TD’s bid for BankUnited falls through, Globe and Mail
Why is TD trying to buy more banks in the United States when it should be divesting of United States assets or spinning them off. The only way they can continue their investments in the United States is by complying with FATCA, a regulation that will compromise the human rights and privacy rights of all Canadian account holders, making them declare whether they are US citizens–so that the IRS can assign FBAR fines to all “US” persons with accounts over $50,000 in Canada. FATCA involves all people born in the United States, even those who have never considered themselves American (e.g., border babies). Get the United States out of Canadian banks, and get Canadian banks out of the United States.
Peter W. Dunn, http://isaacbrocksociety.com
Good job, Peter. I too feel that TD is getting a bit too big for its britches. Reminds me of the flurry of pointless mergers and acquisitions leading up to the crash and burn of Nortel.
More bad news for TD:
TD Bank ordered to pay $67 million for its role in a $1.2 billion Ponzi scheme
http://www.thestar.com/business/article/1117793–td-bank-ordered-to-pay-67-million-for-its-role-in-a-1-2-billion-ponzi-scheme?bn=1