By Alison@Creekside
Between September 2008 and August 2010, Scotiabank received a $25 billion bailout amounting to 100% of the bank’s value – or as Steve and Jim preferred to call it at the time: “liquidity support” ***.
Last year Scotiabank made a record $6.7 billion in net profit and CEO and president Brian Porter netted a total compensation package of $6,902,242 for the same year.
Nonetheless, Scotiabank has announced it will cut 1,500 jobs, including about 1,000 in Canada.
Aren’t you glad you moved your bank account to a local credit union as soon as you heard about their use of temporary foreign workers over Canadians?
Meanwhile, Bank of Canada Governor Stephen Poloz — estimated salary for 2013 of $436,100 – $513,000 — suggested that unemployed Canadian youth should work for free to pad out their CVs if they can’t find paying jobs .
Kids in the Basement Should Take Unpaid Work, Says Poloz:
The Bank of Canada estimates about 200,000 young people want to work or work more, and Poloz said they may be scarred by prolonged unemployment that prevents them from moving out on their own. ‘I bet almost everyone in this room knows at least one family with adult children living in the basement,’ Poloz said.”
Poloz did not mention that “scarred” Canadian youth suffering twice the unemployment rate of the general population are having to compete for jobs with a global market of temporary foreign workers encouraged by the same cabinet that approved his Bank of Canada appointment.
Nor did he mention that an average student debt of $25,000 also likely precludes moving out of the basement, should your parent(s) be fortunate enough to have one from which to subsidize business with your free employment.
Marginalised communities, people with low-income backgrounds, and single parents are less likely to be in a position to assist their youth to upgrade their education to a marketable skill so that they will be in a position to compete with the 285,000 “higher calibre immigrants” Citizenship and Immigration Minister Chris Alexander intends to import next year.
Yeah, you pretty much have start off rich, Poloz did not exactly say.
*** During the 2008 to 2010 crisis of confidence in global credit markets, “liquidity support” granted to Canadian banks was a pre-emptive bailout relieving them of the necessity of having to sell off assets to pay down their debts.
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