| Море волнуется три... |
[Jul. 8th, 2009|01:45 pm] |
A group of the biggest U.S. banks said they would stop accepting California's IOUs on Friday...
The group of banks included Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and J.P. Morgan Chase & Co., among others.
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"One of my partners said yesterday that we are going to call this phase the "extend and pretend" phase in our economy. Which is you extend someone's maturity - because they are going to default - and you pretend that business will come back or that leverage factor is going to come back.
Then we'll enter phase two, which he said is the request to extend or "amend".
Then "send". In other words send the keys.
That is the phases we are in right now. Everyone is trying to buy time, as opposed to dealing with the leverage, they are trying to buy time. Whether you are a banker or a company, they are all trying to buy time. I don't see the leverage coming back, and I don't see the consumption of good and services coming back."
Bryan Marsal, CEO of Lehman Brothers Holdings. |
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