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Found 11 results

  1. I have an idea...lets keep the status quo. By Nicolas Van Praet Montreal • Forget Newfoundland, derided for decades as the fish-dependent fiscal laughingstock of Canada. Another province is swiftly climbing the ranks of the penniless: Quebec. Quebecers will displace their fellow countrymen as the poorest Canadians if current income and purchasing power trends continue, according to a new study released Tuesday by Montreal’s HEC business school. The stark outlook underscores the urgency for Canada’s second-largest province to fix its structural problems and lends weight to arguments that its untapped natural resources should be developed. Related “Compared to the rest of the country, Quebec has a real revenue problem,” says Martin Coiteux, an economist who wrote the study for the HEC’s Centre for Productivity and Prosperity. Unless the province begins an honest, nothing-off-limits self-examination, “it runs the risk of finding itself last among Canadian provinces with respect to income and standard of living.” It’s the trend lines that should be worrying Quebecers, Mr. Coiteux said. The income gap is widening between Quebec and Canada’s richest provinces while it is shrinking with the poorest. Over a 31-year period from 1978 to 2009, every region of Canada gained on income against Quebec, according to the study. Buoyed by revenues from offshore oil, Newfoundland has bridged the income gap with Quebec to within $3,127 per adult as of 2009. Ontario’s income was $9,853 higher per adult that year while Alberta’s was $17,947 higher. That in itself is problematic for Quebec. But the HEC research also shows that one of the key things that made living in Quebec so attractive, namely the lower cost of living compared with other big provinces, is also rapidly changing. While it remains cheaper to buy consumer goods like food, gasoline and haircuts in Quebec than most other provinces (9% cheaper in Quebec than Alberta in 2009 for Statistics Canada’s standard Consumer Price Index basket of goods, for example), the difference is narrowing. And that makes the purchase power equation even worse for the French-speaking province. What explains this income nightmare? Mr. Coiteux summed it up thus: “Proportionately, fewer Quebecers work [than other Canadians]. They work fewer hours on average. And they earn an hourly pay that’s lower than that of most other Canadians.” The relative poverty of Quebec means that its residents pay less in federal income tax and receive more transfers than those living in richer provinces, which reduces the income gap with Ontario, Alberta and B.C. But that situation also represents “a form of dependency,” Mr. Coiteux noted. Provincial wealth in Canada is increasingly split along the lines of those who have natural resource wealth and those who do not. In addition to a bounty of hydroelectric power and aluminum production, Quebec also has known shale natural gas and oil deposits on its territory. The Liberal government of Jean Charest has signalled it is eager to tap its forestry and mining wealth, most notably with its plan to develop a vast portion of its northern territory twice the size of Texas. It has put oil and gas commercialization on the back burner in the face of public opposition and a continuing ocean boundary spat with Newfoundland. But even the northern development plan isn’t generating unanimity. Quebecers have proven to be tremendously shy in using their resources to generate wealth, says Youri Chassin, economist at the Montreal Economic Institute, a conservative think-tank. “We are kind of afraid of the consequences. And it might be good to have public debate about this. But [in that debate], we have to take into account that we are getting poorer.”
  2. Article intéressant... IMF debunks myth: Taxing rich not bad for economy OTTAWA -- A new paper by researchers at the International Monetary Fund appears to debunk a tenet of conservative economic ideology -- that taxing the rich to give to the poor is bad for the economy. The paper by IMF researchers Jonathan Ostry, Andrew Berg and Charalambos Tsangarides will be applauded by politicians and economists who regard high levels of income inequality as not only a moral stain on society but also economically unsound. Labelled as the first study to incorporate recently compiled figures comparing pre- and post-tax data from a large number of countries, the authors say there is convincing evidence that lower net inequality is good economics, boosting growth and leading to longer-lasting periods of expansion. In the most controversial finding, the study concludes that redistributing wealth, largely through taxation, does not significantly impact growth unless the intervention is extreme. In fact, because redistributing wealth through taxation has the positive impact of reducing inequality, the overall affect on the economy is to boost growth, the researchers conclude. "We find that higher inequality seems to lower growth. Redistribution, in contrast, has a tiny and statistically insignificant (slightly negative) effect," the paper states. "This implies that, rather than a trade-off, the average result across the sample is a win-win situation, in which redistribution has an overall pro-growth effect." While the paper is heavy on the economics, there is no mistaking the political implications in the findings. In Canada, the Liberal party led by Justin Trudeau is set to make supporting the middle class a key plank in the upcoming election and the NDP has also stressed the importance of tackling income inequality. Stephen Harper's Conservatives have boasted that tax cuts, particularly deep reductions in corporate taxation, are at least partly responsible for why the Canadian economy outperformed other G7 countries both during and after the 2008-09 recession. In the Commons on Tuesday, Employment Minister Jason Kenney said the many tax cuts his government has introduced since 2006, including a two-percentage-point trim of the GST, has helped most Canadians. Speaking on a Statistics Canada report showing net median family wealth had increased by 44.5 per cent since 2005, he added: "It is no coincidence because, with the more than 160 tax cuts by this government, Canadian families, on average, have seen their after-tax disposable income increase by 10 per cent across all income categories. We are continuing to lead the world on economic growth and opportunity for working families." The authors concede that their conclusions tend to contradict some well-accepted orthodoxy, which holds that taxation is a job killer. But they say that many previous studies failed to make a distinction between pre-tax inequality and post-tax inequality, hence often compared apples to oranges, among other shortcomings. The data they looked at showed almost no negative impact from redistribution policies and that economies where incomes are more equally distributed tend to grow faster and have growth cycles that last longer. Meanwhile, they say the data is not crystal clear that even large redistributions have a direct negative impact, although "from history and first principles ... after some point redistribution will be destructive of growth." Still, they also stop short of saying their conclusions definitively settle the issue, acknowledging that it is a complex area of economic theory with many variables at play and a scarcity of hard data. Instead, they urge more rigorous study and say their findings "highlight the urgency of this agenda." The Washington-based institution released the study Wednesday morning but, perhaps due to the controversial nature of the conclusions, calls it a "staff discussion note" that does "not necessarily" represent the IMF views or policy. It was authorized for distribution by Olivier Blanchard, the IMF's chief economist. Read more: http://www.ctvnews.ca/business/imf-debunks-myth-taxing-rich-not-bad-for-economy-1.1704643#ixzz2uRo5ElZH
  3. http://www.ccmm.qc.ca/documents/memoires/2009_2010/10_03_31_rapport-gouvernance-fiscalite.pdf -3 times more newcomers to Toronto than Montreal -Montreal last in wealth for north american cities and second last in productivity -weak/modest economic growth expected
  4. Obviously this issue has yet to be released, but has anyone seen this yet? This seems like a Montreal bashing field day. http://www2.macleans.ca/2009/07/08/macleans-covers-gallery/mac_cover_091109/ Calling Montreal a disgrace is a very strong statement, as while they sit in their Toronto office buildings, their city is suffering from many more homicides as well as a massive polarization of wealth, as the middle class drains itself to the far reaches of the GTA. I'm not saying that Montreal doesn't have its problems, but this seems to be utterly gratuitous, on the part of those who seem to love to see us fail.
  5. November 12, 2013, 8:55 a.m. ET National Bank Completes Acquisition of TD Waterhouse Institutional Services' Business -- This transaction further confirms National Bank Correspondent Network's leadership position by adding 260 market intermediaries, $35 billion of assets under administration and 130,000 end-clients to its book of business -- The acquisition marks another major step in National Bank's expansion of its wealth management platform across Canada MONTREAL, Nov. 12, 2013 /CNW Telbec/ - Following receipt of all required regulatory approvals, National Bank of Canada ("National Bank" or the "Bank") (TSX: NA) today announced the completion of its acquisition of TD's institutional services business known as TD Waterhouse Institutional Services (TDWIS). This business will be integrated into National Bank's Correspondent Network ("NBCN"), which is Canada's largest provider of custodial, trading, clearing, settlement and record keeping services to independent registered portfolio managers and introducing brokers. Building on its large existing client base, NBCN will be servicing over 400 independent market intermediaries across the country who collectively manage or administer $85 billion for almost one-half million Canadian investors once the TDWIS business is brought on board. This acquisition greatly extends NBCN's reach, further confirming its status as the clear leader in this growing and important segment of the securities industry. "This transaction is another major step in the implementation of National Bank's strategy of expanding across Canada by broadening the footprint of our wealth management platform" said Luc Paiement, Executive Vice President, Wealth Management, Co-President and Co-CEO of National Bank Financial. "It will add considerable scale to our operations and, in the process, bring a number of appreciable benefits to all National Bank wealth management clients in the form of new products and services". "In the last few months we have met with many of our new clients, and are very pleased with the trust and confidence they have shown by joining us. We are committed to delivering to them the same industry leading service and support we have been providing NBCN's clients with for the past 20 years." said Patrick Primerano, Co-CEO of NBCN. "We are proud that all 64 TDWIS employees to whom we made offers have accepted them, and we look forward to welcoming them into our NBCN team of professionals." This transaction is accretive to National Bank's bottom line, adding $0.12 of earnings per share for fiscal 2014 and $0.14 for fiscal 2015, assuming the full benefit of the acquisition is realized in fiscal 2014. As a result of the acquisition, National Bank's Basel III Common Equity Tier 1 ratio will be reduced by approximately 40 basis points as at National Bank's quarter ending January 31, 2014. Client conversion is expected to be completed in the 8 months following the closing of the transaction, and a transition services agreement will be in place in the interim. About National Bank of Canada With $187 billion in assets as at July 31, 2013, National Bank of Canada (http://www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the 20 strongest banks in the world by Bloomberg Markets magazine. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca. About National Bank Correspondent Network At the service of its clients for more than 20 years, National Bank Correspondent Network has become Canada's largest provider of custodial, trading, clearing, settlement and record keeping services to independent registered portfolio managers and introducing brokers by continually redefining the industry through innovative product development, expert client care and leading technology. NBCN's team is dedicated to giving its clients the very best service and the breadth of investment choices necessary to build a successful practice. Forward Looking Statements Certain statements included in this press release constitute forward-looking statements meant for its interpretation and shouldn't be used for other purposes. These forward--looking statements are made as of the date of this document. There is a strong possibility that express or implied projections contained in these forward-looking statements will not materialize or will not be accurate. The Bank recommends that readers not place undue reliance on these statements, as a number of factors, many of which are beyond the Bank's control, could cause actual future results, conditions, actions or events to differ significantly from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These factors include, without limitation, the ability to attract and retain key employees who will support the acquired institutional services business, including certain senior management of the acquired institutional services business; the ability to complete the conversion of the client records, systems and operations supporting the acquired business within anticipated time periods and costs; the retention of substantially all of the clients of the acquired institutional services business following the closing; together with general factors such as credit risk, market risk, liquidity risk, operational risk, regulatory risk, and reputation risk, (all of which are described in greater detail in the Risk Management section that begins on page 57 of the Bank's 2012 Annual Report available at http://www.sedar.com); the general economic environment and financial market conditions in Canada, changes in the accounting policies the Bank uses to report its financial condition, including uncertainties associated with assumptions and critical accounting estimates; tax laws in Canada; and changes to capital and liquidity guidelines and to the manner in which they are to be presented and interpreted. The Bank assumes no obligation to update or revise these forward-looking statements to reflect new events or circumstances and cautions readers not to place undue reliance on them. SOURCE National Bank of Canada /CONTACT: (The telephone number provided below is for the exclusive use of journalists and other media representatives.): Claude Breton Assistant Vice-President, Public Affairs National Bank Tel.: 514-394-8644 H ne Baril Director, Investor Relations National Bank Tel: 514-394-0296 Copyright CNW Group 2013 http://online.wsj.com/article/PR-CO-20131112-907876.html
  6. Why is it that TD is the only Canadian bank that has an actual branch in NYC. While BMO and RBC have branches but in different cities. BMO and RBC both have their wealth management in NYC though :stirthepot: OT: A while back Gothamist had a small article on TD seeing it wasn't like other banks, it was more friendly and there wasn't like bulletproof glass protecting the teller from people and stuff.
  7. End of an Era on Wall Street: Goodbye to All That By TIM ARANGO and JULIE CRESWELL Published: October 4, 2008 JUST before midnight 10 days ago, as a financial whirlwind tore through Wall Street, someone filched a 75-pound bronze bust of Harry Poulakakos from the vestibule of his landmark saloon on Hanover Square in Manhattan. Harry Poulakakos at his restaurant, which has been part of the Wall Street culture now being transformed by the financial crisis. “If Wall Street is not active,” he warned, “nothing is active.” Digging into a bowl of beef stroganoff the day after the bust disappeared — it was eventually returned anonymously — Mr. Poulakakos recalled some of the customers who had passed through his doors since he opened his bar, Harry’s, 36 years ago. Ivan Boesky once had a Christmas party there. Michael Milken worked over at 60 Broad. Tom Wolfe immortalized the joint in “The Bonfire of the Vanities.” Mr. Poulakakos says he even got to know Henry M. Paulson Jr., the former Goldman Sachs chief executive and now the Treasury secretary. Mr. Poulakakos, 70, has also seen his share of ups and downs on the Street, including the 1987 stock market crash, when Harry’s filled up at 4 p.m. and stayed open all night. But the upheaval he’s witnessing now — much of Wall Street evaporating in a swift and brutal reordering — is, he said, the worst in decades. “I hope this is going to be over,” he said. “If Wall Street is not active, nothing is active.” Mr. Poulakakos, rest assured, isn’t planning to disappear. But the cultural tableau and the social swirl that once surrounded Harry’s are certainly fading. “It’s the beginning of the end of the era of infatuation with the free market,” said Steve Fraser, author of “Wall Street: America’s Dream Palace,” and a historian. “It’s the end of the era where Wall Street carries high degrees of power and prestige. And it’s the end of the era of conspicuous displays of wealth. We are entering a new chapter in our history.” To be sure, living large and flaunting it are unlikely to exit the American stage, infused as they are in the country’s mojo. But with Congress having approved a $700 billion banking bailout, historians, economists and pundits are also busily debating the ways in which Wall Street’s demise will filter into the popular culture. It’s an era that traces its roots back more than two decades, when suspendered titans first became fodder for books and movies. It’s an era when eager young traders wearing khakis and toting laptops became dot-com millionaires overnight. And it is an era that roared into hyperdrive during the credit boom of the last decade, when M.B.A.’s and mathematicians raked in millions by trading and betting on ever more exotic securities. Over all, the past quarter-century has redefined the notion of wealth. In 1982, the first year of the Forbes 400 list, it took about $159 million in today’s dollars to make the list; this year, the minimum price of entry was $1.3 billion. As finance jockeyed with technology as economic bellwethers, job hunters, fortune seekers and the news media hopped along for the ride. CNBC became must-see TV on trading floors and in hair salons, while people gobbled up stories about private yachts, pricey jets and lavish parties, each one bigger and grander than the last. Finance made enormous and important strides in these years — new ways to parse risk, more opportunities for businesses and individuals to bankroll dreams — but for the average onlooker the industry seemed to be one endless party. In 1989, tongues wagged when the 50th birthday celebration for the financier Saul Steinberg featured live models posing as Old Masters paintings. That bash was outdone last year, when Stephen A. Schwarzman, head of the private equity firm Blackstone, feted guests at a 60th birthday party boasting an estimated price tag of $5 million, video tributes and the singer Rod Stewart. “The money was big in the ’80s, compared to the ’50s, ’60s and ’70s. Now it’s stunning,” said Oliver Stone, who directed the 1987 film “Wall Street” and is the son of a stockbroker. “I thought the ’80s would have been an end to a cycle. I thought there would be a bust. But that’s not what happened.” Now, with jobs, fortunes and investment banks lost, a cultural linchpin seems to be slipping away. “This feels very similar, historically, to 1929 and the emotions that filled the air in the months and years that followed the crash,” Mr. Fraser said. “There is a sense of extraordinary shock and astonishment, which is followed by a sense of rage, outrage and anger directed at the centers of finance.” A WALL STREET hotshot was in a real-estate quandary, and he wanted Barbara Corcoran to help him sort things out. “This is a finance guy making a ton of money and he was trying to decide whether he should sell the country home in Connecticut, the apartment here in the city or the 8,000-square-foot dream home in Oregon that he just finished,” recalled Ms. Corcoran, who has spent years selling high-end luxury properties to New York’s elite. Daintily pulling the shell off a soft-boiled egg at a busy restaurant, she said she had fielded call after call from anxious Wall Streeters trying to decide between signing contracts on multimillion-dollar properties or renegotiating because of the downturn. (Renegotiate, she advises.) Skip to next paragraph Enlarge This Image Mark Lennihan/Associated Press Limos lined up at the Lehman Brothers headquarters, pre-bankruptcy. Enlarge This Image Carl T. Gossett/The New York Times The New York Stock Exchange on New Year’s Eve, 1971, in the innocent days before the Gordon Gekko’s arrived, before the 1987 crash and before the credit crisis tarnished the second Gilded Age. But this particular financier, whom Ms. Corcoran declined to identify, was interested in unloading property so he could time the absolute tippy-top of the real-estate market, not because his wallet had thinned. “He decided to list the country home in Connecticut,” Ms. Corcoran said, shrugging as she bit into her egg. If there has been one thing that has kept pace with the outsize personas on Wall Street, it’s the gigantic paychecks they’ve hauled in. Since the mid-1980s, top traders, bankers, hedge fund managers and private equity gurus have reeled in millions of dollars in rotten years and tens and hundreds of millions — a handful even making billions — while the good times rolled. For instance, Steven A. Cohen, a high-profile hedge fund manager who leads SAC Capital Advisors, spent more than $14 million in 1998 for his 30-room mansion in Greenwich, Conn. Then he spiffed up the place with a basketball court, an indoor pool, an outdoor skating rink — with its own Zamboni — a movie theater and showpieces from the art collection on which he has spent hundreds of millions in recent years. So it’s unlikely that hedge fund stars like Mr. Cohen are headed for the bread lines. Two weeks ago, as Lehman Brothers filed for bankruptcy, Bank of America rescued Merrill Lynch, and regulators and bankers anxiously tried to figure out how to save the Street from itself, the world’s affluent plunked down more than $200 million in a two-day auction in London, snapping up the latest works by the British artist Damien Hirst. Still, some will inevitably downsize. “The yacht is probably the first thing to go,” said Jonathan Beckett, in a telephone interview from Monte Carlo as he attended the annual Monaco Yacht Show last month. Mr. Beckett, the chief executive of Burgess, a yacht broker, said that for the past eight years there have been few sellers in the market. That is starting to change, said Mr. Beckett, who noted that a handful of yachts had been put up for sale, ranging in price from $10 million to $150 million. Even party time has shortened. “In the last couple of weeks, since the bottom fell out of the market, we’ve seen people become more reticent to sign commitments for some expensive venues,” said Joseph Todd St. Cyr, director of Joseph Todd Events, which plans weddings and bar and bat mitzvahs for clients whom he describes as nonshowy, sophisticated Park Avenue types. “I had one client who was ready to book the Plaza for a wedding, but now he wants to know what are his other options and whether the Plaza will back down on its minimum spending requirement, which runs about $80,000 to $100,000 for a prime Saturday night date,” Mr. St. Cyr said. “Bar and bat mitzvahs in this town had become a little bit of a show. There’s a little bit of outdoing the Joneses and the Cohens,” he added, noting that typical parties, if devoid of appearances by N.F.L. superstars or the Black Eyed Peas, range from $150,000 to $400,000. Even though some clients may not have been hurt in the downturn, they simply don’t want to have an overly ostentatious party in this environment, he said. SHOWY homes are also on the block. Joseph M. Gregory, Lehman’s president and chief operating officer who was replaced in June, a couple of months before the firm filed for bankruptcy, listed his oceanfront, 2.5-acre, eight-bedroom Bridgehampton home for $32.5 million this summer. Mr. Gregory could not be reached for comment. While brokers say they have yet to see an avalanche of high-end sales, they do say that upheaval is present in the minds of buyers. Once a hamlet for the moneyed old guard, Greenwich has found itself in recent years overrun by flashy hedge fund and private equity managers. But with the markets in flux, some high-end homes with price tags as high as $3 million to $8 million that sat unsold for six months or longer are now being offered as rentals, said Barbara Wells, a local Realtor. “I had a rental on the market for $11,500 a month. On Monday, we got an offer for $8,500, which we countered with $9,500. They came back with $8,000,” she said. “I told them they were going the wrong way but they said, because of what was happening in the financial markets, this is our new offer. And guess what? The owner accepted it.” Also shocking, she said, is the fact that some of the new homes offered for rent were houses built on spec. In all likelihood, the real estate market could be frozen for the next 6 to 18 months or so as buyers and sellers struggle to reach agreement on prices, Ms. Corcoran said. “The buyers have jumped to the sidelines and the sellers refuse to budge on their prices, completely in a state of disbelief that anything has changed,” she said. Job losses and lower bonuses are likely to hurt sales of apartments in New York, particularly starter abodes like studios, one bedrooms and basic two bedrooms. “The lowest-priced properties are always hit hardest first and recover last,” said Ms. Corcoran, who estimates that 20 to 25 percent of apartment buyers in the city work on Wall Street. “The rich have more wiggle room.” Skip to next paragraph Enlarge This Image Neal Boenzi/The New York Times, top; Marilynn K. Yee/The New York Times Michael R. Milken, top, in 1978, and Ivan F. Boesky, bottom, in 1987. The two men, both of whom went to prison, became symbols of Wall Street’s excesses. Enlarge This Image Janet Durrans for The New York Times The Greenwich, Conn., mansion of Steven A. Cohen. After buying it in 1998, he added amenities befitting a hedge fund king, like an outdoor skating rink. Despite the malaise, she says she sees some hope. “This feels like 1987,” after the stock market crashed, she declared. “It’s not even close to ’73 or ’74, when people used to feel sorry for you if you told them you lived in New York City.” That said, Ms. Corcoran said that data she once compiled showed that apartment prices in New York had peaked in 1988, one year after the ’87 crash, and taken 11 years to recover. Of course, there’s another much-watched barometer of Wall Street buoyancy: traffic at some of the city’s high-end strip clubs. During the heyday of the Wall Street boom in the 1990s, Lincoln Town Cars, Rolls-Royces and Bentleys were often found idling outside places like Scores. Inside, according to people who were present at the time, groups of brokers routinely dropped $50,000 and even $100,000 in a single night. In the “presidential suite” at Scores, with its own wine steward who delivered $3,200 bottles of Champagne, the tabs grew quickly. While dancers may not receive gifts like the ones once lavished upon them — say, a $10,000 line of credit at Bloomingdale’s or a pair of $125,000 earrings — the clubs still appear to be filled with brokers, bankers and foreign businessmen. On a recent night at Rick’s Cabaret in New York, men in suits and ties were in full force. At around 10 p.m. — early for a strip club — 10 of the club’s 11 private rooms on the second floor were booked. “Men will never grow tired of the high-class strip-club experience,” said Lonnie Hanover, a spokesman for Rick’s Cabaret International in New York. Rick’s, which is publicly traded on the Nasdaq and has 19 clubs across the country, even plans to expand. “When times are tough, there is no better form of escapism than a night at a gentlemen’s club,” he added. IN the early 1980s, Mr. Stone (who gave the world Gordon Gekko and the “Greed is good” mantra in “Wall Street”) spent time in Miami doing research for his movie “Scarface” (with its cocaine-snorting gangster Tony Montana). When he returned to New York he noticed a shift in the city’s culture of high finance, a world he was familiar with from his childhood. While Wall Streeters weren’t packing guns, other similarities startled him. “What shocked me was I met all these guys who at a young age were making millions and they were acting like these guys in Miami,” Mr. Stone recalled. “There’s not much difference between Gordon Gekko and Tony Montana.” “Money was worshiped and continues to be worshiped,” Mr. Stone added. “Maybe that will change now.” Adoration of riches is hardly new, however. In the mid- to late 19th century, the Gilded Age — a term Mark Twain coined in 1873 — offered equally ostentatious displays of wealth and a broadening gulf between rich and poor. “In the Gilded Age, they built great, enormous palazzos in Newport that they lived in for six weeks a year,” said the historian John Steele Gordon, whose book, “An Empire of Wealth,” chronicles that era. “During the last 25 years, it’s certainly been a gilded age in the sense that enormous fortunes have been built up in an unprecedented way.” Part of Wall Street’s allure for the young and ambitious was that anyone — regardless of education or breeding — could hit it big and live like a kingpin. Consider, for instance, Jordan Belfort. In 1987, Mr. Belfort, then a down-on-his-luck former meat-and-seafood distributor, was standing outside an apartment building in Bayside, Queens, when a childhood acquaintance who worked on Wall Street pulled up in a Ferrari. “This was a guy who you never would have expected would be making this kind of money,” Mr. Belfort recalled in a recent telephone interview. “I was broke, broke, broke, down to my last $100.” Mr. Belfort hit the Street in the late 1980s, and he recounted his adventure last year in a book called “The Wolf of Wall Street,” which he published after serving almost two years in prison for securities fraud and stock manipulation. He recently finished a second installment, “Catching the Wolf of Wall Street,” to be released in February. When he first struck it rich, he followed a well-trodden path for Wall Street upstarts. “First thing I did was go out and buy a Jaguar,” he said. “Step One is you get the car. Step Two, you get a great watch. Then great restaurants, and then maybe a place in the Hamptons — a summer share with another broker.” Whatever the Street’s excesses, it did offer individuals and institutions reliable, sophisticated and often efficient ways to trade and invest, helping to spread some of the wealth. Markets were democratized as individuals who had never before bought a stock or bond dabbled in investing, even if that meant simply plunking down money in a mutual fund, or participating in their company 401(k) plans. New technologies and the ability to trade stocks cheaply opened the financial doors to more people. As home prices rose, meanwhile, homeowners were enticed to tap into their new wealth through home equity loans and then used that money to pay for their own version of a lavish lifestyle. DESPITE these gains in the middle class, though, the truly wealthy have pulled away from the pack. Not since the late 1920s, just before the 1929 market crash, has there been such a concentration of income among individuals and families in very upper reaches of the income spectrum, according to researchers at the University of California, Berkeley, and the Paris School of Economics. Some say that anger over the yawning wealth divide found traction in the highly charged and polarizing debate in Congress over the bailout bill. Mr. Fraser, the historian, says that anger is informed by the de-industrialization of the American economy in recent decades. Factory closings and the loss of manufacturing jobs that paid decent, middle-class wages coincided with the heady expansion of the financial sector, where compensation soared. “That means that people in Ohio and Pennsylvania have not been living as high on the hog as those on Wall Street,” Mr. Fraser said. “There’s a real sense of anger at that unfairness.” Even if the current crisis leads to a prolonged slowdown, people may still flock to finance jobs. But they may have to recalibrate their expectations. “There’s no question that people on Wall Street are going to make less money,” said Jonathan A. Knee, a Columbia Business School professor and author of “The Accidental Investment Banker.” Like any cultural force concerned about its legacy, the financial world has a custodian of its past. On Wall Street, it can be found at the Museum of American Financial History, just a block from the New York Stock Exchange. Located in a grand space once occupied by the Bank of New York, it features a long timeline charting major market events. The last event it notes is the popping of the dot-com bubble earlier this decade. Robert E. Wright, a financial historian at New York University who is a curator of the museum, said that there were still many unknowns about how recent events would be recalled. “If the economic system shuts down and we go in for a deep recession, it probably is the end of an era,” he said. Hedging its bets, the museum has already started collecting mementos from the current crisis to post on its wall.
  8. http://finance.yahoo.com/news/canadian-baby-boomers-stand-inherit-100000876.html TORONTO, June 6, 2016 /CNW/ - Baby boomers in Canada will inherit an estimated $750 billion over the next decade in the country's largest-ever transfer of wealth, one that is expected to alter the retirement landscape and have potentially significant economic impacts, finds a new CIBC Capital Markets report. Canada currently has just over 2.5 million people over the age of 75, of which close to 45 per cent are widowed, the report says. The number of elderly people in Canada today represents a 25 per cent jump over the level seen a decade ago. "We estimate that the coming decade will see close to $750 billion exchanging hands, almost 50 per cent more than the estimated amount of inheritance received over the past decade," says Benjamin Tal, Deputy Chief Economist, CIBC Capital Markets, who authored the report The Looming Bequest Boom – What Should We Expect? "The transfer is estimated to boost the asset position of Canadians 50-75 years old by no less than 20 per cent." There will be even more Canadians aged 75+ in the next decade, who will not only be the largest cohort of that age group on record, but also wealthiest, with an estimated total net worth north of $900 billion. He expects this shift in wealth, coming when boomers themselves are approaching retirement age, can potentially impact Canada's retirement landscape as well as many facets of the economy, including labour force participation, the real estate markets and transform income inequality into wealth inequality.
  9. (Courtesy of the Financial Post) Reason I put it in culture, it seems more of a Quebec culture to be more laid back and no really care about material wealth, but that is my own point of view.