He points out that, although there has been less syndicated lending over the past couple of years, much of it has been to risky telecoms and technology firms.

ECONOMIST: Junk bonds

Its syndicated lending is dwarfed by Chase's.

ECONOMIST: American banks

According to a recent report by bank regulators, problem loans among syndicated lending to companies by groups of banks rose to 5.1% in the second quarter of this year, up from a record low of 2.5% in 1998.

ECONOMIST: Junk bonds