Are we immune from a Wall Street style meltdown? A controversial book raises doubts that our banking and financial system is somehow morally superior and more secure than our American neighbours. It suggests that not only are Canada's Captains of the money industry capable of corruption, the system does little to protect you from them.
When the financial and real estate markets melted down in 2008, Canada's banks became super heroes. They were the envy of the world celebrated models of responsibility and prudence. It seemed to suggest the worst economic crisis in half-a-century demonstrated how lucky we were to have our financial futures invested in this country.
But according to Bruce Livesey, the superhero bank story -- is a myth. He believes financial fraud in Canada has picked the pockets of investors by as much as 20 billion dollars a year. Livesey is the author of the new book, Thieves of Bay Street: How Banks, Brokerages and The Wealthy Steal Billions from Canadians. He was with in our Toronto studio.
This segment was produced by The Current's Gord Westmacott.
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