Tuesday, September 11, 2007

Red Corp CEO Blasts ABCP Process. A Matter of Leadership.

Terry Chandler, CEO of RedCorp Ventures, which has over $100M tied in illiquid ABCP, blasted securities regulators for "allowing the widely traded securities market to implode" and then failing to oversee a proposed restructuring (bailout) by group of large financial institutions which are only "serving their own interests". Well, he got it right about the institutions serving their own interests (by swapping short term debt for long term debt) - and this "bailout" is not a done deal and may still be in trouble - but, Mr Chandler, why did your company invest in ABCP? What does does tell the shareholders about the quality of management?

Mr. Chandler also says "I don't see any leadership coming from this group". Yes, it's a matter of leadership Mr. Chandler.

(From National Post, September 11 print edition).

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