babcocks slippery slope, page-44

The fact that the knives are out for Phil is to deflect from the real problem that the bankers are ready to take this one over - meaning workout, not takeover. There is just too much debt at the corporate level and the subs. The foreign banks in particular will want to get repaid asap, they have taken too many hits of late.

Phil is actually BNB's only hope - the other faceless BNB staff don't stand a chance in the face of the debt sunami.