Don’t delude yourself that American standards are all that much higher than Canadian standards. From Peter Diekmeyer at wolfstreet.com:
People “mistakenly believe their pension plans, mutual funds, and other investments are safeguarded.”
Canada’s Finance Minister Bill Morneau was one of the country’s top pension fund management professionals before he went into government. But when he recently addressed Concordia University business students, not one asked about the country’s $4 trillion national debt, much of which is pension-related.
That’s not surprising – because, as the Fraser Institute notes, nearly three quarters of those debts are not included in the federal and provincial governments’ financial statements. So, Canadians have no clue how bad the country’s true financial situation is.
This lax reporting is spread throughout the system, including public companies, says one expert.
“Investors are being systematically swindled out of large amounts of retirement savings,” says Al Rosen, a forensic accountant and…
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