One popular critique of immigration is that foreigners come here to mooch on our generous welfare benefits and are a drain on taxpayers. We’re not particularly convinced by this, but it apparently applies very well to banks.
Bloomberg: Oppenheimer Holdings Inc., based in Toronto, asked shareholders to approve an incorporation switch to Delaware, which would make the firm more likely to qualify for the rescue funds, according to a March 13 proxy statement. Money from the Treasury’s Troubled Asset Relief Program “could assist us” in repurchasing securities from clients trapped when the $330 billion auction-rate market seized up, the company said in the filing.
We hope nobody will take us as xenophobes – in fact, we really like Canada – but it’s obviously time to build up a giant banking fence on the Northern border. Maybe, we’ll even send in the national guard.