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User Name Thread Name Subject Posted
Bee BS: The Bailout (520* d) RE: BS: The Bailout 08 Oct 08


http://www.financialpost.com/small_business/succession/Story.html?id=866521

"In a desperate bid to help U. S. banks recapitalize, Washington is dropping its inhibitions and reaching out to Canadian financial institutions to gauge their willingness to participate in rescue operations.

The Federal Reserve Board has activated a back channel that puts the central bank in direct contact with chief executives at Canada's largest banks and insurers, according to a person familiar with the dialogue.

They are approaching "banks with major assets in the U. S. like [Toronto-Dominion Bank] and Royal [Bank of Canada], because when they have a bailout situation they want everyone who is a potential buyer to look at it," the source said."

Back channel?


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