Wednesday, Dec 10, 2008
Forget the MORI, etc polls, businesses up and down the country are voting "Sack the Government"
Property Week: Lord Oakeshott says banks have ‘virtually gone on strike’
Oakeshott said he first became concerned about the Icelandic banking situation six months ago.
‘Credit agencies were slow to pick up the problem, but the credit default swap prices were shouting from the rooftops that Icelandic banks were in trouble.
'They were signalling a 40% chance that they would go bust.’
Posted by fahrenheit451 @ 01:46 PM (201 views) Add Comment
1 Comment
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1. Soldatthetophaha said...
Oakeshott talks about the need for the banks to keep lending to over-geared private-equity owned companies, when the banks are quite rightly running a mile, knowing that if they don't they don't go under this month they will in a few months' time.
I'm surprised so little has been made of the role of private equity in the current financial carnage. A lot of previously sound, low-geared companies, which would have survived a downturn quite comfortably, are now going to go belly-up for no other reason than their balance sheets have been stuffed full of debt by greed-driven shysters looking to fund their latest yacht purchase. This is just another dimension of the credit bubble, and one that is sure to take the property market top new lows over the next year or so...