Sun Life Canada - Exposed
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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.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!!
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.
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-showsSnaggs…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-trackerSnaggs…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?
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!!!