Worrying news with reports that ratings agency Standard & Poor's has a report that 93 American companies are at risk of defaulting on $53 billion in debts, most of it coming from giant leveraged buy-outs carried out by the big private equity firms when the money was flowing thick and fast.

Another worrying piece of news for every company that has relied on the oxygen of debt to fuel their growth.

Just as worrying is the report that Goldman Sachs and Lehman Brothers have been put on negative outlook.

This is just the beginning. It's not going to get better.