Commodities and Resource

Proof the Largest Canadian Banks are Taking Over9 min read

Comments (39)
  1. Rob the Great says:

    The fact that the banking CEO’s in Canada get paid so much is ludicrous. Bank fees have only gotten higher and banks that are supposed to simply be a facilitator for our money is turning into the too big too fail banks of the US.

    Just stupid. Disaster waiting to happen

    1. DietricMore says:

      That’s why banks shouldn’t be public. When you go public, investors want only one thing: profits. How else is RBC or CIBC supposed to grow?

      1. DietricMore says:

        I’ll tell you how they can grow without leverage: raise fees. Do you really want to pay fees just for someoone to hold your money for you?

  2. robert says:

    I had the scotia bank lose a cheque of over 120k and they put the blame on me .they literally lost it .I have a buddy who works in a bank and he says that’s banking 101 simple . every level that I dealt with had a different excuse .. and the rich get richer . where else do you go? its not like the government is going to do anything about it .

    1. Steven says:

      How does a bank lose a 120k check? Typical idiots.

      But could you not just ask the one who issued the check to reissue it? did you leave in the in the ATM or deposit it?

      doesnt smell right

  3. Timzero says:

    It must get to the point where evryone who has been taken by the banks and finds out they are terminal, takes out one banker at the top that they feel has taken way more than his share of the pie. Fear is the only thing that keeps things in check and the bankers fear nothing, least of all the law.

  4. Takeit2thebank says:

    To equate a CEO’s compensation with what he earns for shareholders is the only measuring stick. Much of the earnings have to do with market conditions. Looking at things this way, the compensation package is more related to the CEO’s leadership not perpetrating mistakes. Seems to me we have the compensation wrong.

    1. Callingitquits says:

      This is where you are wrong, Takeit2thebank. A CEO’s compensation with what he earns for shareholders is no different and cant just equate to market conditions.

      A public company needs to grow and the only way is with earnings. So they take risks to obtain earnings by lending more and betting more. Its that simple.

      Banks should not be public. I agree with Dietric.

  5. North of 49 says:

    We can have different view. But the situation is real. How about using the Credit Union system. It is fare, it is just,and it is for their members. The system work because you have different boards that operate all over Canada. It is not one CEO deciding with one board. It is a group of credit union Ceo with their boards that take decision. So join the credit union system. Invest with them see the difference.

    1. Cheryl says:

      What do you mean invest with them? They offer trading?

  6. JL says:

    Anyone ever notice these bank CEO’s either come from high government positions or go to a high government position after they are finished with the bank. I guess raping shareholders is the same as raping taxpayers.

    1. Tom says:

      well said

  7. JACK BEAR says:

    same thing happening in usa.. my relatively small bank now charges 25 bucks a month if u have less than 200,000 under management…includes checking savings,iras,cds,money market etc..just was just instituted…WTF?

    1. Jenkin Lee says:

      Thats exactly what happened…they cause a financial crisis and then swallow up all of the other banks…….then hide their book and pretend it never happened.

      what ever happened to all of the bad debt balance sheets????

  8. These banksters arent happy being millionaires they want to be billionaires at the expense of the ordinary people in the street its an absolute disgrace.

    1. TheFed says:

      Welcome to the world of humanity Norman. There is never enough money for anyone, that’s why they invented the printing press.

  9. Gre says:

    those CEO payouts are disgraceful. My wife, a 30 year RBC employee is supposed to exist on a pension of $700 per month while Nixon makes millions for being a member of “the old boys club”. In order for Nixon’s millions to keep coming, RBC cancelled all Christmas celebration for the lowly employees. Disgusted enough? There’s more.

    1. Charles says:

      I’ve got many friends who work for RBC and you’re absolutely right. Here RBC is laying off so many people, even employees of 25+ years, and not giving them a proper severance. Or its find another job, of a lower position, even if you you’ve been with us for 25 years.

      Gre, would love to hear more of your horror stories from the inside.

  10. Warren Moore says:

    Blame the government – make life easy for the banks and screw the retired – can not survive the stupid low interest rate policy.

    1. englandisnotbest says:

      You’re not the only one. Take a look: Middle-aged people will have to work until 70 to save a retirement pot: http://www.guardian.co.uk/money/2013/jun/03/middle-aged-work-70-retirement-pot

  11. charlie says:

    Surely you have figured it out by now that GREED HAS NO BOUNDARY…the rich will get richer and hell with the middle class

    1. theneedforgreed says:

      Banks……they control our money. Need we say more?

  12. Robert Innes says:

    Mr Lo. Since your commenters were so furious about compensation issues, they seemed to not notice / appreciate the full significance of your first point about shorting and it’s deleterious effect. I hope a future article will lay bare the full duplicity of this strategy, and will ask readers to forward it to the appropriate authority, whoever that might be. The problem, imo, is that well meaning folks are brainwashed (by the $$ beneficiaries) to think that the old shorting rule was swell without realizing the full implications of the whole mechanism – it’s duplicative nature, non-transparency, supply/demand self fulfilment, etc. I created a website to try to explain this but I fear that many more voices will be needed before this nonsense can be abolished.

    Tied to this is the business of steering clients into margin account so their shares can be ‘borrowed’ (without notice to owner). Please everyone, change your account to ‘cash’.

    1. Greg says:

      Thanks for the input, I feel people are griping about the compensation packages because they can directly see the effects of the shrinking middle class, good bye American dream. Also most don’t have any idea of how to get the short regs back on track, we tend to leave complicated issues to the “more informed”. What’s your website address?

      1. Robert Innes says:

        Hi Greg, just click on my name for the website i set up. Another you might try is http://www.rgm.com (click on ‘hyperlink’). He is more up to date, I tried to focus on the long term philosophical/ moral issues since most folks think regular shorting (on downtick) is OK without understanding that any non-transparent ‘duplication’ of extra supply = lower price = self reinforcing destructive spiral. All it needs is for the herd effect to yield enough quantity for the strategy to succeed, guaranteed.

        1. john says:

          Thank you Robert for the posts. They are great and well thought out. I think that your point on shorting is well thought out and I also hope Ivan writes that up in the near term.

          Greg: I don’t think there is a possibility of getting it back on track. Once you allow shorts to be made, how do you clear it up?

          Perhaps if they wiped out shorting, it would really open the eyes of the public on just how many shares are really out there that have been borrowed. For every company that has 100 million shares outstanding, I am sure there’s another 25 million thats being sold that doesnt exist – at least. No different than the derivatives market.

  13. filip says:

    The following is my opinion about the recent gold price.
    99percent is paper trading,with moves down are up they make on leverage,an areful lot of money,they pul the strings,so there is no magic voodoo even basic knowledge to it.
    Just think that they also can boost prices and know how they operate.
    Time is our friend

    1. Turks says:

      This has already been proven by Andrew Macquire. Nothing anywone can do about it except wait for the Chinese exchanges to start allowing foreign trades after hours. That should spook the shorters here

  14. don says:

    The best explanation of the problem created by the regulators and embraced by the TMX that I have read.

    1. peter says:

      embraced by the big banks is more like it

  15. Philip Biggins says:

    RBC is OWNED by the Rothchilds! It isn’t that hard to see what is REALLY GOING ON with the “Banking” INDUSTRY and WHO really owns them!! There IS a Global Agenda that people need to be aware of, but MOST are NOT, unfortunately!

  16. Philip Biggins says:

    It is NOT that POWER CORRUPTS, it is that the CORRUPT SEEK POWER!!!!

  17. Alan says:

    All high management of big corporations get big bonus on the expenses of employees and small investors. People at lower level work like dogs and management reap the profit through big bonus and profit sharing.
    What’s left for small investors….

  18. Greg says:

    Hey guys, I’m retired now after selling my biz, and I had no problems paying myself as much as possible, but what we are seeing today is the continual lowering of the middle class that came about because of Henry Ford ($5.00 per day). Just recently announced…. Barrick Gold is cutting 100 jobs at the toronto head office, with one hand , and one of the head guys is cutting himself a cheque for over 11 million with the other hand. Where’s the responsibility?

  19. Graeme says:

    I try not to take it personally when I see a brokerage hit the bid and sell 500 or 1,000 shares and down tick the stock price, especially at the end of the day. I know it is either the unintended consequences of decisions made in some ivory bank tower or just a dog scratching fleas. The real consequences are far more serious for us entrepreneurs who manage public companies. We know we cannot win this game. The “wealth management” people know that to get their returns they have to starve us of capital. Down tick the stock. The average investor only sees the price drop and believes it is the company’s fault. They call us to do more and it is “our” fault the price has dropped. They do not have a clue that significant market players, aided and abetted, knowingly or not by regulators and politicians, who do not understand the unintended consequences, or understand very well, are raping and pillaging the markets in order to concentrate their wealth at our expense. I have seen this going on for a number of years and only now are people finally starting to pay attention. The juniors are probably not going to be viable entities for long. I believe what is going on is a deliberate intent to destroy a valuable sector of the economy. War by another name is still war and we are nothing more than collateral damage. More’ s the pity. It is summer. More damage will be done. Exploration is strangled by regulation. Cash is unavailable at any price. Banks and large brokerages will decide who gets funded and who will die. Free enterprise is on its death bed

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  21. Philip Biggins says:

    I USED to trade the markets but i stopped trading because i believe almost ALL markets are now manipulated. I watched company after company being shorted to death, literally, with absolutely NO REASON for their demise other than shorting and a LOT of that was NAKED SHORTING! How very sad to see our “once free” markets now being abused to such a degree!!! For many years now I have watched the gold and silver (THE most manipulated market in history) being slammed down by the Fed(private banks) and associates as the global demand for physical metal surged upward! Can we say MANIPULATED??? It is as plain as the nose on your face!!! Like ALL FIAT(fractional Reserve Currencies) or should we say “printed out of thin air?? monies, this will end very badly, especially as a result of the DERIVATIVES mkts!!

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