Plenty of financial institutions have come through the financial crisis relatively unscatered...the world is not at its end, unless what some doom-thinkers try to teach us.
Every bank has been hammered in the past two years, no doubt about that, but some have done much better than others: investors in the City groups and the Royal bank of Scotland have been all but wiped out, and the Chinese banks now dominate ranking by market capitalisation.
And what to think about Rabobank, according to the Economist 'a wonderfully dully co-operative bank in the Netherlands'. Rabobank is the only bank worldwide that still can boast a AAA rating from the Standard & Poor's.
Every bank has been hammered in the past two years, no doubt about that, but some have done much better than others: investors in the City groups and the Royal bank of Scotland have been all but wiped out, and the Chinese banks now dominate ranking by market capitalisation.
And what to think about Rabobank, according to the Economist 'a wonderfully dully co-operative bank in the Netherlands'. Rabobank is the only bank worldwide that still can boast a AAA rating from the Standard & Poor's.
But over a longer time span, from the moment the bubble started, only a handful of big firms have delivered capital gains. They include America's Goldman Sachs, Credit Suisse based in Zurich Switzerland, BNP Paribas of France and Banco de Santander of Spain. The USA based banks lost, the Chinese and most European leading banks survived. But against which price?
Note; The Dow Jones announced that stocks of City group and GM will not be traded anymore at the New York stock exchanged.
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Our "Big Five" Canadian banks are doing quite well. They're well capitalized. We claim to have the soundest bank systems in the world. It could be because we have a conservative culture. I don't know how to give links but you can google those informations easily. Just thought I would wave the flag a bit. We don't do that often in my country. But we're solid. Anyhow, someone is bound to disagree. It's fine by me....
Dear Claudia, the social capitalists system of Canada is simular to that of the Netherlands, so I believe you regarding Canada 'although' still doing well...and flag waving, you just bought Chrysler..)) By Magna..))!
Fiat gets its stake in GM...
Hope that Dutch ING buys Bank of America..))
Kindest
hans
Dear Hans - The deal was a good one. It will do well too for everyone. Everything Frank Stronach touches turns to gold.
All the best for the Dutch...))
Hans,
1) Citi and GM are being dropped from the Dow index not from the New York Stock Exchange.
2) Magna bought Opel which is part of GM. Chrysler is being bought by Fiat.
3) Four of the top 50 safest banks in the world are Canadian
http://www.gfmag.com/index.php?idPage=1213
Also ING is in trouble. Bank of America looks like it will be ok.
Richard - Yes! You're right, Stronach (Magna) succeeded in his bid for Opel. It's his crowning business achievement. It will save many jobs and the German company from insolvency. I read that the employees will get 10% of the shares.
RE: Canadian Banks: not one single tax payer money have been used to prop them up. It's quite something in these days.
Hans - Thanks for letting me brag a little.:)))
BTW, I don't own a bank and I find a lot of things wrong with capitalism. But (with Churchill) I haven't seen anything better yet.
:)
Richard, thanks for the update and correction. I got my info from The Economist..and was slumpy in writing.)
Made a seperate post.
Kindest
hans
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