Sun Life Canada - Exposed

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Sep 26, 2008 11:07 am

We discussed yesterday and for several days the " situation " and the impact immediately and what else was going to show up.

This morning Sun Life Canada announced a quarter of a billion dollars lost in their investment in Washington Mutual. This is going to be a very interesting story to follow.
Sep 26, 2008 11:45 am

Update to my above post.....Sun Life advises exposed to AIG for 315 million dollars. This company ( Sun Life Insurance ) is what is viewed as a VERY CONSERVATIVE Canadian Insurance Company. Wow!!

Sep 26, 2008 12:22 pm

As I stated several times..this will be DEEP AND WIDE....

Sep 26, 2008 12:43 pm

BSpears...I think we both agreed with this point. I was reviewing an article on Insurance Companies ( Global ) and their exposure from early August/08 their estimates by what appears to be emerging is VERY LOW. With Wamu ....let's see who else will be exposed to their situation.

Sep 26, 2008 2:38 pm

american funds is for 28 billion - 

Sep 26, 2008 2:47 pm

It appears this hedge fund made a good move, brilliant actually:

 
http://www.topix.com/com/wm/2008/07/toscafund-becomes-washington-mutuals-second-biggest-holder-filing-shows
Sep 26, 2008 3:47 pm

Snaggs....do you remember the name of the French Bank earlier this year that had three funds that they closed due to the the Subprime exposure in the funds. I think the dollar amount was in the 2-3 billion range?

Sep 26, 2008 3:50 pm
norway401:

Snaggs....do you remember the name of the French Bank earlier this year that had three funds that they closed due to the the Subprime exposure in the funds. I think the dollar amount was in the 2-3 billion range?

 
No I don't remember the name.  Do any of the names in the first part of this story ring a bell?
 
http://seekingalpha.com/article/77904-global-banks-struggle-to-get-beyond-subprime-housing-tracker
Sep 26, 2008 4:00 pm

Found it....Banque Paribas. I think they got hit as mentioned for 2-3 billion. I am awaiting to see the exposure start to pop up with other Banks/Insurance Companies and the Wamu exposure may be more focused on North American companies. Somewhat a feeling of watching Nero fiddling!!!!