A handful of desperately hopeful finance lawyers are still trotting out the line about market conditions being due to the usual August dip, but one partner rather more accurately sums up the collective mood by pointing out that “my banking clients are s***ing themselves”.
Yes, after months of banking lawyers grumbling that lax lending, sponsor-driven termsheets and a ‘through the looking glass’ attitude to risk from debt investors would end in tears, the sub-prime meltdown has caused it all to come to pass.
