Go to the Globe and Mail homepage

Jump to main navigationJump to main content


Report on Business


Streetwise gives you news and analysis on Bay Street and the world of finance
available exclusively to subscribers of Globe Unlimited

Entry archive:

Cash Store concludes investigation, says no change needed Add to ...

Subscribers Only

Cash Store Financial Services Inc. has finished up its investigation of an acquisition gone awry and appears to have concluded the issue was poor management, not something more sinister.

Some of the issues at Cash Store (a topic of numerous prior Streetwise posts on its troubles) stem from its acquisition of a portfolio of previously off-balance sheet loans that turned out to be way overvalued. How overvalued? Cash Store issued $132-million in bonds to purchase a loan portfolio. The purchase took place in early 2012. The portfolio was held at a fair value of $50-million by the end of last year.

Report Typo/Error

Follow us on Twitter: @GlobeBusiness

Next story




Most popular videos »

More from The Globe and Mail

Most popular