Wednesday, January 2, 2008
When The Well Runs Dry
If you've been feeling the credit crunch from the subprime crisis, you might take consolation in knowing that you're in good company. According to the BBC, Blackstone and GE lost out on a deal to purchase US mortgage provider PHH because the banks that had previously agreed to finance the deal backed out. If this doesn't qualify as the anecdotal image that captures the whole subprime debacle, I don't know what does.