After The European Bank Bloodbath, Is Canada Next? - by Zero Hedge

Jeff Fitchett - Canadians love investing in their domestic banks.  There is a strongly held misconception among the Canadian public that we are somehow different than the rest of the world.  Canadians are going to find out very soon that we are not immune to the trials and tribulations that are impacting our world.

From Zero Hedge:

... the highest Canadian media instance, the Globe and Mail decided to take us to task. To wit:
Were the folks at Zerohedge.com looking at the best numbers when they argued that Canadian banks were just as levered as troubled European banks? 

In a simple analysis that generated a great deal of commentary, a blogger at Zerohedge.com, an oddball but widely followed financial site, suggested that Canadian banks were as leveraged as European banks because they have low ratios of tangible common equity to total assets. 

But there's an argument that looking at that ratio is the wrong way to judge a bank's strength because it ignores the composition of the assets.
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