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!
Source.
"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.
Thursday, September 27, 2007
ABCP Bailout Plan in Trouble
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2007
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September
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- ABCP Bailout Plan in Trouble
- 200 Baffinland Iron Mines Workers Almost Without W...
- On The Collapse of CDOs and ABCPs
- Coventree Slashing Workforce By 30%
- Has the DJIA Really Risen 7% in 2007?
- Tougher Rules on ABCP Rating
- Record Wheat Prices Force Italians to Boycott Spag...
- Just 50 Cool Yachts Are Needed to Reduce Global Ca...
- Aginflation, Food and Agriculture Inflation
- Red Corp CEO Blasts ABCP Process. A Matter of Lead...
- $140B in commercial paper due by the end of next week
- Holders of the"Bailed-Out" ABCP Could Lose 50%
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