Global financial system 'pushed to the brink,' RBC's Nixon warns
Last Updated: Friday, September 5, 2008
The worldwide financial system has been "pushed to the brink" in its most severe downturn since the Great Depression, although the actions of American policy-makers have averted disaster, the head of Canada's largest bank said Friday.
"Not since the [Second World War] has the financial system itself been in such a state of dysfunction," Royal Bank chief executive Gordon Nixon told a roundtable of prominent business leaders in Calgary.
Royal Bank CEO Gordon Nixon, shown above in 2007, said Friday in Calgary that the global financial system is in 'a state of dysfunction.'
However, Nixon said "decisive actions" such as the bailout of investment bank Bear Stearns, which was bought by JPMorgan in a deal orchestrated by the U.S. central bank, prevented a potentially disastrous ripple effect from taking place.
Friday, September 5, 2008
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