Friday, January 31, 2003
In Politics, a Faux Pas is When You Accidentally Tell the Truth-You have to credit Toronto-Dominion Bank CFO Dan Marinangeli for frankness.
On Wednesday, Mr. Marinangeli said it doesn't matter what the House of Commons finance committee says about bank mergers because "it's the Prime Minister who makes the decision in our country. Screwy country." The House committee this week began hearings into whether bank mergers are in the public interest. Mr. Marinangeli also described the Senate as "a bunch of old party hacks and fundraisers from previous jobs." He made the remarks to a group of investors in New York.Of course, his boss is having to apologize to the government officials that were slighted. However, he was right about the autocratic nature of the current government and the Senate makeup (as far as I understand the Canadian Senate, which is neither elected, effective or equitable).
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