CDN bank writedowns

[Skydaemon]

http://www.reportonbusiness.com/serv.../Business/home

BMO (one of the big canadian banks) considering pulling out of the Crawford Committee to save 2 of it's own abcp funds.

BMO will be writing down from it's 2 funds almost certainly, plus if it leaves the committee, others could well follow. If that unravels $33 billion of abcp will need to be marked down across all kinds of canadian financial co's.

Being another wave of abcp writedowns, and the possibility that they might have to sell off some into broken markets it could possibly scare american bank stocks too.

None of this will actually threaten the viability of BMO, but ugly financial mess that could ;eave a modest ripple across financial stocks all the same.