On the verge of the ABCP collapse, the Bank of Canada governor hit the phones ...Read the full article
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baldev sood from torotno, Canada writes: WOW? not yet according to my broker
- Posted 23/12/08 at 6:05 AM EST | Alert an Editor | Link to Comment
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elkay elkay from Canada writes: He worked so hard to help ABCP investors so why did he scrrew Income Trust investors. Could the RCMP and OSC finally start investigating this guy for fraud and stock market manipulation.
- Posted 23/12/08 at 7:25 AM EST | Alert an Editor | Link to Comment
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tim west from toronto, Canada writes: The article is really light on details. My bet is the Canadian govt is has been dragged deep into this and this will end up costing billions to save, among others Quebec (Caisse/NB)
- Posted 23/12/08 at 7:58 AM EST | Alert an Editor | Link to Comment
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maggie's farmboy from Canada writes: Is this the same Brian Hunter who lost Amaranth millions on bad natural gas derivatives? THAT would be an important, detail, no?
- Posted 23/12/08 at 8:11 AM EST | Alert an Editor | Link to Comment
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graham g from Canada writes: These investors should have been diversified.
It was just one of many excuses given
for the $35B losses by income trust investors
incurred due to Harper's lies.
This is supposed to be different, though. How so?
Is there another stack of blacked out
pages of proof?
Well, well. Mark cares about investors and
even takes personal calls.
Is 613 the area code?- Posted 23/12/08 at 9:26 AM EST | Alert an Editor | Link to Comment
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Dennis McIvor from maple creek,sask., Canada writes: good article Boyd.I believe the federal and provincial gov. security regulators failed miserable in this diablical mess.
- Posted 23/12/08 at 9:43 AM EST | Alert an Editor | Link to Comment
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PeckedToDeath ByDucks from Canada writes: There is absolutely no incentive for private enterprise to make a sacrifice when the public piggy bank is always being made available for the slaughter and pillage. Of course they will wait and threaten until the sought for taxpayer contribution is finally achieved. Didn't Carney make it clear that this was no place for public money? Who twisted his arm?
Government is supposed to be working for the good of the common man, yet we see them turning into robber barons.- Posted 23/12/08 at 10:07 AM EST | Alert an Editor | Link to Comment
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charles ANTHONY from Canada writes: Drive our currency down and bail out fellow bankers who allowed misrepresentations to go unchecked. WOW! We are in a state of pure quagmire logic and very unjust consequences. The citizens of this country should be outraged. Reading the story of Peter Puck makes me realize how p?kie mankind can get and this is another example of two sets of rules. One the citizens live by and the other unwritten which can open up doors and invite deceit. At least Flaherty had some integrity by suggesting a private solution. Shame for covering up misdeeds and crimes against our laws. Shame on regulators who have turned a blind eye.
- Posted 23/12/08 at 10:37 AM EST | Alert an Editor | Link to Comment
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dominic costanzo from Canada writes: This is a problem created by private companies who made millions of dollars.Now tax payers have to bail them out.Take from Peter and give to Paul.I wonder why Mr.Carney screwed income trust investors,who benefitted from his action.? Will he write another 18 pages of blackout documents re the ABCP as he did with the income trusts?
- Posted 23/12/08 at 12:44 PM EST | Alert an Editor | Link to Comment
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In Trouble from Victoria, Canada writes: Not the same Brian Hunter, Maggie's Farmboy. And for what it's worth - because no matter how often I repeat it, no one seems to be paying any attention to the real story - there are NO taxpayer dollars being advanced at this time against ABCP - it's a margin facility which is not expected to be drawn upon unless credit markets worsen into 2010.
- Posted 23/12/08 at 1:13 PM EST | Alert an Editor | Link to Comment
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charles ANTHONY from Canada writes: I am happy for you 'in trouble from Victoria" Individuals getting full restitution is a silver lining in this dubious environment. Merry Christmas to you and fellow benefactors of this settlement.
- Posted 23/12/08 at 1:19 PM EST | Alert an Editor | Link to Comment
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In Trouble from Victoria, Canada writes: Thank you Charles Anthony. We are hugely relieved, to say the least. It's been a long 16 months.
- Posted 23/12/08 at 2:26 PM EST | Alert an Editor | Link to Comment
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Ruth McLelland from Milton, Canada writes: Kudos to Mr. Carney for stepping in and championing this deal - sounds like it is well-crafted at the end of the day and protects the public purse as much as possible. Just as an aside - comparing ABCP to Income Trusts is ridiculous - these are two very different instruments. Comparing Canadian ABCP to US sub-prime MBS is also patently ridiculous, but folks continue to write their commentary here with a broad brush indeed.
- Posted 23/12/08 at 2:36 PM EST | Alert an Editor | Link to Comment
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Dipstick Dong from The socked-in City of 2010, Canada writes: It gets even scarier, I just wonder for how long this new house of cards is gonna stand up.
- Posted 23/12/08 at 2:37 PM EST | Alert an Editor | Link to Comment
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b c from Canada writes: I'm quite surprised the Feds managed to get out of this with such a small commitment. Carney deserves high marks for this. Even the biggest bumbling finance minister in ages, Flaherty, managed to do something right by getting the provinces to pony up.
- Posted 23/12/08 at 2:49 PM EST | Alert an Editor | Link to Comment
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hugh grant from Canada writes:
I hope he offered to pull Deutsche's Canadian Bank License if they didn't smarten up.- Posted 23/12/08 at 3:22 PM EST | Alert an Editor | Link to Comment
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An Observer from Canada writes: Everything appears to be pointing to major bank failures.
Only question is when.- Posted 23/12/08 at 9:12 PM EST | Alert an Editor | Link to Comment
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bob gervitz from United States writes: An interesting article about the process and players, but I would really have preferred that it include something about WHAT THE ACTUAL DEAL IS. As in WHO's paying, how much, when, where, etc? Given how few details I've seen in ANY article about the specifics of the ABCP deal I can only imagine that it is a) either too complex for anyone to understand, or b) too secret to let out of the bag. More details please!
- Posted 23/12/08 at 9:42 PM EST | Alert an Editor | Link to Comment
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