Tuesday, September 25, 2007

Subprime Panic Freezes $40 Billion of Canadian Commercial Paper

Baffinland ran short of funds to pay for food, fuel and drilling equipment after investing in commercial paper that borrowers couldn't repa

On Baffin Island in the Arctic Circle, Baffinland Iron Mines Corp. almost missed its window to ship provisions to workers before winter arrives. The delay came not from the weather, but from a sudden freeze in the market for short-term debt 2,000 miles south in Toronto.

Posted by chris @ 08:55 AM (590 views)
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One thought on “Subprime Panic Freezes $40 Billion of Canadian Commercial Paper

  • I don’t think its about WHO will get hit by Sub-Prime. I think its about HOW MUCH each of us will get hit.

    Wall St. gave us this bitter pill to swallow. I don’t think it will be quickly forgotten.

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