Canada’s Banks Under Fire

 
The cover story for the current issue of Canadian Business is “Canada’s Banks Under Fire.” Cover caption is “Why we’re about to pay for America’s mistakes.” Long story, pages 24-29. All about Volcker rule and Basel III.

Not one single word about FATCA. Not one single word about current attempts to harvest revenue from hundreds of thousands of tax-compliant Canadian residents.

One of the best bits is a quotation from Ian Lee of Sprott School of Business: “There’s a casual carelessness from American government officials about the impact of their decisions on people outside of their country. They just shrug their shoulders.”
 

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13 thoughts on “Canada’s Banks Under Fire

  1. Does anyone have an e-mail address for Jim Flaherty? I have a letter prepared for him but under the circumstances I want to send it under a pseudonym from a hopefully untraceable e-mail account. The site I used to use to obtain PM and MP e-mail addresses has gone bye-bye.

  2. Why is anyone surprised? USA has always shrugged its shoulders about the impact of their decisions on people and countries outside US.

    On accepting the Republican nomination in 1968, Richard Nixon said: “Never has so much military and economic and diplomatic power been used so ineffectively, and if after all of this time, and all of this sacrifice, and all of this support, there is still no end in sight, then I say the time has come for the American people to turn to new leadership not tied to the mistakes and policies of the past.”

    The American people turned to Nixon’s leadership. We know how that turned out. The more things change, the more they stay the same.

    @Em: Here is info about Jim Flaherty from Ministry of Finance. This provides his e-mail address. http://www.fin.gc.ca/comment/minfin-eng.asp

  3. Why are we surprised? USA has always shrugged its shoulders at the impact of its decisions and countries outside its borders.

    On accepting the Republican nomination for President in 1968, Richard Nixon said “Never has so much military and economic and diplomatic power been used so ineffectively, and if after all of this time, and all of this sacrifice, and all of this support, there is still no end in sight, then I say the time has come for the American people to turn to new leadership not tied to the mistakes and policies of the past.”

    The American people turned to Nixon’s leadership. Well, we know how that turned out. The more things change, the more they stay the same.

  4. Funny, I find myself changing. I use to love and defend the USA after I became dual citizen and having worked thirty years in the USA return to my home twon in my country of origin. Now, i feel that I am changing. No longer see the USA as a did before: a fair country. I don´t enjoy this change but I can´t help after this nightmare of being an American Living Abroad.

  5. @ calgary411 & Blaze
    Thanks for Flaherty’s e-mail address. I started searching for it earlier today but with the stress of this FUBAR mess my search abilities have turned to mush. I’ll will get my mojo back but it will take time.

  6. I sent my e-mail off to Jim Flaherty. It was a bit long, not terribly eloquent but it was from the heart. I just wanted him to know that there are real people in Canada being adversely affected by the complexities and uncertainties of the US tax code. I actually went so far as to suggest that Canada condemn the USA for their country of origin method of taxation just as Susan Rice hypocritically did to Eritrea for its “diaspora tax”. I insisted that the health and wealth of Canadian citizens and residents should be non-negotiable. I hope his e-mail box is getting lots of activity about this matter. Oh and I also recommended the Isaac Brock Society website to get a taste of all the unique scenarios which have brought people into this nightmare.

  7. @Em
    Good for you. It sounds like it was a very good letter. Most of us on this site who sent letters to Mr. Flaherty, did eventually get responses. He might not be reading the letters himself, but I believe someone in his office is doing just that.

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