Tag: Credit Crunch

A Short Legal History of the Credit Crunch – Part 4 of 4

The suffering spreads Our notional executive’s assumption about how industry would help the banks and the economy out of the Credit Crunch was in one element correct.  Borrowers had bailed out the banks, but it was only by means of workers’ redundancies, the stripping of the products of their labour, and in not a few…

A Short Legal History of the Credit Crunch – Part 2 of 4

With the Credit Crunch in the finance sector now causing deleterious effects in the ‘real’ economy (see Part 1), concerned Finance Directors (“FDs”) turned to their relationship banks with a view to agreeing how best to muddle through what appeared to be a temporary dip caused by a problem in the arcane world of credit…

A Short Legal History of the Credit Crunch – Part 1 of 4

In this series of four articles this week I examine the course of the Credit Crunch from the perspective of the interface between the hyper-financialised world of collateral debt obligations and securitisation, and the more familiar world of industrial corporate debt.  It is at this nexus that many of the subsequent developments in the world…