Sure why not? A $10 billion bailout of ABCP, only represents $625 for every Canadian taxpayer. What kind of precedent does this establish for government to bail out failed Bay Street structured investments? What's next...a bailout of failed Bre-X investors?
OTTAWA
ABCP rescue talks continue: Flaherty
KEVIN CARMICHAEL
Globe and Mail
OTTAWA - Finance Minister Jim Flaherty said he is speaking to some of his provincial counterparts on a possible government backstop for the $32-billion asset-backed commercial paper market and that he might have a decision on whether to extend a lifeline later Wednesday.
"We have had discussions on the subject," Mr. Flaherty told reporters before joining his provincial and territorial counterparts for a meeting in Saskatoon. "That's all I can say at this point. I might have more for you later in the day."
The investors and banks trying to salvage the restructuring of the ABCP are asking governments for guarantees of as much as $10-billion to keep their plan from falling apart amid the fallout from the credit crisis.
Mr. Flaherty declined to discuss specifics. He said he is talking to "certain" governments about a rescue and that any public support would be less than $10-billion.
"Nothing that large," he said.
Wednesday, December 17, 2008
Flaherty on the verge of bailing out Bay Street's latest cheque kiting scheme?
Subscribe to:
Post Comments (Atom)
1 comment:
Now wait just a minute here Mr Flaherty.
You propose to bail-out the retail ABCP investors---these are your big cheese buddies right??--these are institutional investors such as pension funds where the average investment was somewhere north of 13 million per pop.
I thought these outfits were controlled by seasoned investor/consultant teams---people who should have known better than to get involved in such schemes.
Give me a freaking break.
You are the same guy who threw all of trust investors into the gator infested moat on the say so of some of these same institutional investors who you are about to save with a bail-out--these were the same clowns who would benefit from the demise of the trust market.
All I can say is thanks a lot.
We got screwed by trusting you--no bail-out for us -- it was just tough luck --you should not have trusted us--go away , who cares.
You are some piece of work.
To think I actually voted for you--my bad judgement never ceases to amaze me at times.
Dr Mike Popovich.
Post a Comment