Word: canada
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Dates: during 2000-2009
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...mother living halfway around the world for 10 or 15 years at a time. The government rightly applauds "Overseas Filipino Workers," or OFWs as they are commonly called in the country, as heroes for the sacrifices they make for their families. But while children whose mothers are nurses in Canada or housekeepers in Hong Kong often go to good private schools and have MP3 players, there is a growing sentiment that trading global dollars for a generation raised on cell-phone minutes is a raw deal. Carandang, who works with families of migrant workers, named her most recent book after...
...America still working on it: The U.S. is ranked #27 in this year's report, up from 31 in 2007 but down from 23 in 2006. America ranks highest in "economic participation and opportunity" at #12 and "educational attainment" where it's tied for #1. The U.S. passed Canada, which slipped to #31 from...
Another factor that helped make Canada the new gold standard in banking was Ottawa's decision in the late 1980s to allow commercials banks to acquire investment dealers on Toronto's Bay Street, the country's financial hub. As a result, these institutions are subject to the same strict rules as commercial banks, while U.S. investment dealers are subject to only light supervision from the Securities and Exchange Commission. Morgan Stanley and Goldman Sachs, of course, will now be under the U.S. Federal Reserve's supervision since they have been chartered as bank-holding companies...
...Canada's banks make bad investments on occasion. When Toronto-based CIBC, Canada's most aggressive big bank, took $3.5 billion in charges against the U.S. subprime debacle, federal regulators quickly arrived on the scene. But here's the difference: CIBC ended up selling $2.94 billion worth of its own shares in the first quarter of this year to shore up capital reserves. "The relationship between government and banks is a positive one," says Minister of Finance Jim Flaherty. "We have a lot of discussions and regular meetings. The common goal is a sound financial system...
There is, of course, a flip side to Canada's regulatory system. When the global economy was flying high, Canadian banks complained about not being allowed to merge to become more significant international players. "In hindsight, that decision may have saved Canada from having a Royal Bank of Scotland on its hands," says Lawrence Booth, a finance specialist at the University of Toronto's Rotman School of Management, referring to the overly ambitious bank's bailout earlier this month by the British government...