When did you ever see a bank just "forgive" debt??? Apparently JP Morgan wants out of the Canadian credit market so badly that this is exactly what it has done. As the article says, the debt was property of Morgan and so it could have sold it to other creditors. But for some reason it wants out of that market so badly that it is just walking away from existing loans.
That is unprecedented and that should scare the crap out of people because you can bet JP Morgan knows something that we don't. No bank ever just gave up free money for no good reason and you can bet there is a good reason this time as well.
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