Grace Under Pressure

This story from Going Private is the funniest and frighteningly accurate take on the market I've read.

"So that's become the story everywhere. I mean it's not that we can get debt so long as we pay more, almost no one is actually issuing any. I mean any. Lots of firms have standstills. Total standstills." Suddenly, what was an amusing tale of non-sex becomes an alarming warning.

"Well, I can see how the larger debt issuances might be an issue, but how much were you trying to score?" I ask.

"I wasn't trying to score. He's cute, but not that cute."

"Bad choice of words. How much debt?"

"Oh, that was for Project Yonkers, so $450 million?" Now I am more alarmed. "You can't get anyone to pick up $450 million?"

"Well, I haven't tried everyone yet, but I've never gone 48 hours without even getting a term sheet before." I am stunned. Laura is bored.

Read the whole thing.