Wednesday, October 29, 2008

but we don’t have a problem do we gordon?

Credit `Tsunami' Swamps Trade as Banks Curtail Loans (Update2)

Richard Burnett's lumber company had started loading wood onto ships heading for China. More was en route to the docks. It was all part of an order that would fill 100 40-foot cargo containers. Then Burnett got a call from his buyer at Shanghai VIVA Wood Products Co. The deal was dead. He told Burnett, president of Cross Creek Sales LLC in Augusta, Georgia, he couldn't get a letter of credit to guarantee payment for at least six months.

Posted by mark @ 01:52 PM (660 views)
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4 thoughts on “but we don’t have a problem do we gordon?

  • WE?

    Its a US company. That isn’t us.

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  • this affects the UK too

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  • that’s why shipping business has halved.Some companies charge 5% to customers they use to charge about 1 to 1.5%.
    the scary stuff is if goods like oil or food cannot reach you, what does it mean for the UK ?

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  • indeed it does mark, indeed it does.

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