Posted on 14/06/08
Yesterday's straitjacket now a life jacket
Who said it? "If there were no protection today, the Canadian banks would be very vulnerable to foreign takeover." The answer is Gordon Nixon, chief executive officer of Royal Bank of Canada, and probably the most powerful person in Canadian finance. The scene was a hearing room on Parliament Hill. He'd gone there, with the rest of banking's upper crust, to make a plea: Let us merge, and save us from the baying wolves of Manhattan. It seemed a plausible fear at the time - this was 2003.
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