It's not often we get a chance to glimpse how power really operates in Canada. Last night was one of those rare opportunities.
At 6 p.m., the men who dominate our financial system assembled at the Hilton Hotel in downtown Toronto. Among them were the CEOs of Canada's five big banks and the top insurance companies. In many ways, this crowd could be regarded as the executive committee of Canada's ruling elite.
They came for a dinner ($1,250 a ticket) to raise funds for a new monetary policy research centre connected to the C.D. Howe Institute. That may sound innocuous. But Canada's top bankers were not getting together to figure out how they can make banking more customer-friendly.