Bentleypas
Ashley Madison

Hope No Canadian Banks

benstt

Well-known member
Jan 20, 2004
1,181
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Dude. I wrote total return swaps aka synthetic pb (do you know what that they are?) facing US hedge funds for a big 5 Canadian bank. Not sure what part of the industry you work in but you should know this if you’re an insider.
There would have been controls on your risk position. The canadian banks keep their exposure low and do not making the bank-killing bets that others do.

Hey Mom & Dad, I've got a great lottery picking algo, we gonna be rich.... That's very sweet dear, just don't spend over 10 a week. Here's your allowance by the way.
 
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Soccersweeper

Active member
Apr 24, 2018
142
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Toronto
Dude. I wrote total return swaps aka synthetic pb (do you know what that they are?) facing US hedge funds for a big 5 Canadian bank. Not sure what part of the industry you work in but you should know this if you’re an insider.
I never said we don't deal with them, but we don't deal with them in a way that's ever going to expose us to this kind of damage. You would know that if you're an insider.
 
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Soccersweeper

Active member
Apr 24, 2018
142
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Toronto
They are scheduled 1 banks but you would know that if you worked in the industry.
Sounds like you’re an ops person or someone in reporting or technology trying to pass oneself off as knowing how the capital markets trade floor works. Or perhaps you are a discount broker who takes orders and executes them for $5 a trade?
Then it sounds like you don't know what risk management sounds like. That's what I do. I approve (or not) your schemes. People like me make sure people like you don't screw us all up.
 

shakenbake

Senior Turgid Member
No significant bank has failed in Canada since before the Depression. Before, not during. Best banking system in the world.
In Canada, only two small regional banks have failed since 1923 when the Home Bank of Canada failed. This was both Canadian Commercial Bank and Northland Bank in September of 1985.[17] To put this into perspective there were no bank failures in Canada during the Great Depression, World War II, the 1979 Energy Crisis, the Dot-com Bubble, the Sept 11th Attacks or the Subprime Mortgage Crisis.
 
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oakvilleguy

Active member
Nov 30, 2005
609
59
28
At a SP near me
There would have been controls on your risk position. The canadian banks keep their exposure low and do not making the bank-killing bets that others do.

Hey Mom & Dad, I've got a great lottery picking algo, we gonna be rich.... That's very sweet dear, just don't spend over 10 a week. Here's your allowance by the way.
Yes absolutely. More limits than you can possibly imagine.
 

oakvilleguy

Active member
Nov 30, 2005
609
59
28
At a SP near me
I never said we don't deal with them, but we don't deal with them in a way that's ever going to expose us to this kind of damage. You would know that if you're an insider.
I was responding to your initial post (#2 of this thread) where you indicated Canadian banks don’t deal with US hedge funds. So now Canadian banks do deal with US hedge funds? Which is it?

Maybe you should reread what you posted.
 
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oakvilleguy

Active member
Nov 30, 2005
609
59
28
At a SP near me
Then it sounds like you don't know what risk management sounds like. That's what I do. I approve (or not) your schemes. People like me make sure people like you don't screw us all up.
Hahaha. Typical response from a risk manager. Every trade i put on has been blessed by your type so don’t come across as holier than thou as you are all complicit in these schemes as you call them. Try generating some pnl instead of being a cost centre.
 

Darts

Well-known member
Jan 15, 2017
8,798
922
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I vaguely recall there was a Schedule B/II bank that went bust around the 1970's or 1980's. Forgot the name but I think it starts with a B and the parent was in the ME.

Also, I think ING Canada was technically bankrupt and bought out by BNS.
 

Soccersweeper

Active member
Apr 24, 2018
142
79
28
Toronto
Hahaha. Typical response from a risk manager. Every trade i put on has been blessed by your type so don’t come across as holier than thou as you are all complicit in these schemes as you call them. Try generating some pnl instead of being a cost centre.
One minute I sound like a sales guy, next I'm a typical risk guy. You don't know if you're coming or going. And sometimes risk gets overridden by higher ups who want to make a name for themselves, but most of the time your proposals only go forward once we're happy with them. And given the ironclad record of the big banks, that's a ringing endorsement of what we do. The billions we save in avoiding screw ups is worth more than entire profit for a year. This one example we're discussing here would have killed any Canadian bank's annual profit. One decision. Sales guys are a dime a dozen, easily trained and replaced. Risk is what's been in demand since 2008. No one wants to be the next Bear Stearns or Leeman Bros. Even HSBC and Deutchebank are hemmhorraging sales guys by the thousands right now. Didn't listen to their risk guys. P&L penny wise and risk pound foolish.
 

Insidious Von

My head is my home
Sep 12, 2007
26,959
1,164
113
If a major Canadian bank fails it's because we have bigger problems, like zombies in the streets.
When it comes to market jargon I'm Sergeant Schultz, are you referring to zombie companies, Canada has a few. Canadian banks are also much more invested in the American market then they were in 2008. TD and RBC are, not sure about the others.

With technology making it so easy for everyday people to invest, all of a sudden God like Hedge Fund Managers have feet of clay. Lucky for moi my portfolio is based on calamity.

LMAO I disagreed with him on GM (check my past posts on this).

 
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oakvilleguy

Active member
Nov 30, 2005
609
59
28
At a SP near me
One minute I sound like a sales guy, next I'm a typical risk guy. You don't know if you're coming or going. And sometimes risk gets overridden by higher ups who want to make a name for themselves, but most of the time your proposals only go forward once we're happy with them. And given the ironclad record of the big banks, that's a ringing endorsement of what we do. The billions we save in avoiding screw ups is worth more than entire profit for a year. This one example we're discussing here would have killed any Canadian bank's annual profit. One decision. Sales guys are a dime a dozen, easily trained and replaced. Risk is what's been in demand since 2008. No one wants to be the next Bear Stearns or Leeman Bros. Even HSBC and Deutchebank are hemmhorraging sales guys by the thousands right now. Didn't listen to their risk guys. P&L penny wise and risk pound foolish.
Yes without you around, none of the banks would still be in business. Great job! Tell me, is it difficult to onto the elevator with an ego as big as yours? Lol
 

Deviant

unregistered
Feb 22, 2004
375
16
18
Not a banker just a victim. However I do remember some shenanigans being reported by Canadian bank during the sub-prime disaster.
Quoted from the article linked below

"CIBC suggested in December that it might have to take a $2-billion writedown this quarter as a result of its exposure to the U.S. subprime mortgage market, in addition to $978-million (Canadian) in charges it has already announced. "

https://www.theglobeandmail.com/report-on-business/subprime-shakeup-at-cibc/article18441543/