The House passes the bailout bill; the world continues to revolve, if with a slight wobble. The new edition of The Deal continues to offer a full panoply of coverage on the continuing crisis.
Our central interest this week is in the accelerating consolidation of
banking, with a meaty story from our busy Washington bureau chief
Bill McConnell on the regulatory repercussions of a handful of jumbo
banks, while
Cecile Kohrs Lindell reports on the steady elimination of
deposit caps as the banking crisis deepened.
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But we've got a lot more in our crisis package:
Matt Miller, with a dandy graphic, takes apart the varying levels of leverage that are at the heart of the problem;
Vipal Monga looks at the chill in the leveraged financing markets; Neil Sen from our London office analyzes the first signs that hedge funds may be in trouble; and
John E. Morris pokes into the big loss absorbed by TPG Capital with the Washington Mutual Inc. failure. John also offers a trenchant take on
Huntsman Corp.'s big victory over Hexion Specialty Chemicals Inc. and Apollo Management LP in Delaware.
But that's not all. The new issue also brings you a hearty Middle Market Special Report. I'm not going to pretend the news is good, but that's not what we're here for.
Nathanial Baker leads off with a broad overview of where we stand in middle-market dealmaking. His prognosis: Ssome not so bad, many not so good. The crunch has hit the middle market, and some fear months of real distress. We also take deeper dives in three middle-market hotbeds: restaurants (
Demitri Diakantonis), banking (
Luisa Beltran) and defense (
Thomas Zadvydas). We wrap it up with a Q&A by
Vyvyan Tenorio with John Bolduc of H.I.G. Capital, which was lucky enough to have just raised a distressed fund.
And, of course, there's our usual columns and analysis. Check it out. We'll be back with more world-altering developments in a mere week.
- Robert Teitelman
