Blackstone posts 3Q loss on IPO charges - Yahoo! News:
"The mortgage black hole is worsening...it is deeper, darker, scarier than what the banks originally thought,' he told analysts during a conference call. 'My sense is they don't have a clear picture of how this will play out, and their confidence is low.'
James said the banks — pressured by massive writedowns from losses linked to subprime mortgages — will keep lending standards tight for the time being. He believes the market for leveraged loans, which buyout funds use to finance deals, appears to be picking up after a crippling summer."