Legend under scrutiny

Christopher Flowers should be making hay. But at the outset of an historic buying opportunity, why are some of his firm's limited partners running for cover? Matt Levin and David Snow investigate

For Christopher Flowers, this should be his moment in the sun.

The most severe credit crisis in 80 years has left the financial services landscape on both sides of the Atlantic littered with broken banks, busted brokerages and crippled insurance companies in desperate need of capital and expertise.

For one of the most widely respected financial services investors in private equity, all this low-hanging fruit should appear ripe for the picking.