Bank Of Nova Scotia Quotes

This left Musk searching for an industry that had tons of money and inefficiencies that he and the Internet could exploit. Musk began thinking back to his time as an intern at the Bank of Nova Scotia. His big takeaway from that job, that bankers are rich and dumb, now had the feel of a massive opportunity.

During his time working for the head of strategy at the bank in the early 1990s, Musk had been asked to take a look at the company’s third-world debt portfolio. This pool of money went by the depressing name of “less-developed country debt,” and Bank of Nova Scotia had billions of dollars of it. Countries throughout South America and elsewhere had defaulted in the years prior, forcing the bank to write down some of its debt value. Musk’s boss wanted him to dig into the bank’s holdings as a learning experiment and try to determine how much the debt was actually worth. While pursuing this project, Musk stumbled upon what seemed like an obvious business opportunity. The United States had tried to help reduce the debt burden of a number of developing countries through so-called Brady bonds, in which the U.S. government basically backstopped the debt of countries like Brazil and Argentina. Musk noticed an arbitrage play. “I calculated the backstop value, and it was something like fifty cents on the dollar, while the actual debt was trading at twenty-five cents,” Musk said. “This was like the biggest opportunity ever, and nobody seemed to realize it.” Musk tried to remain cool and calm as he rang Goldman Sachs, one of the main traders in this market, and probed around about what he had seen. He inquired as to how much Brazilian debt might be available at the 25-cents price. “The guy said, ‘How much do you want?’ and I came up with some ridiculous number like ten billion dollars,” Musk said. When the trader confirmed that was doable, Musk hung up the phone. “I was thinking that they had to be fucking crazy because you could double your money. Everything was backed by Uncle Sam. It was a no-brainer.” Musk had spent the summer earning about fourteen dollars an hour and getting chewed out for using the executive coffee machine, among other status infractions, and figured his moment to shine and make a big bonus had arrived. He sprinted up to his boss’s office and pitched the opportunity of a lifetime. “You can make billions of dollars for free,” he said. His boss told Musk to write up a report, which soon got passed up to the bank’s CEO, who promptly rejected the proposal, saying the bank had been burned on Brazilian and Argentinian debt before and didn’t want to mess with it again. “I tried to tell them that’s not the point,” Musk said. “The point is that it’s fucking backed by Uncle Sam. It doesn’t matter what the South Americans do. You cannot lose unless you think the U.S. Treasury is going to default. But they still didn’t do it, and I was stunned. Later in life, as I competed against the banks, I would think back to this moment, and it gave me confidence. All the bankers did was copy what everyone else did. If everyone else ran off a bloody cliff, they’d run right off a cliff with them. If there was a giant pile of gold sitting in the middle of the room and nobody was picking it up, they wouldn’t pick it up, either.” In

Musk began thinking back to his time as an intern at the Bank of Nova Scotia. His big takeaway from that job, that bankers are rich and dumb, now had the feel of a massive opportunity.

This left Musk searching for an industry that had tons of money and inefficiencies that he and the Internet could exploit. Musk began thinking back to his time as an intern at the Bank of Nova Scotia. His big takeaway from that job, that bankers are rich and dumb, now had the feel of a massive opportunity

The Christmas Islands Around the world there are four separate islands that have been dubbed “Christmas Island.” Canada has one in Nova Scotia which is a community on Cape Breton Island. Another one is off the New Year Island Group north-west of Tasmania, and then there is Little Christmas Island a part of the Schouten Island Group off eastern Tasmania. Another Australian Christmas Island is an island territory in the Indian Ocean. Finally there is Kiritimati, formally called "Christmas Island.” Kiritimati is a direct translation from English to the Kiribati language. It is a small island of the Central Pacific Ocean Nation of Kiribati lying 144 miles north of the Equator. The entire population of the Republic of Kiribati is just over 100,000 people half of which live on Tarawa Atoll. With the Earth’s climate changing the entire nation is in danger of disappearing into the Pacific Ocean. The 33 atolls and islands comprising the country have a total of 310 square miles and are spread out over 1,351,000 square miles. Kiribati is a member of the Commonwealth of Nations, the IMF and the World Bank, and is a full member of the United Nations. “Christmas Island” or Kiritimati has the greatest land area of any coral atoll in the world and comprises about 70% of Kiribati’s land mass with about 150 square miles. The atoll is about 150 km (93 mi) in perimeter, while the lagoon shoreline extends for over 30 miles. The entire island is a Wildlife Sanctuary. It lies 144 miles north of the Equator and is one of the first place on Earth to experience the New Year. Merry Christmas and Happy Holidays. Thank's for following my Blogs & Commentaries throughout the past year. It's been a hoot! Best Wishes for a wonderful 2017. Captain Hank Bracker & crew;