Richard Waugh, the CEO from Bank of Nova Scotia spoke in Vancouver today and told the audience that the global financial system has begun to stabilize. I hate to tell you I told you so…but I did.“My sense is that the financial system, and this includes globally, is beginning to stabilize. So economies will stabilize, I expect, near the end of the year.”
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By pjrowbot, March 25, 2009 @ 9:27 am
‘I told you so’. That’s just asking for someone to tell you that straight back in a couple of months. I’m not saying I know anything, but I’m certain that nobody else does either!
By C M, March 25, 2009 @ 9:47 am
Well the recession is over folks, Richard Waugh says so!
Seriously folks, the *last* person I would be listening to right now is the CEO of a major financial institution.
By Greg, March 25, 2009 @ 1:00 pm
I meant “I told you so” that the global financial system is stabilizing, and it is. The signs are everywhere. I don’t mean “I told you so” that the recession is over. Cause I know it’s not.
Richard Waugh never said that either, he in fact said like many others that it appears by years end we could see some economic growth, i.e. the recession easing.
By Jason Dodd, March 27, 2009 @ 8:30 am
Scotia has been one of those banks who have turned good profits, minimized losses due to subprime exposure and have continued good product offerings during these tough times.
If we are going to listen to any lenders in the world it would be from Canada. Although they make big bucks and that is enviable would we rather have a banking system like some in the US where they have shut doors and are not honoring deposits. Spread the word that our banking system has proven itself resilient and reliable in the worst of times. I am thankful right now that we had some smart and prudent management of banking and lending in our country, global commentary ranks Canada as #1 banking nation in the world and many major nations want to model their systems on ours. If more had listened and acted like Canadian Banks we would be in a different position today.