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A US$653-million money-laundering and drug-trafficking operation is tied to Toronto-Dominion Bank’s lengthy regulatory and law enforcement investigation in the United States, shedding light on why American regulators blocked TD’s multibillion-dollar U.S. acquisition one year ago.
The lead defendant in the drug-trafficking operation, Da Ying Sze, laundered more than US$653-million in cash, “consisting of narcotics and other illicit proceeds, utilizing a variety of financial institutions and methods,” the U.S. Department of Justice wrote in a summary of its investigation.
In a statement of allegations, the Justice Department disclosed that it tracked Mr. Sze to multiple branches of a financial institution, referred to as “FI-1.” That institution is TD, according to a source.
A sign for TD Canada Trust in Toronto, Ontario, Dec. 13, 2021.CARLOS OSORIO/Reuters
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U.S. campus protesters press on as Palestinian support swells among youth, but impact at ballot box uncertain
The wave of pro-Palestinian encampments at U.S. universities, now entering its third week, invites a question whose answer may reverberate far beyond the 100 or so American schools now with tent cities. How deep does support for the protesters run among their peers, a generation of young Americans with markedly different views on the Israel-Gaza conflict than their forbearers?
This question is potentially an urgent one for President Joe Biden, who is struggling to win back badly needed younger voters ahead of a tight election this fall.
With the momentum of the protests threatened by police crackdowns, in which nearly 2,000 demonstrators have been arrested and some have been pepper sprayed or fired at with rubber bullets, pollsters and political scientists say it is unclear whether the outrage on campus will translate into consequences on election day.
Read more:
- Protesters set up encampment at U of T, demand the university divest from Israel
- Israel plans changes to Palestinian education to remake how children are taught
- Analysis: U.S. campus protests are the latest test for universities already facing heightened scrutiny
- Hamas is sending a delegation to Egypt for further ceasefire talks in the latest sign of progress
Pro-Palestinian demonstrators celebrate after raising the Palestinian flag outside Lisner Hall as they rally on the campus of George Washington University on May 2, in Washington, D.C.Chip Somodevilla/Getty Images
Newfoundland faces health care staffing crunch after private agency won’t release its travel nurses
A temporary nurse agency refusing to let its nurses continue to work in Newfoundland and Labrador for another employer has left the province’s health officials with a staffing crunch.
Toronto-based Canadian Health Labs had two contracts to send registered nurses from other parts of Canada to hospitals and nursing homes in Newfoundland that were left severely short-handed because of the pandemic. But under a mutual non-poaching clause in the contracts, CHL cannot hire away local workers and, in return, nurses that the agency sent to Newfoundland cannot be employed by local health authorities for a year after the end of a contract, unless the company gives permission in writing.
Six nurses and three other people with first-hand knowledge have told The Globe and Mail that CHL has refused to release interested nurses from the clause. Four nurses interviewed by The Globe said they would have been willing to stay in Newfoundland and take a pay cut to work for the public system but were not allowed to by CFL.
The main entrance to St. Clare's Mercy Hospital is shown in St. John's on Jan. 11, 2022.Paul Daly/The Canadian Press
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Also on our radar
Teacher’s cellphone pledge sparks dramatic change in the classroom: Vanessa Yoon could teach an entire lesson without seeing the eyes of some of her students. They were in the classroom, but they were not listening to her – they were looking down, studying videos on YouTube and TikTok. Ms. Yoon had an idea and launched an academic counteroffensive.
Greenhouse-gas emissions falling, but oil-sands emissions continue to climb, federal report says: Federal climate policies have begun to make a dent in overall greenhouse-gas emissions, but oil-sands emissions continue to climb, raising questions about how the country can meet its targets as producers ramp up production to feed the Trans Mountain expansion system.
Mastercard Foundation launches Toronto-based asset manager to oversee $47-billion in investments: One of the world’s largest private charitable organizations, the Mastercard Foundation, is creating a separate Toronto-based asset manager from scratch to modernize the way it invests its US$47-billion portfolio – a vast pool of wealth built from owning a single stock.
Maple Leafs force Game 7 after beating Boston Bruins 2-1 in NHL playoffs: The Maple Leafs won for the second straight time without Auston Matthews on Thursday to force a Game 7 in their playoff series with the Bruins. The 2-1 victory came on the anniversary of their last Stanley Cup championship 57 years ago.
Ouch! Toronto-Dominion Bank is bracing itself for stinging penalties from U.S. regulators for possible money-laundering lapses. This week, the bank announced it will set aside how much to cover those penalties?
a) US$150-million
b) US$250-million
c) US$450-million
d) US$650-million
Morning markets
Global shares were firmer ahead of key U.S. non-farm payroll numbers today, underpinned by reassurance from the Federal Reserve that the next move in rates would be down.
The MSCI All Country stock index was up 0.23 per cent while in Europe, the STOXX index of 600 companies was 0.2 per cent higher. In early trading, Britain’s FTSE rose 0.38 per cent, Germany’s DAX also advanced 0.38 per cent and France’s CAC 40 gained 0.54 per cent.
Markets in Japan and mainland China were closed while Hong Kong’s Hang Seng rose 1.48 per cent. U.S. futures pointed higher.
The dollar traded at 73.17 U.S. cents.
What everyone’s talking about
Loblaw’s façade of benevolence has fully cracked
“Loblaw has grown – and has been permitted to grow – so big that Mr. Weston is now the face of food inflation in this country. The company just recorded $13.58-billion in first-quarter revenue, with a quarterly profit of $459-million, marking a 9.8-per-cent increase. On the first day of the May boycott, it also raised quarterly dividends by 15 per cent, which may be seen as an extra twist of the knife to those more concerned with affording bread than portfolio performance.” – Robyn Urback
Justin Trudeau and Pierre Poilievre are both playing a dangerous game
“A self-satisfied Mr. Trudeau dismisses vast numbers of Canadians who feel left behind in a post-liberal world as white nationalists and misogynists. A shamelessly base Mr. Poilievre exploits their grievances to fan hate (the word is not too strong) toward those who fail to legitimize their sense of exclusion. Our leaders are failing us. We must not let them take us down with them.” – Konrad Yakabuski
Today’s editorial cartoon
David Parkins/The Globe and Mail
Living better
Three tequilas to enjoy on Cinco de Mayo
Coming Cinco de Mayo celebrations will add to the growing thirst for tequila in this country. As consumption of other alcoholic beverages slows, Mexico’s national spirit continues to gain an audience (44 per cent growth in Ontario over the past two years, with strong performance in other provinces as well). While connoisseurs will have their favourite brands, such as the earthy style of Cazadores, the peppery character of Tierra Noble or the herbaceous notes of Tromba, these three expressions are recommended for May 5 festivities and beyond.
Moment in time: May 3, 1915
John McCrae writes In Flanders Fields
John McCrae, a Canadian World War I poet and surgeon during the Second Battle of Ypres. Member of Canadian Expeditionary Force.Culture Club/Getty Images
Canada’s “baptism of blood” during the Great War took place on April 22, 1915. German artillery pounded the Allied trenches along the Ypres salient in Belgium. The heavy shelling was followed by the release of deadly chlorine gas, the first time it was used on the Western Front. The Germans expected no resistance as they moved forward, but the Canadians stubbornly held the line at a terrible cost. The long casualty lists – the dead, wounded and missing – shocked the Canadian public. But there would be no shrinking from the fight. That was the message of Lieutenant-Colonel John McCrae, a Canadian doctor working to save mangled bodies behind the front lines. Staggered by the gruesome death of one of his best friends, McCrae looked out over a field of poppies among the makeshift graves on this evening in 1915 and wrote In Flanders Fields. Often mistaken as a call for peace, the poem is a lament for the dead, calling on others to “take up our quarrel with the foe. … If ye break faith with us who die, we shall not sleep.” Winning the war, McCrae believed, demanded more and more sacrifice, whatever the cost. Bill Waiser.
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