The NEw York times article simply ignores the role of other financial institutions than the large banks.
Over ten percent of Canadian financial transactions are done through caisse populaires and credit unions. As well there is in effect a provincial quasi bank savings system in Alberta plus numerous other institutions such as trust companies that carry out some of the functions of banks and also sever smaller regional banks plus foreign banks such as ING.
Cheers, k hanly
Blog: http://kenthink7.blogspot.com/index.html Blog: http://kencan7.blogspot.com/index.html
--- On Sat, 2/28/09, Doug Henwood <dhenwood at panix.com> wrote:
> From: Doug Henwood <dhenwood at panix.com>
> Subject: Re: [lbo-talk] The Canadian banking model
> To: lbo-talk at lbo-talk.org
> Date: Saturday, February 28, 2009, 2:24 PM
>
> On Feb 28, 2009, at 7:20 AM, Michael Pollak wrote:
>
> > [Can our Canadian friends elaborate on the idea that
> Canadian banks are "all broadly owned by public
> shareholders." Is that in any way different from the
> normal meaning of being a publicly owned company -- i.e.,
> being entirely owned privately?]
> >
> > [Rhetorically it's a nifty move to say that adopting
> the Canadian model would mean going back to Hamilton's
> original vision.]
> >
> > http://www.nytimes.com/2009/02/28/opinion/28tedesco.html
>
> This piece prompted a blog polemic:
>
> <http://doughenwood.wordpress.com/2009/02/28/the-virtues-of-concentration/>.
>
> Doug
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>