Word: ottawas
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Sure, next year Ontario will receive a paltry $283 million (C$347 million) from Ottawa's wealth-sharing program, but why has the country's most populous and arguably wealthiest province turned beggar? It's been a punishing combination of a strengthening currency and a weakening manufacturing economy...
...Ottawa agree to insure the money they routinely borrow from other banks, a practice that keeps their credit operations liquid? Ironically, the troubled non-Canadian institutions that received capital injections and loan guarantees in other countries now carry a government seal of approval that tilts the playing field in their favor when it comes to borrowing. That leaves Canada's big banks, including Scotiabank, TD Bank Financial Group, RBC Royal Bank and CIBC, at a competitive disadvantage. So the government acted to level the field, not to aid troubled banks. (See pictures of the global financial crisis...
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...
What's your favorite book? Sarosh Shaheen Ottawa, Canada The Great Gatsby. I translated it a couple of years ago. I wanted to translate it when I was in my 20s, but I wasn't ready...
...clever use of pacing, runs not consecutively but as the third story in this volume - charts the melancholy end of their relationship. Ming is now seeing Chen - another student and someone, as we find out later in the collection, whom she will marry - while Fitzgerald is left behind in Ottawa to retake his exams. In the finest story in the book, Night Flight, we see Fitzgerald, now a medevac doctor with an incipient drinking problem, fly to Guatemala to rescue a young man who has had a stroke. Tightly sprung and impeccably paced, the story's devastating ending is followed...