Richard Crenian Blogs
March 3rd, 2010
Banking Money and You……by Richard Crenian
Just the facts, Ma’am:
First quarter profits…….
National Bank at $215 million up from 69 million;
BMO -Bank of Montreal $657 million from 432 million;
TD Bank shows double their quarterly profit posting a gain of 1.3 billion dollars.
These are the quarterly results of the Canadian banks. These banks are what the global standard is set by. It is obvious why.
With all the bank failures in the US (15 alone in the month of January), it is wonder why one picks Canada for safety and security. The knock about Canada and the Canadians is that they are too quiet, too polite, and too boring. If you are an investor boring is good, and if you are an investor past 45 years old, boring is great.
Oil, gold, etc have been great commodities for the rich commodity Canada. Is it any wonder why we are lucky to be here and live here? Is it any wonder that foreign investors are flocking here; wealthy immigrants are moving and wanting to move, to Canada. Boring is good sometimes, and being here in Canada we are glad.
Howard and I are both boring investor turtles, we will go slow and steady into the sunset, like we want our investments to do. Why not? We aren’t going to be around forever but when we are we will take care of our day to day concerns and leave well for those that remain.
Call Howard at 4036304544 or email him at howardmanley@shaw.ca to chat or exchange ideas. Of course you can always write to me at richardc@redevgroup.ca. Thanks for reading.
Richard Crenian
www.redevgroup.com
Showing posts with label Canada Banks. Show all posts
Showing posts with label Canada Banks. Show all posts
Friday, March 5, 2010
Friday, February 19, 2010
The New Sheriff by RIchard Crenian
Richard Crenian Blogs
February 19, 2010
The Sherriff of Wall Street
Wow, the Globe reported a story from the Associated Press that former CEO of Bank of America Ken Lewis misled investors about Merrill Lynch before B of A acquired it.
Lovely. Imagine being misled by Wall Street. Who would have thunk.
Bottom line the story is that B of A knew that the losses at Merrill were larger than anticipated but they chose not to tell investors. A Bank doing what? To whom?
Yes those mutual fund cos that bought into B of A and thought they were going great guns. What was the problem anyhow? The Bank had to report full disclosure, right?
Wrong. So here we are that the AG’s (Attorney General’s office) is charging them, and we also learn that B o A were trying to resolve the matters with the SEC as well. (Of course since the SEC was to regulate Bank of America as well.)
Anyhow, Howard and I like investing in what we control. Simple retail shopping centers. It is what it is.
I don’t have to worry about our investments, we have professionals we deal with and life is good. We are not in the get rich quick scheme of things. Just slow and steady. Just imagine, how big your savings would be today if you started investing and saving since day 1. Assuming of course you were choosing safe investments, and not gambling on the stock market.
Call Howard at 4036304544, or email him at howardmanley@shaw.ca to discuss strategies, or write me at richardc@redevgroup.ca.
Thanks for reading.
Article attached from the Globe below.
Richard Crenian
www.redevgroup.com
From the Globe website
Stephen Bernard and Ieva M. Augstums
New York — The Associated Press
Published on Thursday, Feb. 04, 2010 11:44AM EST
Last updated on Thursday, Feb. 04, 2010 1:54PM EST
.The New York Attorney General's office said Thursday it filed civil fraud charges against Bank of America Corp. (BAC-N14.90-0.63-4.06%) and its former chief executive officer Ken Lewis, saying the bank misled investors about Merrill Lynch before it acquired the Wall Street bank in early 2009.
Civil charges were also being filed against Joe Price, the bank's former chief financial officer.
At the same time Attorney General Andrew Cuomo's office was filing its civil charges, the U.S. Securities and Exchange Commission reached a settlement to resolve separate federal charges it brought against Bank of America over similar issues. It is the second time the SEC and Bank of America have tried to settle the case.
Bank of America has been accused of failing to properly disclose losses at Merrill and bonuses paid to investment bank employees before the deal closed. Mr. Cuomo called Bank of America's actions “egregious and reprehensible” in deceiving not only shareholders, but also the federal government.
The bank received an additional $20-billion (U.S.) in government bailout funds in January, 2009, to help offset losses it absorbed as part of the Merrill Lynch acquisition. In December, Bank of America repaid the $20-billion, plus the initial $25-billion it received in government bailout money.
Mr. Lewis stepped down as CEO from Bank of America on Dec. 31 after almost a year of strife that followed the bank's purchase of Merrill Lynch. Mr. Price became head of the bank's consumer banking division, taking over for Brian Moynihan, who succeeded Mr. Lewis as CEO on Jan. 1.
Mr. Moynihan is not under investigation.
February 19, 2010
The Sherriff of Wall Street
Wow, the Globe reported a story from the Associated Press that former CEO of Bank of America Ken Lewis misled investors about Merrill Lynch before B of A acquired it.
Lovely. Imagine being misled by Wall Street. Who would have thunk.
Bottom line the story is that B of A knew that the losses at Merrill were larger than anticipated but they chose not to tell investors. A Bank doing what? To whom?
Yes those mutual fund cos that bought into B of A and thought they were going great guns. What was the problem anyhow? The Bank had to report full disclosure, right?
Wrong. So here we are that the AG’s (Attorney General’s office) is charging them, and we also learn that B o A were trying to resolve the matters with the SEC as well. (Of course since the SEC was to regulate Bank of America as well.)
Anyhow, Howard and I like investing in what we control. Simple retail shopping centers. It is what it is.
I don’t have to worry about our investments, we have professionals we deal with and life is good. We are not in the get rich quick scheme of things. Just slow and steady. Just imagine, how big your savings would be today if you started investing and saving since day 1. Assuming of course you were choosing safe investments, and not gambling on the stock market.
Call Howard at 4036304544, or email him at howardmanley@shaw.ca to discuss strategies, or write me at richardc@redevgroup.ca.
Thanks for reading.
Article attached from the Globe below.
Richard Crenian
www.redevgroup.com
From the Globe website
Stephen Bernard and Ieva M. Augstums
New York — The Associated Press
Published on Thursday, Feb. 04, 2010 11:44AM EST
Last updated on Thursday, Feb. 04, 2010 1:54PM EST
.The New York Attorney General's office said Thursday it filed civil fraud charges against Bank of America Corp. (BAC-N14.90-0.63-4.06%) and its former chief executive officer Ken Lewis, saying the bank misled investors about Merrill Lynch before it acquired the Wall Street bank in early 2009.
Civil charges were also being filed against Joe Price, the bank's former chief financial officer.
At the same time Attorney General Andrew Cuomo's office was filing its civil charges, the U.S. Securities and Exchange Commission reached a settlement to resolve separate federal charges it brought against Bank of America over similar issues. It is the second time the SEC and Bank of America have tried to settle the case.
Bank of America has been accused of failing to properly disclose losses at Merrill and bonuses paid to investment bank employees before the deal closed. Mr. Cuomo called Bank of America's actions “egregious and reprehensible” in deceiving not only shareholders, but also the federal government.
The bank received an additional $20-billion (U.S.) in government bailout funds in January, 2009, to help offset losses it absorbed as part of the Merrill Lynch acquisition. In December, Bank of America repaid the $20-billion, plus the initial $25-billion it received in government bailout money.
Mr. Lewis stepped down as CEO from Bank of America on Dec. 31 after almost a year of strife that followed the bank's purchase of Merrill Lynch. Mr. Price became head of the bank's consumer banking division, taking over for Brian Moynihan, who succeeded Mr. Lewis as CEO on Jan. 1.
Mr. Moynihan is not under investigation.
Friday, February 5, 2010
Everyone is an Expert? by Richard Crenian
Is it time to change your investments advisor?
Here's a transcript of my latest conversation with our media consultant this week.
Q: Richard, when does one know when it?s time to change their investments adviser?
Richard Crenian: You know, sports and business are so intertwined. I live in Toronto and one of our offices is in Calgary. Yesterday at around noonish in Toronto, the Toronto Maple Leafs hockey team announced that it was trading a bunch of players to Calgary and Calgary was trading a bunch of players to Toronto, with the idea that it would shake up the team. What happens is, by trading off players and bringing in new players, it sometimes brings new blood into the team, so that the teams have a different approach, a winning approach to playing the game and winning also brings about one important thing, is that the clubs make money. So ideally if sports is business and clubs are there to make money, they?re there wanting to shake up staff to allow themselves to win and make money.
While it?s funny that we don?t realize the kind of approach we have towards our investment advisors. Because they are stockbrokers, we?ve gone through the whole gamut where we?ve lost a bunch of money and now the mutual funds where a lot of people are invested in have started creeping back but not quite to the levels that we lost those big numbers at. So everybody sings the same tune, everybody tells the same thing. What is it about that one special adviser that you need to listen to or go to and every time you sit down with your investment adviser, they tell you the same story that six hundred other advisors tell you about. And the thing is you are always looking for a winner because the investment adviser is giving you advice today isn?t making you money. He is not the guy risking his own money and so if he gives you bad advice, a wrong advice or market advice or some advice that his economists or his staff has told him to give you, then, then maybe it?s time you should be looking at a new investment adviser, someone that will be able to give you different kinds of products. You know if you are only used to stocks and bonds and mutual funds, and there?s an opportunity for you to diversify. You?re a stockbroker there sitting there isn?t telling you to go buy this other product cause he is not making commission doing so.
Anybody can be an investment adviser today. Everybody says that "I am an expert at this", "I?m an expert at that", when in reality they are an expert at making money for themselves. What about making money for you as a client? If you?re really bogged down with the same story that you hear, you read every paper and you hear the same story and you?re tired of it, it?s time to look for somebody new.
Economists. I had a breakfast with the economists that works for a big investment adviser, a wealthy investment company in Toronto one day, and they were telling me that a, a story and I turned around and I said, ?Listen, I appreciate what you?re saying, how you?ve framed the economy, where it?s going and stuff. What products are you selling today?? So he was telling me what kinds of products he was selling and his conversation of what he told me was framed completely to sell his product. So a lot of times when you hear an investment adviser who is giving you advice, it?s because they have hired guns on staff to give you advice to buy their product.
Here it is, here is the rent roll. We say here?s what you look at, here?s the cash flow you can expect to get and you know, you can expect to get it. We, we tell you the good, the bad and the ugly. If everything goes well, this would be the your returns, if it doesn?t go well, we can tell you. We?ll tell you too. We don?t like to tell you bad news, if a tenant leaves or whatever, but that?s the reality of the day. We?ll replace, we?ll replace the tenant. Sometimes it takes longer, sometimes it doesn?t take as long but you know I think, you need to have somebody telling you the good, the bad, the ugly. We?ve got nothing to hide. So if your investment adviser telling you that everything is great, everything is better, buy gold, buy silver or buy everything else, find out what products they are selling. And if they are selling the products they are harping about, that?s the time you change investment advisers.
Meanwhile, go to our website and you?ll be able to see the products we are selling and you make up your own mind. If you think we are selling good products, come buy from us. If you think we are selling junk, don?t even bother calling us cause, you know what, we don?t want to be there, if, if you think we are selling junk. We just want to be able to sit down and have a heart to heart talk to you. We?ll explain to you our position and if it sounds like we are making sense, come talk to us. If it doesn?t then you know what, no worries at all. We understand and we?ll both carry on.
Call Howard at 4036304544 or email him at howardmanley@shaw.ca, or write me if you have any thoughts you would like to share.
Thank you for reading.
Richard Crenian
www.redevgroup.com
richardc@redevgroup.ca
Here's a transcript of my latest conversation with our media consultant this week.
Q: Richard, when does one know when it?s time to change their investments adviser?
Richard Crenian: You know, sports and business are so intertwined. I live in Toronto and one of our offices is in Calgary. Yesterday at around noonish in Toronto, the Toronto Maple Leafs hockey team announced that it was trading a bunch of players to Calgary and Calgary was trading a bunch of players to Toronto, with the idea that it would shake up the team. What happens is, by trading off players and bringing in new players, it sometimes brings new blood into the team, so that the teams have a different approach, a winning approach to playing the game and winning also brings about one important thing, is that the clubs make money. So ideally if sports is business and clubs are there to make money, they?re there wanting to shake up staff to allow themselves to win and make money.
While it?s funny that we don?t realize the kind of approach we have towards our investment advisors. Because they are stockbrokers, we?ve gone through the whole gamut where we?ve lost a bunch of money and now the mutual funds where a lot of people are invested in have started creeping back but not quite to the levels that we lost those big numbers at. So everybody sings the same tune, everybody tells the same thing. What is it about that one special adviser that you need to listen to or go to and every time you sit down with your investment adviser, they tell you the same story that six hundred other advisors tell you about. And the thing is you are always looking for a winner because the investment adviser is giving you advice today isn?t making you money. He is not the guy risking his own money and so if he gives you bad advice, a wrong advice or market advice or some advice that his economists or his staff has told him to give you, then, then maybe it?s time you should be looking at a new investment adviser, someone that will be able to give you different kinds of products. You know if you are only used to stocks and bonds and mutual funds, and there?s an opportunity for you to diversify. You?re a stockbroker there sitting there isn?t telling you to go buy this other product cause he is not making commission doing so.
Anybody can be an investment adviser today. Everybody says that "I am an expert at this", "I?m an expert at that", when in reality they are an expert at making money for themselves. What about making money for you as a client? If you?re really bogged down with the same story that you hear, you read every paper and you hear the same story and you?re tired of it, it?s time to look for somebody new.
Economists. I had a breakfast with the economists that works for a big investment adviser, a wealthy investment company in Toronto one day, and they were telling me that a, a story and I turned around and I said, ?Listen, I appreciate what you?re saying, how you?ve framed the economy, where it?s going and stuff. What products are you selling today?? So he was telling me what kinds of products he was selling and his conversation of what he told me was framed completely to sell his product. So a lot of times when you hear an investment adviser who is giving you advice, it?s because they have hired guns on staff to give you advice to buy their product.
Here it is, here is the rent roll. We say here?s what you look at, here?s the cash flow you can expect to get and you know, you can expect to get it. We, we tell you the good, the bad and the ugly. If everything goes well, this would be the your returns, if it doesn?t go well, we can tell you. We?ll tell you too. We don?t like to tell you bad news, if a tenant leaves or whatever, but that?s the reality of the day. We?ll replace, we?ll replace the tenant. Sometimes it takes longer, sometimes it doesn?t take as long but you know I think, you need to have somebody telling you the good, the bad, the ugly. We?ve got nothing to hide. So if your investment adviser telling you that everything is great, everything is better, buy gold, buy silver or buy everything else, find out what products they are selling. And if they are selling the products they are harping about, that?s the time you change investment advisers.
Meanwhile, go to our website and you?ll be able to see the products we are selling and you make up your own mind. If you think we are selling good products, come buy from us. If you think we are selling junk, don?t even bother calling us cause, you know what, we don?t want to be there, if, if you think we are selling junk. We just want to be able to sit down and have a heart to heart talk to you. We?ll explain to you our position and if it sounds like we are making sense, come talk to us. If it doesn?t then you know what, no worries at all. We understand and we?ll both carry on.
Call Howard at 4036304544 or email him at howardmanley@shaw.ca, or write me if you have any thoughts you would like to share.
Thank you for reading.
Richard Crenian
www.redevgroup.com
richardc@redevgroup.ca
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