Letter writer had reason to be alarmed

Bank bail-in that happened overseas might very well happen in Canada

Dear editor,

I have to respond to Mr. Delbert Doll’s recent letter to the editor in trying to label Mr. Cliff Boldt as an “alarmist.”

After reading Mr. Doll’s letter it seems that he hasn’t actually read the Conservative 2013 Economic Action Plan book. I have. On pages 144 and 145 I read and see what Mr. Boldt wrote.

What has me concerned about the “bail-in” legislation is there is no language about the responsibilities and accountabilities of the banks’ managers and officers.

Mr. Doll also alludes to the federally-backed depositors’ insurance. That only happens if and when the bank fails.

If the bank does not fail because of the Cyrpus-style of “bail-in” then the federal insurance doesn’t apply.

I wonder if Mr. Doll is aware of the fact that the federal government gave $114 billion to the five Canadian chartered banks four days before the 2009 Federal election?

It was: $17 billion to BMO $21 billion to CIBC, $25 billion to RBC, $25 billion to Scotiabank and $26 billion to TD.

This bank “bail-out” wasn’t a secret; it just wasn’t fully reported. No wonder other countries’ banks envy our Canadian banking system.

Mr. Ralph Nader said it all in a nutshell: “Capitalism will never fail because socialism will bail it out.”

Reading and remembering Mr. Doll’s past letters to the editor, I and others know how he abhors socialism.

Mike Flynn

Courtenay

 

 

 

 

 

 

 

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