This is a crisis that has hit the rich the hardest. It might go south and ruin the rest of us, but at the moment, the big wealth wipeouts are happening at the very top of society.
Even the Duke of Westminister is having to talk nicely to this bankers.....
Britain's wealthiest landowner, the Duke of Westminster, is in advanced talks with his bankers to prevent his £2bn property fund business breaching bank covenants. Pressure on the multibillionaire duke has intensified with investors in his funds suggesting that his property managers failed to heed advice to reduce borrowings 18 months ago, ahead of the collapse in property values.
The developments mark a serious threat to the duke's private investment company, Grosvenor, and underline how the property downturn is embroiling the country's wealthiest aristocrats.