Credit crisis rolls on

The world is still reeling from the on-going credit crisis, and all eyes for the moment are on the Federal Reserve Board. Will it take more action? Its hand might be forced. There are some signs that the crisis is spreading. According to The New York Times, the real estate developer Harry Macklowe may be in trouble. Commercial mortgages may be seen as somewhat safer than their residential counterparts but not much. The market has been hit hard, though the media hasn't fixated on it. What it has fixated on: deals. Wall Street is keeping its eye on some very big ones. A few canceled mergers would certainly be a downer. You get the sense people are groping for good news. Here's some: First Data is touting that it has received all regulatory approvals necessary for its deal to be bought by KKR for $29 billion. It expects the deal to close in September. We can only hope. I think it's still too early to say. But I'd love to be privy to some of the banker-sponsor discussions. I think the deal's close. The terms will be the news.

For more:
- here's the New York Times article