Everyone is a FATCA critic, but some become witting or unwitting co-enablers
Mr. Campbell, it is well known that Minister Flaherty is no less a critic of FATCA than you are. However, it simply does not pass the test of credibility for the CBA to claim that an IGA would "hopefully address your concerns and ours and balance out Canadian law and rights with the requirements of FATCA."
To the contrary, if the CBA's efforts to get an IGA signed are successful, it would mean that all of the violations of the rights of Canadian citizens and residents of which Professor Hogg, Ms. May, Mr. Mulcair, Mr. Rankin, Mr. Hsu and Mr. Brison warn would be institutionalized in Canadian law.
In fact, as made clear in the U.S. Fiscal Year 2014 Budget request, removing existing protections and legitimizing their violation is a specific and intended goal of finalizing an IGA. Your support for a FATCA IGA guarantees the success of the U.S. mission.
FATCA's 30% withholding threat leaves no options?
We understand CBA's concern over the imposition of a 30% withholding penalty on U.S.-source transactions for any institution that does not toe the FATCA line. Such blackmail is almost unprecedented in modern history. And we know that this withholding threat is, in your opinion, a trump card held by the U.S. to make sure everyone falls into line.
But has it occurred to you that all it takes is one courageous nation to stand up to this kind of bullying to destroy FATCA altogether? The CBA thinks it has no choice, but consider this defining moment in Canadian political history and perhaps you'll reconsider:
Correction: "You had an option, Sir."
Those are the words, which Brian Mulroney thundered at John Turner in 1984, and changed Canadian history. Going into the leadership debate, the Liberals had a comfortable lead. Instead, Mr. Mulroney's Progressive Conservatives were elected with 211 seats, the largest in Canadian history:
MR. MULRONEY'S WORDS:
"You had an option, Sir. You could have said "I'm not going to do it. This is wrong for Canadians and I'm not going to ask them to pay the price.'
"You had an option, Sir. You had an option to say "No.' You chose to say "Yes'.
"If I may say respectfully, that is not good enough for Canadians"That is an avowal of failure--
"You had an option, Sir. You could have done better."
Mr. Campbell, you too have an option.
The CBA repeatedly has said that it is opposed to FATCA but must comply. To do so, the CBA is advocating an IGA which would allow -- indeed, mandate! -- that Canadian banks violate rights of Canadians based on one basic factor: their place of birth.
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