Recent reports have shone light on corrupt practices being used by Canada’s big banks to rip-off Canadians.
After an initial report discussing unethical actions at one bank, a deluge of bank employees from all of Canada’s major banks have been sharing their stories about how the pressure to reach sales targets pushes them towards unethical actions.
Said one bank employee, “It’s not what’s important to our clients anymore. The bank wants more and more money. And it’s leading everyone into debt.”
In some cases, employees were ordered not to tell clients when the stock market had gone down, and added higher interest rates to mortgages – without telling clients they could negotiate on those rates.
This is a big issue – especially considering how concentrated our banking sector is. Canadians don’t have a bunch of choices in our banking sector, so if all the banks are acting in corrupt ways we’re all getting screwed over.
Trudeau silent so far on bank corruption
As this bank story has expanded, I’ve noticed the distinct lack of a response by Justin Trudeau. It’s interesting to compare his willingness to arrogantly lecture the energy industry every chance he gets, with his unwillingness to criticize the banking sector.
Why is this?
Well, the banking sector is part of the same elitist group as the establishment media and corporations that benefit from the status quo. They don’t care about carbon taxes or tax increases, because they profit no matter what happens.
Trudeau is unwilling to go after the banks, since he would be going after his fellow elitists – the same group that went to all the same universities, think the same way, and are trapped in the same failed ways of thinking.
That’s why he doesn’t hesitate to go after the energy industry. He has few connections in the energy industry, and doesn’t care what happens to Canadian workers. As long as his fellow elitists are happy, the rest of the country doesn’t matter to him.
Unfortunately, all Canadians suffer as a result of this double standard.
We get higher energy costs, higher taxes, and less prosperity.
While the energy industry is getting crushed with a new carbon tax and excessive regulations, the banking industry may face only the most minor of consequences – despite what appears to be widespread corruption.
Banks face laughably weak penalties
Despite making almost $10 billion in profits in the third quarter of 2016 alone, it’s clearly not enough for them. But the potential government penalties – which could be imposed after the Financial Consumer Agency of Canada (FCAC) investigates – are pathetic.
If caught violating the law, they could be fined $500,000. They could also be named.
That is an incredibly weak penalty and it is a great incentive for the banks to break the law. It makes more sense for the banks to just break the laws and pay the fine if caught – since they will make so much more money that way.
The government could easily change things by imposing tougher penalties. But they haven’t done so. And it’s no surprise. That’s what happens when we have a government dominated by out-of-touch elitists: There’s one set of rules for those at the top, and another set of rules for the rest of us.
Just like Cash-For-Access, those with connections get what they want, everyone else gets ignored or punished.
As long as Trudeau, and elitists like him remain in power, the banks and other powerful institutions will get away with ripping us off. And considering how weak the establishment media is when it comes to holding Trudeau accountable, it’s up to people like us to spread the truth.