Word: nationalism
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...hundreds of U.S. companies, the federal bailout may be too little, too late. Bankers, lawyers and credit analysts say the government's plan to invest billions into the nation's banks is doing little to ease the credit crunch for U.S. businesses. The result, they say, is that many companies now struggling to get financing may soon be out of business. "In the past few weeks, lending has been getting tighter, not looser," says Larry Flick, a partner at law firm Blank Rome, which helps companies get financing. "All the moves the government is making to end the credit crisis...
...year. Among the troubled firms on the agency's list are such household names as clothing retailer Eddie Bauer, amusement park operator Six Flags and pizza chain Sbarro. Also on the list are doughnut baker Krispy Kreme and mobile technology titan Palm, as well as a number of the nation's largest airlines, including JetBlue and the corporate parents of United and American...
Analysts say dozens of smaller businesses have the same or worse predicament. "If the biggest companies in the nation are having a tougher time getting financing, then it's going to be much more difficult for smaller firms to get credit," says Martin Fridson, whose firm Fridson Investment Advisors analyses corporate bonds...
...problem is that many of the moves so far, like insuring money-market mutual funds, have been made to shore up the nation's commercial paper markets. But small companies or those that are short on capital cannot access the commercial paper market, which is generally reserved for companies with good credit. What's more, while the Treasury is urging banks to boost lending in the wake of the government's $250 billion investment into these firms, industry observers are skeptical that it will actually happen. "The idea that more capital is going to influence how much banks lend...
...loans from banks. But, like other non-bank lenders, Joseph says he is being much more selective about which companies he does business with. "We are tightening our lending criteria," says Joseph. "We are turning away many more new clients than we used to." GE Capital, one of the nation's largest non-bank lenders, has also reportedly decided to curtail its lending practices for the rest of the year...