This is all short-term thinking of course – driven by Canada’s major banks. Their executive managers and directors are merely facilitating a process of turning Toronto into a second class player in global capital markets, so that they can then say to govt in Ottawa they need to merge with a foreign giant bank.-- Bill Cara
Of course, that means being taken over, where the head offices also depart the country, and those executive officers and directors all retire to Bermuda and Palm Beach with their suitcases loaded with tens of millions.
This is the second time today I have seen mention of selling off banking assets to foreign investors which would happen with the next majority government.
First go Canadian mining & steel companies to foreign investors without a peep from government. What's the next largest sector on the TSX? Financials.
This appears to be economic warfare at its finest. Why go to war when cash is king?
The next Canadian election year could be 2009. The US election could be in 2010. In 2010 the boomers have retired. Will they really be retiring south?
How many people will be cashing out their RRSPs and living like Alex Doulis?