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"The sell-side, as is typical, has their blinders on," saidThomas Monaco, a managing director at independent research firmForensic Asia. He compared China's financial industry to theTitanic. "It has hit the iceberg," said Monaco.
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Like many Gulf private equity and asset managers, Arcapitawas hit hard by the financial crisis as the debt used to fundacquisitions made at a time of peak valuations could not berefinanced, with asset sales in a depressed market not viable.
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Choate, who calls himself an "old mountain goat," said weather delayed reaching the summit, including a freak electrical storm 700 feet from the top. His climbing team also was stymied by fog and high winds.
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But customers who then tried to place deals by phone swiftly found that the alternative route was also not working - as trading lines were either continualy engaged or cut off. Despite repeated apologies during the day including a statement from Mr Gorham in which he said staff were working flat out to resume normal service, problems persisted through to the close of the trading day.