Morning meeting: Revenge of the trusts

The Globe and Mail

 

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Revenge of the trusts Jim Flaherty tried to kill them, but they’re back. And they contain FOREIGN assets.







First Leaside’s Phillips ordered by OSC to stop working to raise capital The founder of failed investment group First Leaside Wealth Management Inc. has been ordered to stop trying to raise new capital from investors in the firm.

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Bay Street objects to U.S. tax collector role The Canadian Bankers’ Association has sent a team to Washington to argue against proposed regulations that could result in Canadian financial institutions acting as an arm of the U.S. Internal Revenue Service.

JPMorgan subject of FBI investigation Jamie Dimon’s no good, very bad week got even worse yesterday after the FBI announced it had opened a preliminary review of the bank's $2-billion trading debacle.

BHP and Rio signal less money for mining Both BHP Billiton and Rio Tinto haven’t yet revealed which projects will be cut back, but low commodity prices, a high Aussie dollar and labour issues have led both companies to indicate they’re putting new investments on ice.

Talks begin around Canada LNG Project Discussions between First Nations and inhabitants of Kitimat, British Columbia, and the developers who want to export natural gas have begun. Royal Dutch Shell Plc and three Asian partners have completed a feasibility study, but still need the OK at local and government levels.

Why bank businesses with high returns go rotten Too much focus on a bank’s "problem children" means less attention is focused on businesses doing well, says Sallie Krawcheck. Boards need to give the good eggs attention too.

Who beached the ‘London Whale’? The New York Post thinks it has found the harpoon-holder in a chess-playing trader from Saba Capital Management (former proprietary trader at Deutsche Bank).

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