Moral authority helps Canada score major win on bank tax - The Globe and Mail

Moral authority helps Canada score major win on bank tax - The Globe and Mail: "As for the second risk: it’s easy to forget, because they have been praised so lavishly in the past 18 months, that Canadian financial executives are not immune to groupthink, and that they, like bankers in all countries, have occasionally made multibillion-dollar mistakes. There was the commercial real-estate disaster of the early 1990s, and the telecom lending bust that struck TD in the early 2000s, and the stumbles of Manulife Financial (on stock market bets) and Canadian Imperial Bank of Commerce (on credit market bets) in the last crisis. Both were able to raise the capital they needed to survive it, allowing Canada to claim bailout-free status. But there was an element of good fortune, as well as good crisis management, in that."