It would be fair to say this has been a contrary year. The first six months of 2007 carried on where 2006 had left off, only bigger (and for banks and lawyers, better). Takeovers increased in size and frequency. Leveraged finance rose in parallel, with more money raised in always more risky ways – the media highlighted investors' lack of protection (you're lending more money with less information and fewer guarantees) but they didn't listen.
September 30 2007
