[Canada] Canadian Politics Redux

[crazy canuck]

Viper, while you are correct that Credit Unions are different from Banks in a number of respects, they are bound by the same regulatory requirements for capitalization as banks.

[Admiral Yi]

@Viper

I have not estimated the concentration of your market, either over or under.  I have either taken what you Canadians have said at face value or fact checked it in Wiki.

I don't understand the significance of your "one of the richest families" example.  I also can't tell if that refers to Desjardins or Wealthsimple.  Whichever,  some entity has 3 million customers and $10 billion in assets.  They have entered the market.  They have overcome the barriers to entry.

The Citibank, Walmart and Amazon cases seem to undercut rather than support Beeb's thesis of good old boys protecting their own to the detriment of Canadian consumers.  They were all allowed to compete in Canada.  And decided it wasn't worth it.

[Grey Fox]

Wealthsimple is the company with 3 million customers & is a product from one Canada's richest family. I'm a Wealthsimple and Desjardins customer. I love Desjardins mostly for its local acumen but it is archaic in everything. Wealthsimple is great & fast for investment.


Very few American retail companies have what it takes to endure long enough to thrive in Canada. Walmart, Amazon & Home Depot are exceptions and should be saluted for their longevity. Especially Walmart, it's first 10 years were very hard and the learning curve was quite steep.

One mistake many US companies make is to announced their entry into the Canadian marker long in advance. Giving time for our established companies to react and create more barriers to their profitable entry.

[PRC]

Wealthsimple is the company with 3 million customers & is a product from one Canada's richest family. I'm a Wealthsimple and Desjardins customer. I love Desjardins mostly for its local acumen but it is archaic in everything. Wealthsimple is great & fast for investment.


Very few American retail companies have what it takes to endure long enough to thrive in Canada. Walmart, Amazon & Home Depot are exceptions and should be saluted for their longevity. Especially Walmart, it's first 10 years were very hard and the learning curve was quite steep.

One mistake many US companies make is to announced their entry into the Canadian marker long in advance. Giving time for our established companies to react and create more barriers to their profitable entry.

Wealthsimple is a great app.

Target certainly ate shit with its mismanaged Canada launch.

[viper37]

@Viper

I have not estimated the concentration of your market, either over or under.  I have either taken what you Canadians have said at face value or fact checked it in Wiki.

I don't understand the significance of your "one of the richest families" example.  I also can't tell if that refers to Desjardins or Wealthsimple.  Whichever,  some entity has 3 million customers and $10 billion in assets.  They have entered the market.  They have overcome the barriers to entry.

The Citibank, Walmart and Amazon cases seem to undercut rather than support Beeb's thesis of good old boys protecting their own to the detriment of Canadian consumers.  They were all allowed to compete in Canada.  And decided it wasn't worth it.

Wealthsimple = Powercorporation = Desmarais.
https://en.wikipedia.org/wiki/Power_Corporation_of_Canada

The (now deceased) patriarch:
https://en.wikipedia.org/wiki/Paul_Desmarais

They're into fucking everything, even agriculture.  They own a bovine farm in Huntingdon that they visit in helicopter.

They had significant ownership in TotalEnergies at some point, now I think they divested from the company since their father died.

The Citibank, Walmart and Amazon cases seem to undercut rather than support Beeb's thesis of good old boys protecting their own to the detriment of Canadian consumers.  They were all allowed to compete in Canada.  And decided it wasn't worth it.

Well, of course they were allowed.  Just as you are "allowed" to sell drugs everywhere.  Until somebody pulls your teeth one by one or cut one of your ears to make an example of you.

There is no regulations that prevents a foreign grocery store from opening a new store here.  There are significant market barriers that were put in place by complacent regulations favouring the big players.  And if, say, Weston or another big Canadian grocery chain was really threatened and not merely annoyed, you can be certain the government would intervene one way or the other.

With chartered Federal banks, it's more difficult.  And as I provided in the example of Citibank, the chances of survival are slim.  CC gave you the laws & regulations they have to comply with, significantly more complex than in the US.
Provincial credit unions are allowed to be smaller and keep less reserves, but can't offer the same services, until they grow bigger and apply for some Federal guarantees for some of their activities, as is the case of Desjardins.  It's not the same branch operating in Ontario than in Quebec as it has to comply with different regulations.  And I don't think they offer services anymore in the US, but I could be wrong.  Also, they were caught red handed with a fiscal paradise problem some years ago and now offer limited services to their clients living abroad.

Transfering money between a Desjardins account in Quebec and a Desjardins account in Ontario is almost like transfering money between two different financial institutions altogether.  Where as transfering money between a National Bank account in Quebec and one in Ontario will be much easier.  Same bank, same chart, same regulations.

But Desjardins has limited appeal to the Anglo-Sphere and they don't really push to market themselves toward this segment either.  Flying the Canadian flag full mast on Patriot's day notwithstanding

[HVC]

I'm good with the bank regs. Checks (but not stops) rampant greed and stupid risk.