Many of Mr. Doyle’s clients — mostly small-business executives — have already cut staff and borrowed against their assets, he says. Some are using credit cards to survive and have stopped taking paychecks themselves. He adds that many of their accounts receivable are so far past due that they are considered uncollectible by lenders, which can limit a company’s borrowing options.

The Journal says up next to choke the economy is credit cards. Consumers are increasingly late on payments and the paper says credit lines are about to be tightened. Audit don Dean Starkman wrote about changes in the credit-card business that the press had largely missed here.

Bloomberg writes that the SEC “censored” its inspector general’s report on the agency’s failures in regulating Bear Stearns. Senator Chuck Grassley got hold of the unedited version of the report and posted it.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.