Thieves of Bay Street: How Banks, Brokerages and the Wealthy Steal Billions from Canadians

Thieves of Bay Street: How Banks, Brokerages and the Wealthy Steal Billions from Canadians

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by Bruce Livesey
     
 

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A newsmaking exposé about why Canada's financial industry is a haven for fraud.
 
Beneath the veneer of stability that saw Canada's banking sector through the financial crash of 2008, investigative reporter Bruce Livesey has uncovered a rampant failure of epidemic proportions. Though no large financial institution has recently gone bust in this

Overview

A newsmaking exposé about why Canada's financial industry is a haven for fraud.
 
Beneath the veneer of stability that saw Canada's banking sector through the financial crash of 2008, investigative reporter Bruce Livesey has uncovered a rampant failure of epidemic proportions. Though no large financial institution has recently gone bust in this country, white-collar criminals, scam artists, Ponzi schemers and organized crime, from the Hells Angels to the Russian mafia, know that Canada is the place in the Western world to rip off investors. And the fraudsters do so with little fear of being caught and punished.
 
Thieves of Bay Street investigates Canada's biggest financial scandals of recent years. Readers will learn what banks do with investors' money and what happens when they lose it. They will meet the bogus investment gurus, the brokers who lose money with both reckless abandon and impunity, the bankers who squander money in toxic investments, the lawyers who protect them and the regulators who do nothing to keep them from doing it again. And most importantly, they'll meet the victims who are demanding that our vaunted banking sector finally come clean on its dirtiest secret.

Editorial Reviews

From the Publisher
FINALIST 2013 – Arthur Ellis Awards—Best Crime Non-Fiction

"Excellent.... Livesey arms investors with a sense of hope and purpose with recommendations on how to be more protective and proactive in avoiding losses in the future.... Thieves is well written, easy to read and packs a punch, chapter after chapter."
—The Globe and Mail

"Essential reading not only for those with money to invest, but anyone concerned about the path to social and economic ruin we are following."
The Record (Kitchener)

"Compelling.... Livesey's writing is punchy and persuasive, fuelled by intelligence."
Winnipeg Free Press

Product Details

ISBN-13:
9780307359636
Publisher:
Random House of Canada, Limited
Publication date:
03/22/2012
Pages:
320
Product dimensions:
6.20(w) x 9.10(h) x 1.20(d)

Meet the Author

BRUCE LIVESEY is an award-winning investigative journalist. His writing has appeared in most major magazines and newspapers in Canada. He also has extensive experience as a television producer, working for the investigative unit of CBC TV's The National, the fifth estate and CBC News Sunday, as well as outside Canada for a co-production of PBS Frontline and the New York Times, Al Jazeera English and Al Gore's Current TV. He is a co-winner of a Dupont Award, one of the most prestigious US television awards, and has been nominated for 2 Geminis and 3 national magazine awards, winning in 2008. He lives and works in Toronto.

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Thieves of Bay Street: How Banks, Brokerages and the Wealthy Steal Billions from Canadians 5 out of 5 based on 0 ratings. 1 reviews.
Hiliter More than 1 year ago
I was curious about this work as the rest of my business books are on techniques or information in investing without reference to issues of ethics. It isn't very comforting to read that only Bosnia-Herzegovina and Canada lack a national securites regulator of over 100 countries (p. 10). The US presently is going through significant political turmoil and yet its regulatory activity looks substantially stronger than we find in Canada. It may be painful to read the way public companies have been emptied by management, but investors should know this. It is reasonable to question whether a Canada based on financial and resource industries is enough for a country to be competitive in the world. I find it surprising that unlike the US, Canada doesn't publish the names of brokers who have been criticized with the IDA. The work covers the financial industry, the banks, the effects of outside hedge funds, indifferent management by non-Canadian firms, the failure of corporate boards to ensure executives are rewarded for effective management, money laundering, excessive financial industry fees, lack of training for those in sales roles, failure to monitor questionable accounts by banks, brokerage firms, regulators and law enforcement, lax penalties, the impact of the subprime outfall in Canada, failure of exchanges and underwrites to ensure required protections are in place before products are sold to clients, failure to quickly inform clients of problems in viability of investments, mismanagement in hedge funds, failure to monitor income trusts, indifference of brokerage firms to their clients, lack of compelling overview outside the financial industry, inadequacy of protection of shareholder and employee interests in bankruptcy, failure of credit rating agencies, the incestuous nature of the industry, lack of openness by regulatory agencies, and media complicity. If there is anything missing it would be a chapter or perhaps another work on firms and investment products that have a history of ethical performance.