TORONTO — The head of Canada's central bank said Monday the global financial industry is in danger of becoming arrogant by resisting regulatory change and handing out bonuses that wouldn't be there if governments hadn't intervened during the financial crisis.
Bank of Canada Governor Mark Carney warned bankers not to underestimate the determination of G20 countries to enforce new rules on executive pay and bank capitalization.
Carney said large financial institutions benefited disproportionately from government intervention. He said the response has profoundly shifted risk from the private to the public sector.
Carney, a former Goldman Sachs executive, said all G-20 countries agree that bonuses should be tied to long-term performance. He said banks would be well advised to make sure they have the sufficient capital rather than pay themselves handsome bonuses.
"Relief is in danger of giving way to hubris," Carney said in a speech hosted by Quebec's securities regulator in Montreal.
Canada police on Saturday found the body of an Israeli man, 29, inside a suitcase in Montreal after a passerby noticed a foot sticking out of the case...
SIOUX FALLS, S.D. — The new owner of a northeast Iowa kosher slaughterhouse said Tuesday he will hire local residents and use a federal verification system to ensure his employees are in the U.S. legally.
Hershey Friedman bought the Postville plant that was once the nation's largest kosher slaughterhouse in July, more than a year after a massive immigration raid. The plant had been owned by Agriprocessors, Inc., which filed for bankruptcy months after the raid.
The first of two trials for the plant's former top manager began Tuesday.
In one of his first interviews since buying the company, Friedman told The Associated Press he'll use the government's E-Verify system for new hires and will pay new workers from Postville and the surrounding area more than minimum wage. Agriprocessors, where 389 illegal immigrants were arrested by federal agents, didn't use E-Verify.
"You have to do your best to get the local community first," said Friedman, who was born and raised in Montreal. If the plant can't find a local work force, "Then I'll have to worry about it afterward."
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TORONTO — Mona Lisa has something new to smile about.
A portrait of a young woman thought to be created by a 19th century German artist and sold two years ago for about $19,000 is now being attributed by art experts to Leonardo da Vinci and valued at more than $150 million.
The unsigned chalk, ink and pencil drawing, known as "La Bella Principessa," was matched to Leonardo via a technique more suited to a crime lab than an art studio – a fingerprint and palm print found on the 13 1/2-inch-by-10-inch work.
Peter Paul Biro, a Montreal-based forensic art expert, said the print of an index or middle finger matched a fingerprint found on Leonardo's "St. Jerome" in the Vatican.
Technical, stylistic and material composition evidence – including carbon dating – had art experts believing as early as last year that they had found another work by the creator of the "Mona Lisa."
Ryan Miller made 23 saves to help the Buffalo Sabres beat the Toronto Maple Leafs 3-2 in exhibition play Wednesday night.
Jason Pominville, Jochen Hecht and Cody McCormick scored for Buffalo (3-0-1), which played its second and final home game of the preseason.
Jiri Tlusty scored on a penalty shot and John Mitchell added a goal for Toronto (4-2-0). Joey MacDonald made 28 saves.
Is this thing on? We're live from Red Rocks for Day One of Year Three of Monolith, the indie-hipster-Urban-Outfitted-neon-fest that mark...