Pest Control

Cutting through Central Park on our way to a meeting recently, we encountered a worker fiddling with what looked like a centrifuge for uranium enrichment. Somewhat alarmed, we slowed our pace.

“What is that?”

“It’s to keep armadillos away.”

“Didn’t think there were any armadillos in Central Park.”

With a grin, he said: “Well, then, I guess it’s working.”

We fell for this old joke in broad daylight, and it reminded us of the 2014 Shared National Credit (SNC) Review that hit bankers’ desks last year with a .

This document (and its companion, the Leveraged Lending Supplement) was a gift from the Gang of Three: the Fed, OCC and FDIC. This year, they have a special message for buyers and sellers of syndicated loans: “We’re not kidding.”