To the Editor,
Just how well managed are our Canadian banks? We like to boast that we have the best managed banks in the world but I question that logic. Given what’s happening in the U.S. right now, this is a very important subject.
It seems our banks are spreading their wings and venturing into questionable investments in foreign countries outside our borders with disastrous results. For example, the Toronto Dominion Bank recently agreed to pay out a settlement of $1.2 billion for their connection to a Stanford Ponzi scheme lawsuit, as reported by other news organizations.
The Royal Bank of Canada is facing millions of dollars in class action lawsuits for multiple violations.
The CIBC Bank settled a lawsuit filed against it by Equity firm Cerberbus Capital Management for US$770 million dollars.
These revelations hardly rate a mention on the nightly news but should concern us all because they affect the stability of our banking systems, and the value of the Canadian dollar.
Thomas Gowan,
Port Alberni