But this is not for lack of balance. The author makes a thorough description that destroys the myth of a immaculate Canadian Banking Industry. Beneficiaries hurt by the collapse and liquidation of Confederation Life in 1994 were bailed out by the industry insurance fund, now called Assuris. Read more here: Credit-swaps, asset-backed commercial paper, income trusts, hedge funds and short selling. And most importantly, they'll meet the victims who are demanding that our vaunted banking sector finally come clean on its dirtiest secret.
At least, it's not hard to imagine yourself or a close relative playing proxy for any of the irreparably harmed Canadians laid bare in the book. Beneath the veneer of stability that saw Canada's banking sector through the financial crash of 2008, investigative reporter Bruce Livesey has uncovered a rampant failure of epidemic proportions. Add too many of these and you have a book full of poorly backed accusations. In this war, knowledge is the prized materiel, and the book is packed with it. Non-subscribers can read and sort comments but will not be able to engage with them in any way. HuffPost: That seems like one of your primary messages. At times, however, the book seems more like a collection of articles — all thoroughly reported and competently written — than a clear, cohesive narrative.
Recommended reading for so far it's making me sick. A newsmaking exposé about why Canada's financial industry is a haven for fraud. HuffPost: When it comes to the victims of financial fraud, you say that embarrassment is one of the biggest barriers preventing people from coming forward and holding those responsible to account. And the fraudsters do so with little fear of being caught and punished. Pages can include limited notes and highlighting, and the copy can include previous owner inscriptions.
Beneath the veneer of stability that saw Canada's banking sector through the financial crash of 2008, investigative reporter Bruce Livesey has uncovered a rampant failure of epidemic proportions. Most of the scandals Livesey describes happened in the 1990s and after. Trust is not a substitute for vigilance. In fact, he posits, lax regulations, which have not changed significantly since the crisis, allowed some Canadian-based companies to play a major role in the financial disaster in the U. They will meet the bogus investment gurus, the brokers who lose money with both reckless abandon and impunity, the bankers who squander money in toxic investments, the lawyers who protect them and the regulators who do nothing to keep them from doing it again. But nothing really changed, as the fresh scandal surrounding the Canadian-listed Chinese timber company Sino-Forest demonstrates.
. Should we put our money under our mattresses? Thieves of Bay Street investigates Canada's biggest financial scandals of recent years. But he glosses over what investors should do: read financial statements and study the financial press. Interest is the price of money and the premium for risk. He makes the case that brokers, investment dealers and banks who defraud their clients rarely face criminal charges. Readers can also interact with The Globe on and.
It was the time of falling interest rates, and that, though he does not emphasize it, is really the driving force behind many of the scandals he describes. At ThriftBooks, our motto is: Read More, Spend Less. It is, as they say in the blurb biz, hard-hitting. All that does not diminish the value of Thieves of Bay Street. It makes you look good. Indeed, many of the white-collar criminals in Thieves of Bay Street are not part of what Peter C.
That sort of happens almost by accident. The victims of the Portus caper — management looting accounts to buy diamonds — got their deposits and did not suffer from the 2008-2009 market collapse that wiped out lots of folks who were not fleeced. He neither leaves out mitigating facts nor otherwise paints an impartial picture of enforcement in Canada because there is simply no need. The book gives a great summary for the cause of the 2007 financial crisis. Then you have the outright unsubstantiated accusations.
Livesey is right to say that the regulatory environment of Canada is weaker than that of the U. If you removed the police force from Toronto, you would see a lot of shit happen. As proof, we are treated to a handful of examples of misbehaviour by their American brokerage subsidiaries. He also nicely interweaves statistics, public-policy arguments and analysis and explanations of how the markets work or don't work. Dust cover is intact; pages are clean and are not marred by notes or folds of any kind. The apparent strength of the banking system and the absence of a collapse in real estate prices led to uncharacteristic smugness.
Though no large financial institution has recently gone bust in this country, white-collar criminals, scam artists, Ponzi schemers and organized crime, from the Hells Angels to the Russian mafia, know that Canada is the place in the Western world to rip off investors. Just read it and believe it. Kiting is rather doing musical chairs with cheques written on a sequence of banks so that total balances are many times the only real money on deposit. It also appears, according to Livesay, that no one is minding the store when it comes to regulating the banks or the financial industry in Canada. Readers will learn what banks do with investors' money and what happens when they lose it. Securities and Exchange Commission, which had massive reports accusing him of fraud, looked the other way.