There is nothing useful on this web site.
Even though the internet is the source of all truth, the only truth here is that everything else is a lie.
We can forgive a man for making a useful thing as long as he does not admire it. The only excuse for making a useless thing is that one admires it intensely.
All art is quite useless.- Oscar Wilde
Things have changed but remain the same. Accounts are still frozen and no one knows what they are worth BUT the Committee has come up with a proposal.
Here is a suggested introductory letter that the committee might consider sending to ABCP retail investors, in the spirit of full disclosure and transparency.
(Warning - the following paragraphs contain examples of extreme sarcasm or satire, reader discretion is advised.)
Dear ABCP Noteholder,
Your short term note, which probably matured 6 months ago, will be swapped for a long term note that will mature in 9 years. It might even pay 30 or 60 days worth of interest, like originally promised. Isn't that clever?
It's all detailed in this here 385 page Information Kit. Enjoy!
We acknowledge that you none of you were offered a prospectus earlier because none existed. We will also insist that it may have been mentioned that you were actually buying ABCP DBRS AAA/R-1 rated or whatever.
But that was all bullshit. Ha-ha, sophisticated investor, joke on you! But seriously, we must all take responsibility here.
The ABCP trusts (which we, the committee members, created, sponsored, insured, and traded, and which made possible many a billable hour and year-end bonus - amen) have all been converted to corporations!
This is good for you. Now all the corporations have declared bankruptcy. We protect ourselves from being sued and from paying you the money that we owe you. What a great country this is!
Please vote YES for this proposed restructing. You can trust us. We represent Canada's Big Banks, Public-Sector pension funds, the Investment Dealers of Canada, and hundreds of expensive Bay street lawyers looking forward to thousands of billable hours. Do not let us down!
We stand on guard for thee! Right?