It’s finally happened: top private-equity firms have slapped a veritable Who’s Who list of banks with lawsuits in New York (as well as Bexar County, Texas) enjoining them to cease and desist with all their foot-dragging over financing the $19.4 billion Clear Channel buyout. As traditional Wall Street alliances unwind fast, one of the filings even goes so far as to say, "If the banks' promises are not worth the paper on which they are written, commercial transactions – from the most basic to the highly complex – cannot work." As the banks in question remain unwillingly on the hook for billions, could this be the end of Wall Street dealmaking as we know it?
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