Quiet meaning muted with scripted responses designed to string things out … and hope the issue would fade away.
And so the letters remained unanswered for years. Time enough to publish a book in June 2005 enclosed with a letter questioning government and opposition leaders … how can such an issue be ignored while 250,000 similar complaints in the United Kingdom launches a government inquiry into ‘Tied Loans’ being symptomatic of the industry? And wondering if it were possible there was only one occurrence and only one complaint in the whole of Canada?
But the letter was just a tease. There was nothing more from the government ever again.
Still it was a sanctuary for the protagonist to meet the elusive M.P. Bonnie Brown that never once answered his phone calls and rarely answered his letters. After closing remarks, it was possible to walk onto the podium for a meeting where she clasped his hand with all the warmth a politician can muster touting for votes. But she looked puzzled at the greeting.
“You probably don’t know who I am?”
She held his hand in a friendly grip while she stared and probed, “Did we know each other at school?”
“No. I’m the person that’s been writing you for three years about ‘Sitting Duck’ loans.”
The smile vanished, “Ah! Yes. It must be very difficult for you.” The political hand retreated: and the one and only meeting was over. “Leave your number at my office and I will call you.” she said as she turned away.
Along with adjudicators blocking questions, so too did the media. Even fought back. To the point that the author’s email messages were identified and returned as spam. No one would entertain questioning any political party candidate about the possibility of ‘Bank Roles in Sleaze’ and ‘Systematic Predatory Lending’ or ‘Reopening a quashed OSC investigation’.
Every contacted media ignored it. And, the editor of the local paper refused outright to cover anything to do with him, or the subject. While in the past the paper had been pleased to publish submitted articles about ‘Mini Car’ tour fund raising events … he would have none of this … “How about reviewing my book? How about commentary about my van and the manager complaining about it when it’s outside the Bank? What about the news about charges laid against a local accountant? How about the government acknowledging the problem in a letter that promises consumer protection?”
“No, you are making too much of your own bad investment decision, there is nothing here to report that would interest the public.”
Even police squad responses to the Bank’s complaints suggesting a ‘Hippie’ demonstration van outside the Bank of Montreal could possibly be involved in a spate of one man Bank robberies … was never published.
But the attempts to be heard were rewarded with a lucky break. On January 18, 2006 TVCogeco’s Vote 2006 ‘Meet the Candidates’ aired his question … the first in the call-in queue.
“If the candidates knew of a ‘Sitting Duck’ scam that tricks people into ‘Tied Loans’ with investments … would they side with public awareness, or Bank profiteering?”
Three of four candidates agreed, “We know the caller and we have seen his van that expresses his indignation about Banks. ‘Tied Loans’ are illegal … Public awareness is the priority of course.”
But the question exposed the reality of government inaction:
For the first time, Bonnie Brown provided an answer that stifled all hope and put an end all his letter writing to the government as a complete and utter waste of time and effort.
“I also know this case.” she said. “I have been to the Finance Committee about the issue. There is nothing we can do … but let me add, Canadian Banks are among the finest in the world.”
That may be so. But the government doesn’t deny the problem. No one challenges the ‘Storybook Sleazy Tax Shelter Scheme’. And now … in the latest move … the Bank of Montreal wants a summary judgment to force repayment without any opportunity to have compelling third party counter-claim evidence discussed in court.
The story continues … The local paper raised the bar by refused to print an NDP Press Release announcing a public awareness meeting exposing ‘Tied Loans’ with investments … Even so, it was standing room only attendance, and everyone expressed support to reopen the OSC investigation and be advised of the outcome of the RCMP intake review.
Given that there is no government agency with jurisdiction to address the issue, no media attention … and a complete absence of political will to enforce regulations that would otherwise protect the public from ‘Tied Loans’ … Bank Loan Game Rules for ‘Sitting Ducks’ continues unabated. Bank guidelines allow third parties to handle loan applications in an unregulated environment to profit from hapless victims left with future undisclosed debt crises. It remains a Dark Secret of Banking. The profits are enormous … just look at the billions – year after year – from ‘Commercial Loans and Wealth Management Services’.
The Bank of Montreal has published a booklet that explains ‘Tied Loans’ and advises people how to avoid them. When you review a web search for: What you need to know about Coercive Tied Selling – it lists several Banks with public information and a link to FCAC – Financial Consumer Agency of Canada with the same advice and an invitation for peoples’ comments and complaints. But we’ve been through that: The FCAC reject complaints about ‘Tied Loans’ with the constant line they have ‘No jurisdiction over the financial institutions they regulate’. With sage advice for victims to send their complaints about ‘Tied Loans’ in their name to the lending Banks that are probably suing them for repayment.
A search result link takes you to what the Bank of Montreal has to say about ‘Tied Loans’:
Banks can’t be seen to be selling anything with a loan attached. And these warnings also tell people to be vigilant with RRSP sales in the tax reporting season. But none of the advisory links mention Bank internal procedures that support ‘Off-site Loans Closings’ and ‘Signature Affidavits’ with ‘No Wrongdoing Guidelines’ for undisclosed ‘Tied Loans’ as a result of ill advised investment decisions.
Maybe publishing victims’ experiences will help people see through the trap.
Maybe Banks will deny the thesis in the ‘The Perfect Sting’ and reassure the public with counter arguments their voluntary guidelines provide all the protection ever needed.
Perhaps the story will raise the issue in a public debate, or get the professions talking, maybe the government will clarify their position, or someone in the world of academia?
Maybe the Institute of Chartered Accountants Ontario May 15-16, 2006 hearing into file # 542401 will shed some light on the matter.
Maybe victims claiming fraudulent practices and collusion will get some attention …
Maybe statistical data from investors who joined the petition for an investigation will prompt appropriate action …
Maybe a petition for better ethics in banking will touch someone with a conscience and …