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Reality and illusion

By Michael J. Smith on Tuesday April 7, 2009 10:35 PM

There's something to be said for the grim weather, drab cuisine, and glum earnest Protestantism of the gray Northern climes. Another shoe drops on a matter discussed here earlier:

Canada to split with U.S. on mark-to-market rule
Bitter disappointment expected for banks on mark-to-market decision
Financial Post April 7 2009

Canada is set to split with the United States over its response to the financial crisis and reject a move to let banks duck losses by inflating the value of troubled assets....

The country's top accounting watchdog reached the decision during a closed-door board meeting on Monday, giving a thumbs-down for now to a U.S. move to loosen accounting standards.

The decision, due to be announced this week, is a big blow to Bay Street and means Canadian companies will have to record hits on distressed assets that are hard to sell.

Shares in Canadian banks rallied last week along with Wall Street after Washington's politically charged decision to ease so-called mark-to-market rules that experts said could goose bank profits by 20%.

Bay Street executives had lobbied for Canadian authorities to follow the American lead, and will be bitterly disappointed by the decision to break with Washington and align with Europe.

Rats abandon a sinking ship. Very intelligent creatures, rats. I'm with 'em on this one.

Comments (6)


uh... drab cuisine? Not sure exactly where you got that idea.

Were you pissed that you couldn't find a Sonic in Toronto? Insufficient processed cheeze toppings?


Very likely T'runno has changed since I was last there. Been a while.


Well, no one could call it drab. But I hear my little trace of French-Canadian blood saying, "You'd be better off in Montreal."


haha, well as a Torontonian I can tell you that your bloodlines are right: Montreal is amazing, way better than Toronto.

If you've never been, Montreal in the spring is pretty great - my favorite place for trip. I'm sure any good socialist would love it. It's like a cultured socialist middle-class utopia. Food is cheap and delicious (imagine the best NY bistros or steakhouses at 1/4 the price, really relaxed but classy atmosphere), great cafes, beautiful architecture, parks, patios, great parties and clubs, beautiful BEAUTIFUL well-dressed women with cute french/french-african/creole accents, no conservatives, roving gangs of anarchist squatters, gratuitous rioting... whatever floats your boat.

Great place for a vacation, but difficult to make a living there, especially if you're not pure laine.


Y'all are right. Montreal kicks ass. Everything Bob says... great merengue clubs, sultry polycultural felines. Although last time I was in town, it seemed a little grottier than I remembered it. I guess I'm showing my age... I used to embrace down-at-heelness. Then again, I may not have discarded that disposition altogether. After all, I recently started a perverse love affair with Winnipeg.

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