It’s possible, but the issue is smaller US regionals. The Canadian banks are fine. It’s interesting, because Canada implemented those bail-in bonds after the GFC. I’m not entirely sure whether all bonds issued by banks can be converted or just those bail-in bonds.
Well the VCs were all super libertarian when it was a discussion about student loan forgiveness or help for people during the pandemic. But when they were the ones on the receiving end they were all begging to have potential losses backstopped. Suddenly, they’re all socialists!
Haha yeah, the age old shocking changes in ideals based on what results in people keeping more money.
Which is the exact same as any type of account. Accounts held as deposits in a bank are covered by CDIC and securities held in a brokerage are directly owned by the individual and then any losses due to fraud/incompetence on the part of the brokerage are covered by the CIPF.
UBS lowered their offer for Credit Suisse down from Fridays $8B to $2B citing risk. The offer was reported as low as $1B at one point, which Credit Suisse flat out refused, prompting fears the bank would get nationalized. All this despite a $50B loan guarantee from the Swiss National Bank.
Which is the exact same as any type of account. Accounts held as deposits in a bank are covered by CDIC and securities held in a brokerage are directly owned by the individual and then any losses due to fraud/incompetence on the part of the brokerage are covered by the CIPF.
No, the CIPF covers insolvency. It explicitly does not cover fraudulent claims made to you (as a client) or incompetence. You would have to pursue that through Errors and Omissions coverage that all licensed individuals must carry.
UBS lowered their offer for Credit Suisse down from Fridays $8B to $2B citing risk. The offer was reported as low as $1B at one point, which Credit Suisse flat out refused, prompting fears the bank would get nationalized. All this despite a $50B loan guarantee from the Swiss National Bank.
Before the mid-2000s the YO section was quite insignificant and tucked away at the back of bookstores. Then after the Harry Potter hysteria (and the generations that followed such as Twilight and Hunger Games), the genre saw explosive growth and the expansive, multi-aisle sections we know now popped up and were moved front and centre.
Eh, I think that we were probably much closer to a total financial system collapse than many here are willing to glibly remark about. There are plenty of stories of Janet Yellen on the phone at 2am trying to ensure that CS gets bought out... No way she's doing that sort of work at her age/ stature unless the problem is ####ing bad. So maybe we were saved this time. But typically, they have saved us by kicking the can down the road. I am fairly certain that's what's happened here.
