What a day!

1:19pm ET: As you might guess, I am extremely busy monitoring the markets today, but I wanted to drop a quick note to say that so far, action on Wall St. is much more orderly and contained that one would have expected given the news over the weekend and the foreign markets overnight.  Simply put, Wall St. is fearful, but not panicky (yet) over what happened.  What happened?  Lehman Brothers filed Chapter 11 and no longer exists; the rest of Wall St. must sort out the damage from counterparty risk and trade to replace lost or illiquid bets held at Lehman; Merrill Lynch will become part of Bank of America; and AIG is on the ropes.  AIG's situation is the most difficult to assess and also potentially the most impactful given it's $1 trillion balance sheet.  More thoughts on the day's events to come later.