the US Federal Reserve (Reuters)

'Healthy capital markets are the backbone of a vibrant US economy, and critical to the well-being of our economy and American families. I am confident in the resilience of our capital markets, and in the commitment of US regulators and market participants to work together through this difficult period'.

'Hank' Paulson, US Treasury Secretary (Reuters)

'First there will be chaos and then an adjustment process as losses distribute themselves through the market. There won't (however) be any lasting turmoil'.

Gilbert Schwartz, partner, Schwartz & Ballen

'The risk of an immediate tsunami is related to the unwind of derivative and swap-related positions worldwide in the dealer, hedge fund and buy side universe'.

Bill Gross, co-CEO, PIMCO (Reuters)

'Unfortunately we've not seen the end of layoffs on Wall Street, and I think it's going to get worse before it gets better'.

David Schwartz, head of New York executive search firm DN Schwartz & Co

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