Thursday, October 9, 2008

Royal Bank Slapped with $9.8 Million Fine

Jim Flaherty - lying one day at a time to Canadians. "Our banks are solid". You see folks, although we can regulate everything our banks do here in Canada, we can't regulate where and how the banks invest outside of Canada.

The largest bank in Canada said it will buy back about $850 million US of auction rate securities from more than 2,000 retail clients in the U.S. and pay a $9.8-million US fine as part of an agreement with the Securities and Exchange Commission and New York attorney general's office.

Hm. What's a billion dollars amongst friends anyway?


Christopher Newton said...

Do you suggest that this would not have happened had the Liberals remained in power?

Also this is not good news, but far from the bank going under.

also this link to a CBC page

in 2006 Royal Bank reported record profits of 4.7 billion.

"Nixon attributed the fourth-quarter increase to strong growth in the wealth management and banking divisions, and stronger trading results in the capital markets businesses."

Isn't this the sort of activity that is going to lead to the US market correction in 2008 (i.e. today)....
Hey the Libs were in power for this one...

The sort of economic down turn that we see today is not created by 2 1/2 years of a Conservative minority government. These blocks were being put into place long before, during the good/greedy economic times of the late 90s and early 2000s.. Who was in power during this time?

Was the former government surplus true capital, or was it only the taxes paid on borrowed money; raised against overly inflated capital?

James Curran said...

What I suggest, unlike Stephen Harper, is that the Canadian Economy is NOT fine. Our banks ARE at risk. Get it?

Corporate Bully 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

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

James Curran said...

Well my fisherman friend, I can tell you what advice Stephen Harper is going to tell you.... Go buy some stocks. There's some good deals out there.

As for me helping? I'll do what I can. I wish you luck my friend.