I have had a longstanding argument with some colleagues that Canada has not escaped this financial crisis as everyone would like to believe. Canadian banks are loaded with CMBS (commercial mortgage backed securities) and who knows what else. Expect things to get much worse for Canada throughout the year.
Canadian pension manager questioned on $39.8B loss
The Caisse de depot et placement du Quebec, the biggest public pension fund manager in Canada, is getting a close look during government hearings after posting a $39.8 billion loss in 2008, the biggest drop in its 43-year history. That works out to be a performance of negative 25%, while the median for major Canadian pension funds was negative 18.4%. The Globe and Mail (Toronto) (26 Feb.)