Bernanke has been nominated for a second term as Fed Chairman:
Federal Reserve Chairman Ben S. Bernanke, who led the biggest expansion of the central bank’s power in its 95-year history to battle the worst economic slump since the Great Depression, was nominated to a second term today by President Barack Obama.
“Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and out-of-the box thinking that has helped put the brakes on our economic freefall,” Obama said in Martha’s Vineyard, Massachusetts, with Bernanke at his side.
In his acknowledgement of the nomination, Bernanke noted that Central Banking has been more exciting than usual lately:
It has been a particular privilege for me to serve with extraordinary colleagues throughout the Federal Reserve System. They have demonstrated remarkable resourcefulness, dedication, and stamina under trying conditions. Through the long nights and weekends and the time away from their families, they have never lost sight of the critical importance of the work of the Fed for the economic well-being of all Americans. I am deeply grateful for their efforts.
The old debate about Central Bank transparency is heating up:
A federal judge on Monday ruled against an effort by the U.S. Federal Reserve to block disclosure of companies that participated in and securities covered by a series of emergency funding programs as the global credit crisis began to intensify.
In a 47-page opinion, Chief District Judge Loretta Preska of the federal court in Manhattan said the central bank failed to show that disclosure would cause borrowers in the Federal Reserve System to suffer “imminent competitive harm,” by stigmatizing them for using Fed lending programs.
This has been a bone of contention since at least 1825.
An acquaintance wishes to transfer stock from his full service account at RBC to TD Waterhouse. This issue trades on the TSX, is not particularly illiquid, the position is fully paid for and therefore the stock should be segregated. He has been advised that the transfer should take four to six weeks.
Of all the sleazy tactics used by the brokerage industry, delays on account transfer have to count among the sleaziest; it’s totally unnecessary – any delay beyond three business days (normal settlement time if the client sold the position) has no explanation other than a deliberate corporate policy of delay. A list of RBC Wealth Management key executives shows that responsibility for the deliberately shitty client service at their firm lies with:
- M. George Lewis
- David Agnew
- John Taft
- Michael J. Lagopoulos
- John Montalbano
- Brenda Vince
- Dan Chornous
Any of these individuals is invited to write in – or, better and more likely, write an essay for public consumption – and explain why they are not sleazebags. Note that ‘because everybody else does it’ is not considered an excuse even in kindergarten.
It’s mostly the clients’ fault anyway … if all such instances of deliberate incompetence were met with a barrage of angry letters and genuine loss of business – as opposed to the usual ineffectual grumbling and occasional abuse of helpless front-line staff – things would change. And if pigs had wings, they could fly.
PerpetualDiscounts eased off again today in their second down day of the month, bringing total return since July 31 to a miserable +6.36%. I will not indulge myself with the usual journalistic pseudo-wisdom and claim it was due to profit-taking … the market went down because it felt like going down, OK? Volume continued high, with straights again dominating the table of volume highlights.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5185 % | 1,459.0 |
| FixedFloater | 5.78 % | 4.06 % | 59,866 | 18.51 | 1 | 1.6757 % | 2,656.3 |
| Floater | 3.13 % | 3.15 % | 71,100 | 19.29 | 2 | 0.5185 % | 1,822.7 |
| OpRet | 4.86 % | -8.18 % | 144,875 | 0.09 | 15 | -0.3231 % | 2,273.7 |
| SplitShare | 5.68 % | 2.77 % | 102,710 | 0.08 | 3 | 0.0700 % | 2,043.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3231 % | 2,079.1 |
| Perpetual-Premium | 5.69 % | 4.02 % | 70,444 | 0.08 | 4 | 0.9442 % | 1,890.8 |
| Perpetual-Discount | 5.68 % | 5.66 % | 190,291 | 14.33 | 67 | -0.2367 % | 1,811.6 |
| FixedReset | 5.51 % | 4.10 % | 499,696 | 4.12 | 40 | -0.1975 % | 2,100.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| HSB.PR.D | Perpetual-Discount | -4.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 21.99 Evaluated at bid price : 22.11 Bid-YTW : 5.75 % |
| RY.PR.W | Perpetual-Discount | -2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 22.26 Evaluated at bid price : 22.41 Bid-YTW : 5.50 % |
| RY.PR.H | Perpetual-Discount | -1.91 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-06-23 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 5.62 % |
| NA.PR.L | Perpetual-Discount | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.77 % |
| PWF.PR.K | Perpetual-Discount | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 21.36 Evaluated at bid price : 21.63 Bid-YTW : 5.77 % |
| HSB.PR.C | Perpetual-Discount | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 22.81 Evaluated at bid price : 23.00 Bid-YTW : 5.63 % |
| PWF.PR.E | Perpetual-Discount | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 22.85 Evaluated at bid price : 23.87 Bid-YTW : 5.77 % |
| CIU.PR.B | FixedReset | -1.54 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-01 Maturity Price : 25.00 Evaluated at bid price : 27.57 Bid-YTW : 4.37 % |
| PWF.PR.L | Perpetual-Discount | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 22.10 Evaluated at bid price : 22.22 Bid-YTW : 5.80 % |
| BMO.PR.J | Perpetual-Discount | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 21.09 Evaluated at bid price : 21.09 Bid-YTW : 5.37 % |
| RY.PR.F | Perpetual-Discount | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 20.63 Evaluated at bid price : 20.63 Bid-YTW : 5.43 % |
| BAM.PR.J | OpRet | -1.28 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2018-03-30 Maturity Price : 25.00 Evaluated at bid price : 24.75 Bid-YTW : 5.71 % |
| CM.PR.I | Perpetual-Discount | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.72 % |
| POW.PR.B | Perpetual-Discount | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 22.53 Evaluated at bid price : 22.79 Bid-YTW : 5.94 % |
| MFC.PR.E | FixedReset | -1.13 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-10-19 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 4.42 % |
| BAM.PR.M | Perpetual-Discount | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.51 % |
| RY.PR.E | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 5.47 % |
| CM.PR.G | Perpetual-Discount | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 23.81 Evaluated at bid price : 24.05 Bid-YTW : 5.67 % |
| ELF.PR.F | Perpetual-Discount | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 6.46 % |
| ELF.PR.G | Perpetual-Discount | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 6.35 % |
| BMO.PR.H | Perpetual-Discount | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 23.01 Evaluated at bid price : 24.25 Bid-YTW : 5.43 % |
| PWF.PR.G | Perpetual-Discount | 1.48 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2011-08-16 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 5.46 % |
| POW.PR.D | Perpetual-Discount | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 22.16 Evaluated at bid price : 22.29 Bid-YTW : 5.68 % |
| BAM.PR.G | FixedFloater | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 25.00 Evaluated at bid price : 18.81 Bid-YTW : 4.06 % |
| CU.PR.B | Perpetual-Premium | 2.79 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2009-09-24 Maturity Price : 25.75 Evaluated at bid price : 25.76 Bid-YTW : 4.02 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PR.N | Perpetual-Discount | 73,656 | Nesbitt crossed 24,700 at 18.70. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 6.54 % |
| RY.PR.Y | FixedReset | 62,187 | Nesbitt crossed 40,000 at 27.50. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-12-24 Maturity Price : 25.00 Evaluated at bid price : 27.47 Bid-YTW : 4.08 % |
| BMO.PR.L | Perpetual-Premium | 48,109 | Desjardins bought 16,300 from Nesbitt at 24.95. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 24.68 Evaluated at bid price : 24.90 Bid-YTW : 5.85 % |
| BAM.PR.M | Perpetual-Discount | 44,593 | Nesbitt crossed 29,300 at 18.75. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.51 % |
| RY.PR.N | FixedReset | 39,330 | RBC crossed 32,600 at 27.60. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 27.52 Bid-YTW : 3.86 % |
| BNS.PR.N | Perpetual-Discount | 37,735 | Scotia bought 11,700 from Jennings Capital Inc. (who?) at 23.89. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-25 Maturity Price : 23.70 Evaluated at bid price : 23.89 Bid-YTW : 5.55 % |
| There were 54 other index-included issues trading in excess of 10,000 shares. | |||
Hi James, I have also been caught in this no man’s land of transfers between banks and received the reply that the fault lies with the other bank. Thier punitive attitude to punish you for making a decision in YOUR best interest will never be settled by depending on their good graces. This transfer issue must be regulated and a reasonabel time allowed and penalties for lingering applied. With such a time delay God only knows what would happen to dividends if paid on these securities and what nightmares face the owner trying to track them down.
I hesitate to recommend regulation as the answer. That’s a very big stick to use for a customer service issue.
When you had your problem, to whom did you complain? Did you pass the excuses back and forth between receiver and deliverer to find out who was lying (I’ve done this)? Did you cancel any other services purchased from the party at fault on the basis of their negligence?
I suspect that an answer might be found in litigation. Surely these guys each have something in their advertising stating that they provide efficient service and spare no effort blah blah blah. Seems to me that a bored class-action lawyer might see a meal ticket in those claims, if provided with evidence that service is deliberately slow.
Complain I did ! The most difficult thing was to find anyone in a senior postion who cared to discuss my issue and allmost impossible to discuss with any very senior individual at the bank. After being a customer for 30 years + I found it very disconcerting that more infuential peiople were unreachable and anyone who I could discuss with gave me pat catchphrase answers from their playbook about how much they care but ……
I did withdraw business but again a drop in the bucket and noone cared or followed up wtih me . Litigation for small fish like me is out of the question as their warchest a tad larger than mine ,by a few billion. As long as poeple keep filling up the void created by unhappy customers they don’t care but sooner or late they will realize that simply by switching customers and trading with other bank in and out can be unprofitable