Yabba Yabba from Finance Minister Flaherty

Like everyone in government today, he simply doesn't care.
Thinks the "code" for banks--and how they treat small and medium-sized businesses--is just fine, thank you very much.

Even though HSBC was no longer my bank as of several years ago (good move...), I was personally outraged at how this bank treated mom-and-pop (and larger) businesses recently (Feb. 24th article "Bad Citizen HSBC).

So I wrote a letter to Federal Finance Minister Flaherty expressing that outrage, respectfully suggesting that he really support Canadian business with a penalty by rescinding the Hongkong Shanghai Bank's Canadian banking Charter.

Knowing full well that he wouldn't do any such thing.
But somebody had to say what everyone has been thinking.

Here's his reply, received today...or more correctly, his office's reply.
It's a sure bet The Man Himself never even saw my letter of outrage.

So, his third--or fourth--assistant's reply was: 

"Thank you for your correspondence...

The Canadian Bankers Association (CBA) has developed the Model Code of Conduct for Bank Relations with Small- and Medium-Sized Businesses,  which is a voluntary code of conduct that outlines minimum standards for banks to follow when dealing with SMEs.  The Code is available on the CBA website at www.cba.ca.   

While the Government of Canada does not generally regulate the day-to-day operations of financial institutions, it does -- through the Financial Consumer Agency of Canada (FCAC) -- monitor banks to ensure that they are complying with the Code.  If you have any concern about compliance with the Code, please contact the FCAC through its website at www.fcac.gc.ca, or by calling toll-free at 1-866-461-3222.

Thank you for writing.
Yours sincerely,
James M. Flaherty"  

So it's another case of arm's-length "conduct", with another layer of bureaucracy--indeed industry itself--of Chartered banks in Canada.

Leaving the best for last (*grin*), here's the Code of Conduct for banks in Canada as recommended for how Canada's Chartered banks may treat small and medium-sized business.

One item in particular stands out, under "Changing Circumstances in the Credit Relationship" which states:

"Sometimes customers who have a credit relationship with their bank experience a significant change in their business, which could include financial difficulty. In these circumstances, banks will carefully review the existing arrangement before deciding if any action should be taken."

Customers?
How about the bank itself?
How about if the bank received a 1.9 Billion dollar fine in the U.S. for money laundering?

You'd think that would change the relationship with the Finance Minister of Canada.
It should.
But doesn't.

"HSBC has worn out their welcome in Canada," suggests Kia.

Nah, that's naive, Kia.

Money Runs the World.

Control Money, Control the World.