Friday, September 5, 2008

So why did RBC recklessly advise BCE to borrow $44 billion, if not to take it to the brink?

Global financial system 'pushed to the brink,' RBC's Nixon warns

Last Updated: Friday, September 5, 2008

The worldwide financial system has been "pushed to the brink" in its most severe downturn since the Great Depression, although the actions of American policy-makers have averted disaster, the head of Canada's largest bank said Friday.

"Not since the [Second World War] has the financial system itself been in such a state of dysfunction," Royal Bank chief executive Gordon Nixon told a roundtable of prominent business leaders in Calgary.
Royal Bank CEO Gordon Nixon, shown above in 2007, said Friday in Calgary that the global financial system is in 'a state of dysfunction.'

However, Nixon said "decisive actions" such as the bailout of investment bank Bear Stearns, which was bought by JPMorgan in a deal orchestrated by the U.S. central bank, prevented a potentially disastrous ripple effect from taking place.


Robert Gibbs said...

Could the CON HYPOCRISY be any clearer?

Can you say DEFICIT?

Tories Keep Spending Amid $8.8-Billion Tally Of Pre-Election Largesse

The Canadian Press

Sept 5, 2008

OTTAWA — The Conservative government maintained there's nothing untoward in trumpeting projects on the eve of a federal election, even as it heralded a fresh billion-dollars' worth of taxpayer-funded largesse Friday.

"It's the business of government," said Chisholm Pothier, a spokesman for Finance Minister Jim Flaherty.

With Canada's faltering economy set to be a pivotal issue in an autumn election campaign that's already underway in everything but name, one of this country's traditional pre-writ ploys is in full swing.

Half a billion dollars for Canadian Forces Base Trenton, Ont., and another $140 million for Canadian Forces Base Gagetown, N.B.; $279 million into a Manitoba building fund and another $42.5 million for the province's roads; $3-million security grants tossed here and there like nickel antes - it was all in a day's work for the busy Harper cabinet.

Even before Friday's spending crescendo, the penny-pinching Canadian Taxpayers Federation had compiled a list of almost 300 Tory announcements totalling $8.8 billion since June.

The NDP says it tracked more than $6 billion in the last week alone - and provided a spreadsheet to prove it.

"As opposition, the Conservatives lampooned the Liberals for doing this kind of shameless pre-election spending," said taxpayer federation spokesman Adam Taylor.

"Now, lo and behold, the Conservatives in government are doing the exact same thing. It seems no matter who's in power, all politicians play this little pre-election game."

Paul Fraser said...

Att: RBC Bank President Gordon Nixon - Salary - 11.73 Million!!

I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC account.

There is no monthly interest payment date on the contract.
Date of first installment payment, (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan contracts signed by other fishermen around the same time showed a monthly interest payment date on their contract,(agreement).
The lending policy did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519