Re: Asian crisis hits Canadian banks

[Doug Henwood <dhenwood@xxxxxxxxx>]

Sid Shniad wrote:

>Scotiabank, which bills itself as the most international of Canada's banks,
>has the largest exposure to the Asia-Pacific region, including Japan.

A friend of mine who was a leveraged buyout specialist for an insurance
company back in the 1980s interviewed with Citibank for position lending
for LBOs. His interviewer told him that it was bank policy to have what the
regulators called HLT (highly leveraged transaction) loans off the books
withing six months of booking them. He asked, "Who do you sell the loans
to." The Citibanker laughed and said, "Oh, the Bank of Nova Scotia."

Doug