New regulations will make sure investors know what they are buying when they purchase principal protected notes ...Read the full article
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Rick Drysdale from Canada writes: So the banks and Mr. Flaherty are on the same page on this?
If I was thinking of investing a dime in these things I would run as fast as I could in the other direction.
Think about it.
A lawyer, in charge of the Finance Department, who has screwed more people in the last 2 years than the total of all previous Finance Ministers together wants to make it easier and clearer for people to know what they are investing their money into.
With the help of the banks.- Posted 09/05/08 at 7:35 PM EDT | Alert an Editor | Link to Comment
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w sykora from Canada writes: By killing income trusts and terrifying seniors about what he might do next to destroy their lifetime savings, this idiot gave a huge boost to PPN's. And now this master of obfuscation wants the banks to be more transparent?
It was probably no coincidence that Manulife launched one of their most succesful products ever, Income Plus, the week before Flaherty's Halloween Massacre, or that their CEO, Dominic D'Allessandro testified on behalf of the government during the income trust hearings.
I'm so glad to see that the Department of Finance consulted with the banking industry when they developed the PPN regulations. Too bad 2 million Canadian seniors had no such notice when Flaherty relieved them of $20 billion. All we've had is bald assertions, double talk, and outright lies.
I hope that one day our compliant and cowardly press will emulate their brethren of the 5th estate South of the border, grow some balls, and finally get to the bottom of the income trust story. If nothing else, it's been a key factor keeping Harper from a majority.
- Posted 09/05/08 at 9:08 PM EDT | Alert an Editor | Link to Comment
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elkay elkay from Canada writes: Thanks WSykora. We are on the same page on this. There are so many questions to this story and our media is ever so silent. In addition to all your points , I would like to know what dominic said to the PM to have things go his way. I would also like to know why the osc , sec, and even the rcmp haven`t involved themselves in the trust issue. We had our politicians and a small group of wealthy Cdn`s confiscate my hard earned, after tax, legally earned and legally invested income as well as that of millions of other Cdn`s and nobody stood up to say this was wrong. And yet it is ok for the wealthy to have their private family trusts, offshore trusts, business trusts, but it is not ok for me to invest in public equity income trusts. Can someone at the GM write a real story for a change on this issue.
- Posted 11/05/08 at 8:39 PM EDT | Alert an Editor | Link to Comment
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E. Biggs from Canada writes: It will be a frosty friday in hell before thousands of us forget this income trust issue which I believe was engineered by Carney and his buddies in Finance along with the clown prince.
Flaherty is too stupid to have dreamt this up by himself so he had a lot of help from the insiders.
On this Bank issue once again we can expect very little from the clown.
The Bank just took over PH&N which admittedly has not been doing much recently but still was one of the best and most open of the group of mutual fund outfits in Canada with some of the lowest MER's.
Many of us are still deciding whether to stay with them or not. Probably not as we expect the MERs to rise.
Anything Flaherty and the Banks are in on is something to stay far far away from. We will be getting screwed it is just a matter of how and when and you can bet we will not get any kissing with is.- Posted 12/05/08 at 2:38 AM EDT | Alert an Editor | Link to Comment
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Paul, Bytown, from Canada writes: PPN's are the latest tool being used to separate the consumer from his money.
Higher fees
Long term contracts
Not risk free
Poor disclosures
Some with upswing return limits but no down side limits
There are better alternatives to these gimmicks. But then again, there's a sucker born everyday.- Posted 12/05/08 at 10:18 AM EDT | Alert an Editor | Link to Comment
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