Prime Rate Cut - Does it Matter?

There was an interesting crowd at last night's mixer for the Los Angeles chapter of the Turnaround Management Association. I spoke with about half of the forty plus attendees which included only a handful of business lenders (what does that say?). Most of the attendees with whom I spoke were either attorneys or service providers focused on bankruptcy and turnaround situations.

Not surprisingly, business activity is on the rise for the attorneys and the turnaround specialists.

The sentiment was that the damage caused by the subprime fallout, the price of oil and interest rates was already ingrained into the economic cycle. A fifty basis point drop in the prime rate won't be decreasing their work loads anytime soon.

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Tags : Turnaround Management Association , TMA , bankruptcies , turnaround , prime rate