The largest bank in Canada said it will buy back about $850 million US of auction rate securities from more than 2,000 retail clients in the U.S. and pay a $9.8-million US fine as part of an agreement with the Securities and Exchange Commission and New York attorney general's office.
Hm. What's a billion dollars amongst friends anyway?
3 comments:
Do you suggest that this would not have happened had the Liberals remained in power?
Also this is not good news, but far from the bank going under.
also this link to a CBC page
http://www.cbc.ca/news/yourview/2006/11/royal_banks_annual_profit_jump.html
in 2006 Royal Bank reported record profits of 4.7 billion.
Quote:
"Nixon attributed the fourth-quarter increase to strong growth in the wealth management and banking divisions, and stronger trading results in the capital markets businesses."
Isn't this the sort of activity that is going to lead to the US market correction in 2008 (i.e. today)....
Hey the Libs were in power for this one...
The sort of economic down turn that we see today is not created by 2 1/2 years of a Conservative minority government. These blocks were being put into place long before, during the good/greedy economic times of the late 90s and early 2000s.. Who was in power during this time?
Was the former government surplus true capital, or was it only the taxes paid on borrowed money; raised against overly inflated capital?
What I suggest, unlike Stephen Harper, is that the Canadian Economy is NOT fine. Our banks ARE at risk. Get it?
Well my fisherman friend, I can tell you what advice Stephen Harper is going to tell you.... Go buy some stocks. There's some good deals out there.
As for me helping? I'll do what I can. I wish you luck my friend.
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