Canada Orders Wealth One Bank Shareholders to Divest | Page 6 | Wealth One Bank of Canada | Discussion forum

canadian.100 said

Here is an UPDATE on Wealth one Bank's Financials to end of 3rd Quarter 2023

LOSS for 2023 to the end of the 3rd Quarter $9,500,000 which represents cumulative LOSS for current fiscal year

RETAINED EARNINGS (Negative) which represents the cumulative LOSSES from inception (2016) $63,247,000

Source: OSFI site  

And those ⬆ would be the Other reasons why I won't touch W1BoC with a
10' Pole ... CDIC coverage, or Not !

Dean

I have well under CDIC limits there. They'd have to pay me at least 7.00% to top it up, to compensate for the nuisance if they fail - and I don't see how they could afford that much. I find it hard to imagine how they can succeed.

Personally I have no hesitation in having deposits there, within CDIC limits.

Doesn't sound like it would take too long to get CDIC money. From their site: "CDIC’s goal is to ensure depositors receive their money as quickly as possible. This process is automatic, and depositors do not have to file a claim. Cheques will start to be mailed out in the days following the failed member’s closure."

Also sounds like CDIC would already likely be involved proactively before a failure: "Following a series of bank failures in the mid-1980s, CDIC was given a stronger mandate with additional powers. These include the power to conduct examinations of our members to increase our level of preparedness and have the incentive to intervene earlier when the CDIC’s potential losses are smaller. Using the results of these examinations, CDIC can make a more informed determination of the most appropriate resolution tool."

Loonie said
First, we don't know that another FI would take on W1 and its obligations to us..That's the uncertainty risk.

We don't know but CDIC usually sells the salable components of a failed FI to other FIs rather than the company itself, i.e. there are some boat anchors in failed companies that CDIC has to dispose of/write off. The depositor simply sees a different letterhead the following month.

That all said, it is far too much aggravation for a few basis points to be associated with stinkers.

Indeed!

AltaRed said

. . .

That all said, it is far too much aggravation for a few basis points to be associated with Stinkers.  

Well worth repeating ⬆⬆⬆

And it's Amazing to see the number of people who continue to invest in
this Obvious Stinker ... all for a few Measly basis points !

And then they hide behind Mother CDIC, and hope for the best.

What a few crumbs will attract, eh

Dean

.
We are well aware of that ⬆, and more.

And just to be clear ... Our posts here in this Topic are Not intended as
finger-pointing. They're intended as Warnings to Others, who haven't
taken the W1BoC Plunge yet.
.
i.e. . . .
.

Dean

Loonie said
I have no idea what involvement there may or may not be with W1 on the part of entities in China, but , from what I have encountered in personal conversations, the people of Chinese origin who either brought their assets here or earned them here are no friends of the gov't of China. They came here to get away from it.  

Yeah pure speculation only but maybe W1 is a place for the wealthy Chinese to pack those money that were able to ‘leave’ China, thru what means is up to debate.

As to 62MM loss since inception, that’s not a small number and with their concentrated ownership structure, it can’t last forever in current state, especially if it’s a clean corporation unlike a setup meant for money laundering etc, when even a 10-20% slippage is deemed ‘ok’.
Maybe I watch too many movies

Actually, it does, probably. We don't seem to have any evidence that either the Prime Minister or his government "approved" of the foreign "police stations." We do see evidence that other hostile governments have been setting up intervention arms in this country.

I'm not sure exactly when Wealth One started its plans to open in Canada, but the actual opening certainly did take place under the current Liberal administration.

RYAN said
I could not believe to see so many negative comments about China and to do business with China. It's a pity that ordinary Canadians are so brain-washed by media and deep-state politicians to cheer leading their political agenda.  

Just to be clear, the negativity isn’t about “China”. China is a great country, great people, culture, awesome history.

That said, the regime ruling murders Chinese students, puts millions into concentration/labour/re-education camps, destroys democratic governments in places like Hong Kong, supports mass murderers in Russia, targets Canadian politicians, sets up “police stations” in Canada to attack dissidents and does a lot of other unpleasant things worldwide.

And of course trade wars and other minor issues we have with China, pose a financial risk when using banks that might be an outlet for Chinese communists to spy on Canadians.

And the thing about politicians is that they are not generally hidden, so your “deep state” claim is a little weird.