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Alex Shepherci Executive arrogance, -and a managertail group out of con- trol, is what last week's merg- er announcement by the Royal Bank and Bank of Montreal coriveyed. to the public. While bank mergers were discussed in the halls of Parliament, as well as Bay Street, It was determined the govemnment would review the matter and report Its findtngs ti September. Why? Because government is tnterested i what the ben- efits and costs will be to Canadians. 've been lntently tracking the hearflngs and there are a number of problems wtth mergers that have flot even been addressed yet such as personal prlvacy, access and tted sellng bank charges. Tied selling, simply put, occurs when you go into a bank seeking a loan and they tell you that there is a better chance of getting the boan if you had, say, insurance with the Institution. But executive arrogance seems to be what's most per- vasive. It's the attitude, "we know best and tshis t the way it Is and is golng to be.7 For example, the banks argue merger is necessary ti order to compete globally and play with the big boys. And also to allow themn to invest ti banking technology (which is really a concept to get more money out of you wthout you knowing it). But does blgger make for better. There isn't a strong empirical argument to sup- port that claim. Still Matthew Barrett, the CEO of the Banik of Montreal, will say inerger ts neéessary because, to use lits example, lie doesn't want to be the local fiardware store owner when the likes of Home Depot or Walmart come to town. Ironically, Canada's smail- est bank, the Toronto Dominion lias been the most innovative and committed to the use of technology to pro- vide customers witli electron- ic bankirig and brokerage ser- vices. This gives you a dlue to their attitude toward lending to smail business, the very businesses In communtties like ours mhat create jobs. By being partially renu- merated by way of stock options, most of tliem recent- ly awarded, Barrett gained over $30 million after the mnerger arinouncement. 1 wonder if mhere is a connec- tion between the timing of the merger annouincement and the awarding of bis stock. Meanwhule one of our con- stituents, a widlow, whose hiusband was a manager with the Bank of Nova Scotia plioned me last week. She told me she tries to live on a pittance of a survivors pen- sion. She said the- bank cut out the annual Chrtstmas party and tlie $200 Chrstmas bonus given to lier because the Bank of Nova Scotia needed to cut back. Even if you are forturiate enougli to be a shareholder you can't help but notice liow top management increases their compensation relative to dividend iricreases. The Bank Act mhat says no one can own more mhan 10 per cent of stock lias put bank CEOs ti a position of immuntty. In other words tliey represent neither mhe gerieral public or sharehold- ers. Their chef preoccupation appears to be with tlieir owri personal financial gain at the expense of both customers and shareliolders. As the banks begin their $20 million ad campaigni to, "'improve their image,- we know ail the glitzyj ads ti the world arer't goirig to erase our memory of mheir arrogant behaviour. i'm talking about mhose of you wlio work for banks liere ti Durham. It's your jobs mhat are on the line ti ail tis. Anid mhat goes riglit to the local management level. Remember, banks are a figment of the imagination, something created by legisla- tiori. That legisation should make mem work tritme inte- ests of ail Canadians. The arrogance of a public arinouricementÈ for merger before a proper review is clear evidence banks are out Of coritrol. You cari be assured lIl bring these matters beflore the Prime Minister anid Minister of Finance wlien 1 meet with them mhis week. Choose From Our Book By Rainbow Invitations Or Have Us Design One Unique For You! Drop ln Today! particular interest group." Another member, Donna Crawford, Director of Continuous Learnirig at Durham College, became involved when the College President, Gary Polorisky, asked lier to attend the steer- ing corinittee meetings. 'Two meetings later 1 became a member of the association," she says, "and tlirougliout the fail sertes attended as many sessions as I was able. To say tliat mbis lias becorne mhe most enjoyable part of my job is not an exaggeratiori. . love it. New frerids, as well as seminars that are educa- tionai and enjoyable. 1 look forward to the next session." Another member anid entliusiastic participant is Ajax resident, Geoff Milbumn, a former Vice-President of Consumer's Gas. I have many projects and interests. lie says, I don't miss work but 1 must admit that 1 do miss the daily contact and interaction witli people. Lifelorig Learning provides that ahil mportant contact with people wlio have knowl- edge and opinions to share. Geoff te cliairman of Lifelong Learning's curricu- lum commlttee whicli las met numnerous times to work out the agenda for next semester. A few of the topics for the Mard i-nd April ses- sion (which will beclield at the Oshiawa Campus) iniclude Forensic Science, SERVING DURHAM REGION SINCE ý141 FUNERAL SERVICES PRE-ARRANGED & PREPAID "Wfzere fProfssionaQEtiquette is Important' Funeral Directors Paul R. Morris Robert E. Williams Gary M. Conway Doug R. Rutherford ANSWERING YOUR CALL 24 HOUW3 623-5480 4 Division St. Bowmanvillie