Thieves of Bay Street
Thieves of Bay Street
How Banks, Brokerages and the Wealthy Steal Billions from Canadians
Random House Canada, Hardcover, 9780307359636, 320pp.
Publication Date: March 22, 2012
Beneath the veneer of stability that saw Canada's banking sector through the financial crash of 2008, investigative reporter Bruce Livesey has uncovered a rampant failure of epidemic proportions. Though no large financial institution has recently gone bust in this country, white-collar criminals, scam artists, Ponzi schemers and organized crime, from the Hells Angels to the Russian mafia, know that Canada is "the "place in the Western world to rip off investors. And the fraudsters do so with little fear of being caught and punished.
Thieves of Bay Street""investigates Canada's biggest financial scandals of recent years. Readers will learn what banks do with investors' money and what happens when they lose it. They will meet the bogus investment gurus, the brokers who lose money with both reckless abandon and impunity, the bankers who squander money in toxic investments, the lawyers who protect them and the regulators who do nothing to keep them from doing it again. And most importantly, they'll meet the victims who are demanding that our vaunted banking sector finally come clean on its dirtiest secret.
FINALIST 2013 – Arthur Ellis Awards—Best Crime Non-Fiction
“Listeners of NPR’s Planet Money podcast, which has a knack for telling complicated financial stories in plain, vivid English, will note the same talent in Livesey.... A dogged reporter, he travels far beyond downtown Toronto to reconstruct the downfalls of Nortel, Stelco and [Conrad] Black’s Hollinger International, among others.”
“Compelling.... Livesey scores many perceptive points.... His writing is punchy and persuasive, fuelled by intelligence. He also nicely interweaves statistics, public-policy arguments and analysis and explanations of how the markets work (or don’t work...) with individual horror stories of financial planning and investing gone awry.”
—Winnipeg Free Press
“Essential reading not only for those with money to invest, but anyone concerned about the path to social and economic ruin we are following.”
—The Record (Kitchener)