Thanks, Victor. --Darcy
Saturday, February 14, 2009
Newsweek says Canada's Banks Rock...
...unlike Northern Rock Bank in the UK, which went under and is now owned by government and run by civil servants...strange world indeed. But, how about Canada, how safe are our banks? Our pal from The Board of Trade's Small Business Council, Victor Wong, publisher of Make It Business BC, sent along this very interesting piece from Newsweek Magazine. How about this nugget from the article, "TD Bank was 15th largest in North America one year ago. Now it is the fifth-largest. It hasn't grown in size; the others have all shrunk." What do you think? Are Canada's Banks safe? How well have we been served so far in the crises? Read Newsweek article on Canada.
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NOT DRINKING THE SAME BATH WATER. Listening to the radio a couple of days ago, I heard someone say that we have Paul Martin to thank for this good situation with banks because he didn't allow the mergers. I don't know how true that is, but it seems that Canadian bankers have had their heads screwed on right--not drinking the same bath water as the rest of the global community. Canadians love to hate their big banks, but maybe their Rodney Dangerfield persona will change and 'they'll get a little respect.'
Good point. Interesting, after all the hoopla a few years back by the Canadian Banks wanting to merge, but not allowed to by Ottawa, they are now amongst the biggest and strongest in the world. And, while getting smaller. It is just that the big guys south of the border got smaller faster.
'The Incredible Shrinking Banks'...google it, some amazing charts out there.
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