Perfect Storm: Credit Freeze and Distress Selling by
London, UK - 12 August 2007, 11:44 GMT
Dear ATCA Colleagues
[Please note that the views presented by individual contributors are not
necessarily representative of the views of ATCA, which is neutral. ATCA conducts
collective Socratic dialogue on global opportunities and threats.]
Now that the credit boom has officially gone bust and the financial markets
are in meltdown, it's time to assess what is going wrong, and what has gone
really wrong. By any stretch of the imagination, this is not a slow leak at
all, liquidity is drying up very fast and many deals-in-progress -- including
leveraged buyouts, mergers and acquisitions and private equity deals -- are
not going to happen because the buyers are beginning to vanish and there are
very few bids, and many offers.
We are grateful to:
. Dr George Feiger, based in Berkeley, California, USA, for "Two
Faces of the Same Coin;"
. The ATCA Editorial Team, based in Canary Wharf, London, for "Contagion
and Systemic Risk? ECB Injects Record Euro 95bn post Major Disturbance;"
. The ATCA Editorial Team, for "Flight to Quality
as Markets finally Appreciate Risk;"
. Robert McNally, Chairman, London Chamber of Commerce Property and Construction
Group, for "Erosion of Commercial Real Estate
as a Solid Asset Class;"
. Alexander Hoare, CEO, C Hoare and Co, Private Bankers, based in the City
of London, for "Destructive
Creativity, Leverage and The Derivatives Market;" and
. Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, for "The
Fear of Central Bankers -- Flight from Illiquidity, Derivatives and Heightened
Risk of Contagion;"
in response to, "Are the Currency Markets Warning
that there is Trouble Ahead? The Precipitous Decline of the US Dollar and
its Impact on the World."
We look forward to your further thoughts, observations and views. Thank
For and on behalf of DK Matai, Chairman, Asymmetric Threats Contingency
ATCA: The Asymmetric Threats Contingency
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