Regis Philbin
Apr 24th, 2009, 05:32 PM
The USA gets schooled in Capitalism by Canada, how embarassing is that?
The Canadian banks loaned money to people that could pay it back, what a concept!!! Are you listening Barney Frank and Chris Dodd???
http://www.cbsnews.com/stories/2009/04/18/eveningnews/main4954231.shtml
Canadian Banks Avoided Mortgage Meltdown
CBS Evening News: Bankers Eschewed Subprime Loans, Mortgage Securities; The Result -- No Bank Failures
April 18, 2009 | by Jeff Glor
(CBS) Two more U.S. banks were taken over by the government overnight. And while a number of this country's biggest banks reported improving conditions this week, some of their accounting methods have been questioned.
One place where none of this banking drama is taking place is Canada, as CBS Evening News weekend anchor Jeff Glor reports.
Ed Clark is a plainspoken, polite and prudent Canadian bank CEO with a few simple rules: "We should never do things for our customers and clients that we don't actually understand. If you wouldn't put your mother-in-law in this, don't put our clients in it."
You may never have heard of Clark or Toronto Dominion bank (aka TD Bank), but it's the sixth-largest bank in North America - and, in the middle of a global banking crisis, a profitable one at that.
"We will make more money in this quarter than any bank in North America," Clark said. "So for a little Canadian bank sitting up here, yeah that feels pretty good."
How did that come to pass?
"Basically, because we didn't do the things that blew other banks up," Clark said.
The Canadian banks loaned money to people that could pay it back, what a concept!!! Are you listening Barney Frank and Chris Dodd???
http://www.cbsnews.com/stories/2009/04/18/eveningnews/main4954231.shtml
Canadian Banks Avoided Mortgage Meltdown
CBS Evening News: Bankers Eschewed Subprime Loans, Mortgage Securities; The Result -- No Bank Failures
April 18, 2009 | by Jeff Glor
(CBS) Two more U.S. banks were taken over by the government overnight. And while a number of this country's biggest banks reported improving conditions this week, some of their accounting methods have been questioned.
One place where none of this banking drama is taking place is Canada, as CBS Evening News weekend anchor Jeff Glor reports.
Ed Clark is a plainspoken, polite and prudent Canadian bank CEO with a few simple rules: "We should never do things for our customers and clients that we don't actually understand. If you wouldn't put your mother-in-law in this, don't put our clients in it."
You may never have heard of Clark or Toronto Dominion bank (aka TD Bank), but it's the sixth-largest bank in North America - and, in the middle of a global banking crisis, a profitable one at that.
"We will make more money in this quarter than any bank in North America," Clark said. "So for a little Canadian bank sitting up here, yeah that feels pretty good."
How did that come to pass?
"Basically, because we didn't do the things that blew other banks up," Clark said.