Bank of Nova Scotia today announced quarterly earnings just over $1 Billion.
An hour later, Bank of Nova Scotia announced yet another Preferred Share offering, this one for $200 million.
For all you anaytical types that are ready to pounce on this with arguments pertaining to Tier 1 capital ratios, alternate funding requirements, etc., please save it.
You earn $1 billion, you don't need another $200 million. Period. This endless and pitiful pref share dilution by the Canadian banks is absolutely pathetic.
Then again, if investors are lame enough to keep buying it, while all their previous holdings continue to deteriorate in value, then why the heck not?
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