Awe, toxic Bob had to write-off $24.5 million of ABCP.
So, this is the second business I've seen that has written some the Asset Back Commercial Paper off this weekend.
Wall street spread the risk alright... You get diluted shares and worthless paper. They made an average of about $300k per year. There was $32 billion of this worthless paper sold, well, estimates go from about 40c to 85c on the dollar. It will be interesting to see how many take a hit.
ou'd think someone would take the time to check out the quality of the paper, especially with buying amounts like $24.5 million.. $32 billion of this stuff gets into Canada and no one in the selling food chain picks up that this stuff is bad.
Robert Friedland is someone I don't much care for. He killed a whole river system in Colerado in his rush to build a mine and not building it properly. He left the tax payers there to clean up his mess, although he did eventually pay a $20 million fine. It didn't come close to covering the costs. Last I read he's worth about $400 million now.