It took a few weeks for this whole credit crunch thing to start worrying City lawyers, but now there are more proverbial ‘brown trousers’ being donned across the Square Mile than in a Jermyn Street tweed parlour.

One acquisition finance partner was more optimistic this week, however. After being disturbed from his hungover daze by The Diary calling up at some ungodly hour, the partner eventually warmed to his theme and gave your correspondent his own upbeat interpretation of the disaster/crisis/overhyped
non-event.