I have been following the financial news very closely over the last month and still find myself occasionally confused by what's going on. There is so much going on and so many news sources reporting.
Here is a great summary of recent news I found to be very helpful, especially of the smaller news bits that get buried under the avalanche of Merrill/Goldman/WaMu/AIG/Lehman stories.
In addition, I came across these great pieces. Written by Chris DesBarres, a Google employee. Chris has put these little nuggets together to explain in a very easy, connect the dots, 1-2-3 method what exactly happened at Lehman and AIG. It was very helpful for me to start to figure out how to understand what is going on.
And as a commentor on the Lehman post says, "I just got 30-seconds smarter. This is the dude whose notes you want to borrow before the big exam. Get this guy a show on MSNBC."
You'll feel the same way too.
What happened at Lehman, in 30 Seconds or Less
AIG in 30, or More Like 45, Seconds