Bark-Lays Bank!
My background experience with bankers (or banks for that matter) is institutions that avoid risk at all costs. They can be friendly when enticing you to take a loan especially when you are credit worthy or have collateral, the same people will come down hard on you in case there is any default.
A former banker turned private equity investor has just re-affirmed that long held suspicion. I’m not sure why he was so blunt having been a beneficiary of the same banks support.
Guy Hands (enfant terrible) was quoted at the Super Investor conference (yes there is such a thing!). He described bankers as a ‘pack of whimpering dogs’, because they seem to like the presence of other bankers when financing a deal. So if others are not around forget it the best you can expect might be lukewarm support. The situation is made worse by the credit squeeze especially for entrepreneurs like Guy since the pack of dogs have gone to their baskets to lick their wounds. To attract their attention will be tough.
Mr Guy must be having trouble accessing cheap debt. It must be the bankers fault.
HSBC yesterday issued a gloomy picture of the banking sector hinting that emerging markets are to feel the squeeze too Barclays today is expected to update on its performance as rumours still abound on the extent of damage. This is the worst time to be seeking for liquidity boost from banks – the dogs are running to the hills.
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