This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their upcoming changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities can't plan. I've heard of courses being cut because the government has no process in place for universities to send the newly required acceptance letters to the government.

This means that students who have been accepted can not attend courses that start in the summer 2024 semester. With cut sections, current Canadian students will have trouble getting courses, and may have to switch to part-time which changes their enrollment status and might trigger repayment of their loans or ineligibility for funding. I've seen this before. It wreaks havoc on the student loan borrowers.

Again, the Liberal government has messed up the education environment. Will the new system needed in a rush for the acceptance letters be the new Arrivecan scandal?

I call on the government to implement a slower phased in approach and delay the requirement of the acceptance letters until a process is in place to submit these letters.


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Forum LockedCIBC Investigated For Mutual Fund Fraud!!

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lasergirl View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote lasergirl Quote  Post ReplyReply Direct Link To This Post Topic: CIBC Investigated For Mutual Fund Fraud!!
    Posted: 10/January/2004 at 5:29pm
Hellooooo......I'm baaaack!!! Hope everyone had a
decent holiday. I just heard on the news that CIBC is
being investigated for (alledged.....yeah right )
mutual fund fraud in the states. I'd much rather see
the SEC go after the banks than Martha Stewart. I
think banks are more evil than ol' Martha could ever
possibly be!!! So not only are CIBC incompetant they
are also probably a bunch of crooks!!!! What a
shocker!!!!! I wonder if the CIBC will be required to
pay back any money they may have earned whilst
ripping people off? Hopefully they will become
victims of their own incompetence!!!!!!!!
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markomeara View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote markomeara Quote  Post ReplyReply Direct Link To This Post Posted: 06/February/2004 at 5:51pm
and todays news!
Chief Executive of CIBC Abruptly Resigns
   
February 07 2004
WEST PALM BEACH, FL (HEDGECO.NET) - The Chief Executive Officer of Canadian Imperial Bank’s investment subsidiary, David Kassie abruptly resigned; just days after a former executive at the unit was charged with helping hedge funds make illegal mutual funds trades.

Few days ago, Paul Flynn, an executive of CIBC World Markets was charged by the New York State Attorney General Eliot Spitzer of illegally helping mutual funds in the illegal late trading scandals.

And...

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markomeara View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote markomeara Quote  Post ReplyReply Direct Link To This Post Posted: 06/February/2004 at 8:08pm
and another article...

Now if only the same standards could be applied to their Edulinx Student Loan Division!!!!!


From online press:
"And several months ago, there was an embarrassing $80-million settlement with the U.S. Securities and Exchange Commission over financial dealings with Enron Corp.

Meanwhile, the bank has three weeks left to set up new programs as part of a settlement made with the SEC in December. The securities regulator had accused the bank and three executives of having helped the Texas-based energy trader mislead investors through a series of complex financial transactions during last decade's investment banking heydays.

The bank is required to retrain all employees, create a hotline that employees can phone if they suspect any inappropriate behaviour by colleagues, increase staffing in its legal department and create a new committee to oversee accounting.

Waite acknowledged that the two-month deadline the bank was given to implement all the changes was tight, but said it would be met. Staff training — done online — will take about 45 minutes per person, and employees have to pass a test to prove they've absorbed the material.

"Until they do that, they cannot carry out transactions on behalf of the bank," Waite said.

The ethics hotline — which, according to the Sarbanes-Oxley Act must be in place in all banks by 2005 — will be anonymous.

"CIBC shall not tolerate retaliation against those reporting any suspected violation in good faith," the Office of the Superintendent of Financial Institutions Canada and the U.S. Federal Reserve said in outlining the bank's new policies.

"Those found to have retaliated will be subject to immediate dismissal."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote polyhymnia61 Quote  Post ReplyReply Direct Link To This Post Posted: 07/February/2004 at 5:44am

Yes, well, y'know...you don't want to risk p'ing off those RICH customers, now do you, Mark?

Oh,dear, think I accidentally ate some of my cats' Meow Mix this morning...

 

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