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As Bankruptcies Surge, Fewer Emerge

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Company Formations Jul 16, 2009 12:05 PM GMT Well there are some strong words coming from everyone. But all are true. Banks should be helping businesses with finanances in order for them to survive.Wisteria Formations help small businesses to start up, providing tax advice, business advice, accountancy and many more services, which I've found really helpful to keep my business in the green and out of the red.
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donald rudnik Jul 7, 2009 6:40 PM GMT Many banks cause their own issues with lax lending controls. There have been a number of unnecessary liquidations when a shortfall of collateral (which could be covered with a note) could provide full payoff. Loans that were kept too long often have no chance to rehabilitate."we have seen the enemy and he is us" Pogo was meant for bankers
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Sheila Spangler Jun 26, 2009 4:44 PM GMT As a former commercial lender, I'm appalled that bankers are forcing small businesses into bankrupcty rather than doing a workout. Banks' balance sheets are "fragile" because of reduced credit standards to follow the crowd.The unwillingness to work out of problem situations is especially true of the large banks. The locally owned independent bankers are much more likely to work out payment arrangements with business owners. Probably because the decision-makers live in the community in which they serve. Its more difficult to be hard-hearted when your neighbor, club member or friend is requesting that you help him save his business. I am working with some business owners in this regard. In my prior life as a commercial banker, every one of the banks I worked for referred to themselves as a "relationship bank". Well, it is apparent that the "relationship" only works one way. That's NOT a relationship that anyone can be in successfully.Come on bankers, small business owners need you now more than ever. Don't follow the crowd like you've always done. We need bankers with the mental toughness and guts to take a stand and do what's right for business owners.
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NickP Jun 25, 2009 3:02 PM GMT These big banks have been screwing us for years. We have severed ALL ties with big banks and will continue to boycott them. What they are getting away with under the business clueless Obama, the new enemy of small business, is incredible.
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wolf Jun 25, 2009 5:17 AM GMT These Banks are the major reason we are in this whole mess. THEY were the ones who figured out they could make billions if they gave more and more loans whether it was home equity lines based on BS home values, easy credit for homes, cars, boats, credit cards, home furnishings, appliances you name it. How long was this game really going to last? And the short term gain produced way more long term consequences as everyone is now experiencing. But hey live for the now was the banks motto. Make as much money as you can at all costs. And we the American people are all dealing with their mess now. And paying them for their mistakes with our tax payer bailouts? Why? I wonder what kind of country we live in now? Only certain people are accountable for their actions, as in this article, but the Banks are above the law? It's time to stop the madness and write your President and Congress.
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Strategery Jun 25, 2009 12:18 AM GMT Squeezebox, I have not attended business school, and considering the garbage they turn out these days, I know I have not missed anything. A fresh business school grad brings plenty of arrogance but little real life experience. I am not as incompetent as you think--I am well aware corporations and other entities are formed to shield personal assets/liabilities. Not every small business owner has this luxury, some must put everything on the line. I hope you didn't seriously consider my suggestion. I am well aware of the (lack) of liability that executives have. Is this right? Probably not, but that is the law. If executives had a PERSONAL interest in the company then perhaps they would run things better instead of grabbing as much money as they can on the way out.
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Drew Jun 24, 2009 8:09 PM GMT "No problem can be solved from the same consciousness that created it. " - Albert Einstein.Kinda fits the banks to a T, the way they're behaving in the current round of bankruptcies. Expecting the idiots that got us into this financial mess to behave in a way that doesn't make the situation worse is unrealistic hope.
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Mark Jun 24, 2009 7:53 PM GMT Afer years of pretending to fight for the world's freedom and democracy.It is time to fight for your own right to exist, starting with a free and independent press.In the next few years you may not have a change to pretend.
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Bill Simpson Jun 24, 2009 6:53 PM GMT You ain't seen nothing yet. Hundreds of thousands of small businesses will go under in the next two years. Washington will be talking another stimulus near the end of this year, or early next. Credit is critical for business & it is being reduced. A California default could be a catastrophe. We live in interesting times.
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dw Jun 24, 2009 5:49 PM GMT isn't this just another sign of having fewer customers because we have been reducing jobs as pushed for by wall street? you get fewer customers that way. and were papering over it with credit. but that wall street inspired model died.
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