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Canada Orders Wealth One Bank Shareholders to Divest
December 14, 2023
9:38 am
Dean
Valhalla Mountains, British Columbia
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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

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 14, 2023
12:26 pm
AltaRed
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canadian.100 said

Here is an UPDATE on Wealthone 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  

I detect a rather significant odour....... and yet CDIC must have some idea what is going on if Wealth One is allowed to keep its membership??

December 14, 2023
2:18 pm
Loonie
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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.

December 14, 2023
2:19 pm
Dean
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AltaRed said

I detect a rather significant odour....... and yet CDIC must have some idea what is going on if Wealth One is allowed to keep its membership??  

You're quite late to the W1BoC 'Aroma Room', AltaRed. sf-wink

There's been a rather Heavy Pungent Odour coming out of W1BoC for quite some time now.

Best we all keep our distance (& $$$) ... and stay on the Upwind Side.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 14, 2023
5:39 pm
Bill
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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."

December 14, 2023
5:59 pm
Loonie
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The nuisance factor might better be described as interest and uncertainty risk.

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

Second, if W1 fails, I'd lose my premium interest rate for the rest of the term and would have to scramble to find something else which might not be as good. That's the interest risk.

I'm happy to stay where I am as my smallish GIC there does not pay a currently competitive rate. So, a W1 failure would be a win for me.

December 14, 2023
7:03 pm
AltaRed
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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.

December 14, 2023
7:48 pm
Loonie
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Yes, I know that's what CDIC "usually" does, but circumstances can change bettween now and then.

"Aggravation" is what I mean by "nuisance". Who needs it? There are many more fish in the sea, and some of them taste (and smell!) better.

December 14, 2023
8:00 pm
AltaRed
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Indeed!

December 15, 2023
6:07 am
Bill
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Also I suspect that this bank may be operating in Canada for reasons primarily other than profit and that it has foreign government backers with unlimited, deep pockets. Just my own suspicion but that lessens the risk of failure, at least in my jaded eyes.

But, I agree, one has to be ready for the failure of this bank.

December 15, 2023
10:05 am
Dean
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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 sf-confused

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 15, 2023
11:19 am
canadian.100
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Dean said

    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 sf-confused

    Dean

  

Perhaps be a bit more balanced and remember that this bank was targetted to the Chinese community in Canada which is large and possesses significant assets - money which likely has been parked here after events in Hong Kong and China etc. I agree 100% with Bill who posted #110 above. He posted "......I suspect that this bank may be operating in Canada for reasons primarily other than profit and that it has foreign government backers with unlimited, deep pockets. Just my own suspicion but that lessens the risk of failure, at least in my jaded eyes."

December 15, 2023
11:47 am
Dean
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.
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

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 15, 2023
2:29 pm
Loonie
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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.

December 15, 2023
4:25 pm
savemoresaveoften
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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

December 19, 2023
8:05 am
Yatti420
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Must move their headquarters lol and screen for surveillance. Aka a PLA bank masquerading as legit Canadian institution to spy on dissidents/disruptors. When was Wealth one setup? During a liberal government? Would not surprise me one bit. Remember PLA/China have unofficial police stations within this Country to hunt these disruptors and dissidents - with Justin Trudeaus' approval. Just because they close a few doesn't mean Justin Trudeau didn't explicity let this happen at Xis' request.

December 24, 2023
3:43 am
RetirEd
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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.

RetirEd

December 27, 2023
8:09 am
RYAN
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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.

December 27, 2023
8:44 am
mordko
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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.

December 27, 2023
9:29 am
RYAN
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To mordko,

Your comment just proved the anti-China, anti-Communism agenda and narratives work. By the way, none of your accusation about Chinese government is true. They are just CNN, BBC, CBC, CTV and Christia Freeland want the world to believe.

Please write your comments in the forum.