1.summarize & evaluate this topic in 250 words ( in annotated format). give references ( atleast 3)

CANADA ISN'T ROTTEN TO THE CORE: A REVIEW OF THIEVE STREET by Thomas Watson IVEY BUSINESS JOURNAL November / December 2013 Retrieved from http://iveybusinessjournal.com/departments/from-the-editor/canada-isnt-rott review-of-thieves-of-bay-street Bruce Livesey's Thieves of Bay Street initially caught my eye when a National Post writer to be assigned reading for everybody who buys securities, borrows money or consults financ was months ago. But a late offering of my two cents on the topic in my inaugural commenta seems reasonable enough since my name is listed in the book's source note and I don't this assigned reading for anyone. As others have noted, Thieves of Bay Street doesn't really cover new ground. Livesey simpl known marketplace horror stories, ranging from Bre-X to the asset-backed commercial pape meltdown. Then he mixes these tales of business people behaving badly with touching victi claiming to uncover a cultural link to sensitive issues such as high mutual fund fees, executi manufacturing woes and Canada's lack of a national securities regulator. Matt Taibbi got a lot of attention referring to Goldman Sachs in Rolling Stone as a great va wrapped around the face of humanity, relentlessly jamming its blood funnel into anything th money." Livesey attempts something similar by focusing on the dark side of Canada's busin his general thesis is that our economy doesn't deserve the reputation for stability that it gain global financial crisis because ethical boardroom behaviour is the exception in this country turn a blind eye to dodgy corporate accounting and financial scams. "As I began researching Street and in the rest of Canada's financial industry," he writes. I was constantly amazed by financiers would steal from clients, widows, friends and even their own families, without res banks and investment houses manipulate the system so that once they control your money, it Livesey concludes the Canadian financial industry no longer exists "to raise money to hel and to enrich investors willing to risk money in those businesses. Instead, it has morphed destroyer, a parasitic reaper of money from the middle and working classes, transferring i who run the financial industry and Canada's wealthiest citizens." What about other sector to Thieves of Bay Street, Nortel's demise was just "one more outbreak in a widespread epi enriching themselves at the expense of investors and employees." How does this epidemic of thievery take place unchecked? Modelled on the Family Com group of officials who dominated the legislative bodies, top bureaucratic positions and jud Canada as an incestuous pseudo-aristocracy up until the 1840stoday's establishment coa fiefdoms in Halifax, Montreal, Toronto, Winnipeg, Calgary and Vancouver, where they liv together, protecting each other's interests." As result, Livesey reports Canadian consumers ked" while our Wild West economy ensures international investors steer clear. Good story. Just not true. I've never been robbed by a broker. Last time I checked, my ban And as noted earlier this year by Linda Nazareth, a senior fellow at the Macdonald-Lauries is still a favoured place for foreign investment. In a ranking of Foreign Direct Investment globally, she notes our nation was 10th in the world last year. In total, $45.4 billion came is up almost 10 per cent from 2011, while FDI plunged 37 per cent in the United States and ta in the European Union. Even China saw a 24 per cent dip in FDI last year. When it comes to the dark side of capitalism, I am far from naive. Years ago. I killed a pote career as a venture capitalist by raising a stink over what appeared to be a bear raid on Can a Scandinavian firm that employed me as global head of investor relations. After a related s lawsuit was covered up by an out-of-court settlement. I exposed the affair in a magazine fea have made a journalism career out of reporting on unethical and criminal market behaviour for writing about how unprofessional Canadian brokers pushed risky ABCP investments on investors. I uncovered an international boiler room operation that fleeced seniors on behalf in need of capital, including the local retailer of Ben & Jerry's ice cream. I have written abc should do a better job. As for bankers. I once noted CIBC appears to stand for Can't Imagin should do a better job. As for bankers, I once noted CIBC appears to stand for Can't Im Competent. What I have never written about, of course, is a nation-wide conspiracy by the poor and middle classes, because such a beast doesn't exist. Livesey and I obviously see the business world in a different light. According to his blog would function better if executives didn't control workplaces and politicians were not in policy. "If I work for a company," he says, I want to own a share in it, decide what it p profits are distributed, and determine who my bosses are and what they do with the ente money they make. And I want a political apparatus that ensures control over the econor people. For the record, I strongly disagree. But despite our philosophic differences, Liv obligation to objectively put things in perspective. And Thieves of Bay Street doesn't do Livesey blames the financial community for the downfall of Stelco. But the company's from a dysfunctional relationship between workers and management that dates back to a 1946, which included naval and air battles between the forces of labour and capital. Liv- Magna International paid a ridiculous amount to founder Frank Stronach in order to crea structure. But he fails to mention the move was not stopped by regulators because it was majority of Magna shareholders, who all greatly benefited financially from the deal. Furthermore, any fair examination of Canadian capitalism would at least try to educate never-ending balancing act politicians must perform as they struggle to regulate markets possible without stifling the economic growth that puts food on all our tables. It would a Canadian investors would still need to better understand risks if we had a national watch Securities and Exchange Commission. Simply put, markets are not always consumer-fri the principle of caveat emptor exists. But Livesey glosses over the need for consumers t business cycles and investment risks. Instead, he expresses outrage over the fact that pe that they can't afford to lose investing in mutual funds. With all due respect to anyone w equities, you don't need to be an investigative reporter to know mutual funds are not rec interested in 100 per cent capital protection. This issue of IBJ presents an interview with BCE boss George Cope, who is just one of business people worthy of respect. We also offer a commentary by economist Bill Withe why investors shouldn't write off the American economy despite fiscal mismanagement This issue of IBD presents an interview with E business people worthy of respect. We also of why investors shouldn't write off the America Witherell notes fund managers pay close atter and International Finance Corporation (IFC). edition gives Canada relatively low grades in enforcing contracts and registering property, comes to protecting investors. You wouldn't Attacking capitalism and globalization is fair Canadian instances of financial fraud, accoun of manufacturing unless, of course, the poin folks under the bus. Our country certainly has (who also has a fair share of issues) wasn't w recently that pretty much every other leader o with Canada's problems instead of their own. ew with BCE boss George Cope, who is just o Ve also offer a commentary by economist Bill e American economy despite fiscal mismanage close attention to the annual Doing Business on (IFC), which compares regulations in 189c grades in many areas, ranging from dealing wi property, our nation actually ranks fourth (high vouldn't know that from reading Thieves of Ba on is fair game, but it is pointless to try to dras d, accounting games, high mutual fund fees, un e, the point is pandering to the Occupy crowd t tainly has its fair share of issues. But Prime M wasn't wrong when he pointed out to a gatheri 1 leader of a developed nation would probably heir own