Arghblarg

https://lemmy.ca/comment/197642

c/usernamechecksout

(credit to reddit u/Resologist and u/L3theGMEsbegin)

11,237 Canadian accounts! And, only the Yanks have more?

https://preview.redd.it/i4gyoyejfs8b1.png?width=960&format=png&auto=webp&v=enabled&s=650b9f7f2fe37d3d7161bf53b77fff4189d7eef1

Thank you, u/L3theGMEsbegin .

https://lemmy.ca/comment/599369

--Credit to reddit u/JackTheTranscoder

Money can't buy me happiness...

BACKGROUND

The Canadian Deposit Insurance Corporation insures Canadian bank deposits just like the FDIC does in the US, to the tune of $100,000 per person per type of account.

The CDIC is empowered by the Canada Deposit Insurance Corporation Act, with Section 10 of the Act describing the Powers of the Corporation and the Powers of the Canadian Minister of Finance.

COLLAPSE OF SVB AND SPILLOVER TO CANADA

When Silicon Valley Bank went bust, the OSFI seized control of SVB's Canadian Assets.

The CDIC received a flood of phone calls and emails inquiring about insurance on Canadian Deposits. The CDIC, being the proactive and not-at-all ridiculous Crown Corporate that it is, tried to calm Canadian nerves by "reaching out to "influencers" it has worked with in the past."

The Bank of Canada, in their Annual Financial System Review, assured Canadians that the Canadian Banking System Remains Robust.

However, sections of that Financial Risk Review provided to Global News were redacted citing economic harms to the country.

I wonder what it could be referring to?

BILL C-47

Bill C-47 - An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023 is the legislative authority that implements the 2023 Federal Budget. There's of course been lots of news coverage of the Bill, but very little about the amendments to the CDIC Act.

Lexology provides a nice little summary of the main legislative objectives and changes made by C-47, including changes to the CDIC Act.

The Minister of Finance will be temporarily empowered to "increase the amount of CDIC deposit insurance coverage from the current $100,000 to any greater amount, including full coverage. This amendment to the CDIC Act is structured such that the Minister's discretionary power will operate only until April 30, 2024."

What struck me was that the Minister of Finance (with the Federal Cabinet) will be able to adjust the CDIC Coverage of deposits on-the-fly - which would usually required a regulatory amendment - but only until April 30, 2024.

It seems like the Canadian Government knows something is coming that will fuck Canadian Banks within the next 10 months, and is preparing for it. Granting only temporary power to the Minister of Finance is unusual, as normally they would just enshrine the change into legislation.

For a bit of background of the Minister of Finance, let's just say she is very much old-money establishment and is not on our side.

2008 REDUX

If this all seems like a weird and roundabout way of doing things, that's because it is. Canadians are told to take pride in our world-class banking system, but the Canadian Government has used roundabout methods to secretly bailout Canadian Banks in 2008.

Without getting all political on you, I'll just say that the political climate in Canada right now would not allow the Federal Government to openly bail out banks, so it seems like roundabout methods are again necessary. Routing "liquidity" through the CDIC to prop up banks rather than openly bailing them out is subtle enough that the average lumberjack in Canada will have no idea it's happening.

TO BE CONTINUED

There is more to share on the proposed changes in C-47, but the next post in a day or 2 will be more speculative in nature.

Until then, let's focus on the fact that the Canadian government is preparing for bank failures. Oh, and just FYI, Bill C-47 came into force on June 22...

(credit to reddit u/lawdog7)

This is a long overdue update on BCG's lawsuit against GameStop.

The last update discussed Gamestop's pending motions to transfer venue and to dismiss the case. The Court has since ruled on both. While the Court denied Gamestop's venue motion, it granted--in part--the motion to dismiss.

The Court dismissed all claims other than the breach of contract based on a "Type II preliminary agreement." Source

The Court did give BCG an opportunity to replead, which they did Gamestop has now moved to dismiss the claims as replead. Both sides have filed briefs and the Court should rule on the new motion to dismiss soon.

✌

Posted for posterity because this might be the best god-frakking-damn factory demo track a god-frakking-damn awesome piece of gear ever had. And it's hard to find the audio for it.

"Endorphins", by Marc Schlaile

Soundcloud recording, from the DSP56000 emu using extracted OS2.8 ROM

Alternate mixes:

Marc Schlaile - Endorphins (Electrosmog Mix)

Reposted here with permission, from https://old.reddit.com/r/GMEJungle/comments/14g5q83/canadian_securities_regulators_dont_want_to_hear/

Credit to u/JackTheTranscoder

Be sure to read the archive.is link for complete content

Summary:

BACKGROUND Canada doesn't have a single National Securities Regulator like the SEC. Instead we have 13 Provincial and Territorial Securities Regulators who only recently (in the past 10 years) began to cooperate to harmonize securities regulations across the country. The Ontario Securities Commission (OSC) and the British Columbia Securities Committion (BCSC) are the 2 big boys, and pretty much set the tone for the rest of the country. Quebec's is pretty big too but none of us know what they're doing so we will ignore them. ...

Fucking Canada

In case reddit implosion causes collateral damage, I've started the community here with the main links and a patch thread ready to go, copied from the subreddit of the same name.

Welcome virologists!

(credit to u/willi_werkel)

So finally, a patch-sharing thread!

http://www.mediafire.com/file/q8dcmhzz4t4grzx/willi_werkel%20Virus%20C%20Patches.mid

Here are mine. Bank A is incomplete so far, so dont worry :)