US vs. Canadian Bankers: The Ultimate Smackdown

Canada Eh!
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Canada Eh!

Fewer sporting rivalries are more riveting than when the U.S. takes on Canada in hockey. Pit the two nations against each other when it comes to making money and —


Comedy Central's "The Daily Show" did a piece last night on U.S. financial reform and it turned into a super smackdown … the ultimate clash of titans … U.S. vs. Canadian bankers!

"Daily Show" correspondent Jason Jones interviewed U.S. hedge-fund manager John Tabacco who said Wall Street doesn't need more regulations. If the U.S. does start tightening the screws, well then …

"We'd start looking a h--- of a lot more like Canada!" Tabacco exclaimed in a tone that said Get that maple leaf outta my face!

And in the other corner, Peter Aceto, the CEO of Canada's eighth largest bank, ING Direct Canada.

"The model of regulation we've had in this country has been a huge contributor to the stability of the banking system and the stability of our economy," Aceto said in a calm tone that suggests he is surrounded by large quantities of pine-fresh air and the sweet smell of maple syrup.

OK, so maybe it wasn't exactly Rocky IV but you could practically hear the Fugheddaboudit! all the way to Vancouver!

For those of you keeping score at home, the "Daily Show" offered this statistic from a Wall Street Journal article: The U.S. market has had 16 banking crises since 1790, while Canada has had … zero.

A quick glance at the scoreboard may have you thinking this game is over, but one thing you should have learned from the last financial crisis is … never count a capitalist out!

"The American financial system is the last bastion of free-market capitalism in the world. It's the greatest system the world has ever known!" Tabacco said.

BOOM! This is BETTER than a U.S. vs. Canada hockey game!

"There have been bubbles and bursts in the U.S. but if you're educated and you're prepared, you should be able to profit," Tabacco said.

Well, there you have it. Canadians may be experts at making maple syrup and banking reform, but when it comes to making money, there are few things American bankers can't stick a tap in and extract a sweet flow of money!

— By CNBC's Cindy Perman. Follow her on Twitter @ponyblog.

Full Disclosure: Even CNBC's Joe Kernen got skewered on the show. (Watch that clip.)


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Contact Pony Blog

  • Cindy Perman is a writer at CNBC.com, covering jobs, real estate, retirement and personal finance.

  • Based in Los Angeles, Jane Wells is a CNBC business news reporter and also writes the Funny Business blog for CNBC.com.