Toronto's and Ontario's cash cow -- banking -- is going to face increasingly rough seas. This won't happen immediately, but a steadily downward trajectory affecting profits and employment is clear. At a recent high-level conference in New York on the future of finance, the news was great for consumers but grim for the world's bankers.
There is nothing sufficiently irritating to push a reasonable person into the camp of Jamie Dimon's Dimon's vocal critics, some of the institutional investors and unions, who carp and whine at a less bald pretext than a drop of the hat, and masquerade as shareholding democrats with the savings of others.
WASHINGTON - The financial penalty is staggering. JPMorgan Chase & Co. will pay $920 million for trading losses that shook the financial world last year.But the bigger price may be a few words rarely...
Not one of the executives at any of the 10 or so giant international investment banks in the U.S. and Europe that imploded the financial system five years ago by using illegal trading methods has gone to jail, or even been prosecuted. Why hasn't more been done? That's a good, and frustrating, question.
Another sordid example of banksterism -- money laundering -- surfaced this week accompanied, not surprisingly, by a blistering global poll that shows faith in capitalism is shrinking. The HSBC (Hong Kong and Shanghai Bank Corporation), the largest financial institution in Europe, revealed "major internal-control problems" and plans to apologize for its lapses next week to members of a U.S. Senate subcommittee into terrorist and trafficking money laundering.
Wall Street's problems are far too important a matter to be left in the hands of those who act and think with anger, rather than with sense. Promote those with knowledge to act as your leaders, keep them on the forefront of OWS and keep the "angry mobs" away from the cameras.
Assuming Mr. Carney and his fiscal policy counterparts maintain their credibility, the country may very well hang on to number one for another year at least. That's good news for business and it might just be the thing that softens the blow to our equity market should the gyrations of the past few months continue.
A U.S. agency is planning to sue more than a dozen banks, alleging they misrepresented the quality of mortgage securities they packaged and sold to investors before the 2008 financial crisis, the New...