You’re Richer Than Your Stink

If you like to know how banks screw everyone, you’ll want to read Alison’s latest.

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.

Check out Alison’s blog.
 

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