As Canada Day approaches, there’s one more reason to be proud to be a Canuck: our bankers.
On Monday night, The Daily Show contrasted the free-market exuberance of the U.S. banking system with our more cautious approach.
Read: Regulation by product is a problem: CSA roundtable
Hamilton-born correspondent Jason Jones called Canada “a horrific country where the financial system is heavily regulated by a centralized government office that sets rules on almost every type of transaction.”
To find out how these regulations supposedly stifle business, he spoke with ING DIRECT CEO Peter Aceto, who touted the virtues of denying Canadians funky derivative products.
Read: CSA proposes derivatives market registration and regulation
Among them include the fact that America’s had 16 banking crashes since 1790, while we’ve had none.
The show also interviewed Canadian clients, who describe bankers as “transparent” and “trustworthy.” One woman goes so far as to say, “I love Canadian banks.”
Read:
Five reasons for a national regulator
The best ways to own Canadian banks
Were Canada’s banks bailed out?