Mad Money

Mad Mail: Are Canadian Banks Safe?

Hi Jim: You have a great show! I've been led to believe that the Canadian banks are the safest and best managed in the world. I'm told that Canadian regulations are far superior to those of the US, which is why they are far healthier than the American banks. What is your read on this? Would you recommend any Canadian banks? --Stan

Cramer says: “I like [Toronto-Dominion Bank] very, very much. I like Royal [Bank of Canada] …They didn’t favor financial innovation and tinkering in Canada. That’s why they’re better. They did not believe that financial innovation was a good idea. So Canadian Banks could inherit the U.S. world when this period’s over. That’s how much better they are. As a matter of fact, the only thing they screwed up was they bought American [collaterized debt obligations].”

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