The Globe and Mail Report on Business
The Globe and Mail's Law Page turned to Canada's leading corporate lawyers to get answers about the current financial crisis. Each agreed that this is the worst financial crisis since the Depression. But it isn't all bad news, says Patricia Koval:
How bad is it?
My father was a bomber pilot in the Second World War, and he always talked about firestorms in Dresden and Hamburg. For me, this is the equivalent in the financial world of the firestorms my father saw years ago.
Best advice?
I'm telling my clients about the degree to which the banks have retrenched. Never mind the banking terms, there just isn't going to be any supply of money for the foreseeable future.
Silver lining?
We're going to see lots of restructurings, and lots of asset sales and purchases. For my clients who have been hunkering down and conserving cash, there are some great buying opportunities.
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