THIS BOOK SETS OUT TO REVEAL why Canada has become a popular place for investment fraud and thievery, and what the consequences are—and not just for small investors who can lose a lifetime of savings with one wrong turn. It examines how bankers and brokers and the very wealthy rob from investors and companies. Thieves of Bay Street explores how our vaunted financial institutions peddle dangerous investment products and contributed to the U.S. subprime mortgage crisis, the reverberations of which are threatening entire national economies. It’s about the ways that credit rating agencies, underwriters, analysts and lawyers enable fraud, and how regulators and law enforcement sit on the sidelines and do nothing to stop the fiascos from unfolding.
Forget the notion that Canada’s financial markets were insulated from the damage done by the greed, incompetence and deceptions that brought Wall Street to its knees in 2008. And forget whatever you’ve long believed about Canadian investment being the secure and trustworthy industry you’d bet on with your life savings. Case after case proves that Bay Street—and the whole Canadian investment business that name has come to represent—is as fallible, foolish and prone to corruption as any other.
- The myriad of ways brokers skim so much money in the way of hidden fees from the investments of Canadians, leaving them so much poorer when they want to retire
- How Conrad Black pocketed so much money while Canadian regulators turned a blind eye to his chicanery
- Which Canadian banks and brokerage houses profited from the US subprime mortgage fiasco
- The mutual fund dealer in B.C. who lived like a king until his rampant fraud was exposed and he fled the country
- The Russian mobster who laundered his ill-gotten gains through the Toronto Stock Exchange with the help of some of Canada’s biggest investment houses and most powerful lawyers
- The Montreal hedge fund, one of whose clients was the Rizzuto crime family, that managed to lose $159-million of its investors’ money – with the possible assistance of the Royal Bank of Canada
- The hedge fund managers who undermined or profited from the once-thriving Canadian steel giants, Algoma and Stelco
- The Nortel scandal explained. You will hear about the impoverishment of disabled Nortel employees while the company’s managers paid themselves millions as they steered the company into oblivion
- How provincial securities commissions, industry regulators and the RCMP turn a blind eye to Bay Street’s crimes and refuse to prosecute those responsible
- How as much as $20-billion of Canadian investors’ dollars are stolen every year due to investment fraud