By Henry McRandall
WRISEUP.COM
It was reported in a recent WRISEUP.COM column (Dec. 6, 2011) that for the most recent fiscal year, out of the many thousands of companies operating in Canada – just five companies (the country’s five largest banks) accounted for almost 11 percent of all company profits.
Their combined profits of $22.4 billion were also an 8.7 percent increase over their record profits of the previous year.
And although precise comparisons for the U.S. are not currently available, it is almost certain that the picture there is similar.
Humongous banks in both Canada and the U.S. – including banks that have been lavished with mega-billions of dollars in government bailouts — are now among the most profitable entities in either country. read more »
