Cockroaches or Canaries: framing recent credit events

“Time can be a good thing. Time can be a very bad thing…I think the whole market moves a bit slower now when there are problems in terms of how those problems get dealt with,” says Axar Capital founder & CEO Andrew Axelrod when discussing the evolution in markets away from mark-to-market investment vehicles. Axelrod joins Bloomberg Intelligence’s Noel Hebert on the latest episode of Credit Crunch to talk about how he sees the current credit backdrop, whether the 4Q credit flare-ups are cockroach, canary or just commonplace, and the challenges to recoveries from zombie owners.