RBC CM: Still Too Early to Buy Banks

RBC Capital Markets, 22 September 2008We last wrote in detail on the Canadian banks on September 2, 2008, following the release of their Q3/08 results.� What a three week stretch it has been: Lehman Brothers failed, Fannie Mae, Freddie Mac were placed in conservatorship, AIG was put on life support by the U.S. Government, and Merrill Lynch was essentially forced to sell itself. Credit spreads