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" ... Read this and weep. "Many deals no longer involve acquisitions of underperforming companies," the report warned. "In many cases the acquired companies... are being viewed as being able to operate with higher levels of debt.... LBOs are no longer being done solely in industries with predictable cash flows. Several deals were recently announced in volatile businesses such as semiconductors" like Freescale Semiconductor... for $17.6 billion. Cash flow barely covers interst payments and the margin for error is very small for a company in a notoriously volatile industry. Cynics argue that tomorrow's nonperforming loans are being originated as we speak." ... "