Thursday, September 27, 2007

ABCP Bailout Plan in Trouble

The so called Montreal bailout is in even more trouble than earlier reported. Looks like in spite of taking advantage of the holders of ABCP (by swapping shirt term for very long term paper), the banks themselves cannot agree on how to proceed. According to the Financial Post they are having trouble reaching an agreement because they looking for their own interests. How surprising!


"Simply put, the source said, the only way for the logjam to end is for the federal government to step in and take control. If that doesn't happen, the consequences for the Canadian economy could be dire", a senior executive lose to the negotiations said.

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