In the words of Deckard1138
I will gladly join-in any class action suit against Canada’s chartered banks, The Canadian Bankers Association, the Government of Canada or all the above.
Having said that, I would like add a bit more perspective regarding the TD bank in particular and Canadian banks in general. While TD has so far served-up the most egregious and easily lampooned FATCA marketing nonsense, it is certainly not alone. For the record, here is a snapshot of other major Canadian banks and their own particular FATCA capitulation pages, all written in the finest newspeak money can buy:
You will notice that one line in particular is nearly identical amongst all of these official statements:
TD: “While considerable uncertainty still exists regarding the obligations that Canadian Banks will face under FATCA, TD will comply with all applicable laws and regulations in the jurisdictions where TD operates.”
BMO: “While much uncertainty still exists regarding the obligations that Canadian banks will face under FATCA, BMO is committed to complying with all applicable laws and regulations in the jurisdictions where BMO operates.”
Scotiabank: “In countries where FATCA is integrated into local banking and tax regulations under an IGA, Scotiabank intends to meet all resulting legal obligations. In all other countries, we intend to comply with FATCA while maintaining strict adherence to existing banking and tax regulations.”
Royal Bank of Canada: “RBC takes our clients’ privacy seriously and complies with privacy rules in all jurisdictions. We are carefully reviewing FATCA regulations as well as intergovernmental agreements to assess their implications for privacy. RBC earns the right to be our clients’ first choice.”
The similarity of these statements leads to the inescapable conclusion that the Canadian Bankers Association itself has crafted boilerplate text and FAQs for use by all of their member banks. In other words, the entire Canadian banking industry has been most carefully and deliberately colluding to whitewash the true nature and impact of FATCA and, further, have already marginalized U.S. Persons by reassuring their customers that, in the words of Scotiabank, “We expect FATCA to have no impact on the vast majority of our clients.”
Now, the last time I looked-up the term “disingenuous”, it went something like this:
insincere, dishonest, untruthful, false, deceitful, duplicitous, lying, mendacious; hypocritical
But enough about the Harper government. It’s the banks we’re talking about here today, and that needs to be our main focus. It is they who threw in the towel long before putting up any meaningful fight against FATCA. It is they who have pressured the Finance Minister to cave-in to U.S. demands to make their precious, insulated lives easier and to ensure continued monstrous profits. It is they who have calculated that we U.S. Persons can be safely sacrificed for the greater good of the Canadian banking establishment. It is they who have most thoroughly betrayed every obligation to their customers and loyalty to their country and it is they who must be held most accountable for the debacle which is about to unfold.
I am already thoroughly disgusted to say that I was once an American and worse, that I will now have to spend the rest of my life proving that I’m not. Truth be told, I am now slowly, but surely becoming equally disgusted with the country I willingly adopted, embraced and committed myself to nearly 40 years ago. I hope it is not already too late to help influence the course of history, but I vow that I will not stand on the sidelines and let it unfold without me.
None of us ever imagined we would be here, nor would we ever have wanted to be, but now that we are, we have no choice but to fight to the bitter end. This is indeed our war and our time. What happens here in Canada will reverberate throughout the entire history of FATCA, whose sorry, sordid tale is now really just beginning.
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- #FATCA Alert posted at Democratic Underground (renounceuscitizenship.wordpress.com)