Mark Gallogly on the credit crunch and private equity

Part 2, August 27 2008: Mark Gallogly, co-founder of Centerbridge Partners, talks to Chrystia Freeland, US Managing Editor, about how the credit crunch is moving into a new phase when consumers will experience a contraction of lending availability. He discusses Fannie Mae and Freddie Mac, Lehman Brothers, changes in Wall Street and the high price of oil. Gallogly also responds to questions about Centerbridge's involvement in distressed debt, their Penn National transaction and the private equity business. Next week, Eric Schmidt of Google. If you have a question for Eric Schmidt, please email it to the link below.