More Women in Pensions
Another interesting study from our friends at Stats Canada about Pension Plans in Canada points out that as of January 1, 2007, more of us are in Registered Pension Plans. The interesting point is that the Percentage of employees that were in a Pension plan actually dropped from 2005 to 2006 even though the total number of folks in Pension Plans actually increased.
More interestingly this increase in the raw number was seen mostly from Women joining pension plans. The percentage of women are:
Of the 5.8 million total membership, women accounted for 2.8 million, or 48.5%, while men accounted for 3.0 million, or 51.5%. In 2000, women accounted for 45.1%, and men, 54.9%
Increases for women were shared between the public and private sectors.
The number of Defined Benefit Pensions that are still under-funded is mentioned as well, and it is still a problematic area for folks who have them (or who have been recently chucked out of them like me). However, the number of underfunded Pension plans did decrease in 2006 from 2005 from 57% in 2005 to 45% in 2006. This is still not a good thing since 45% of the funds are unable to meet their obligations at this moment.
This was back when I thought if I repeated news, I’d get readers, if you want news you will go elsewhere, is what I learned.
TD Hurt by “Rogue” Trader
Thanks to former TD employee Simon Richard Brignall, TD stocks will take a hit, because the company has to write off $96M in losses thanks to more “creative accounting” being done by some insiders.
During this period, Mr Brignall mismarked positions on his trading book and entered fictitious trades. This conduct, when considered by reference to the FSA’s prescribed regulatory standards for individuals, is such that it appears to the FSA that he is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm.
Sounds like he made a few mistakes, seems the FSA (Financial Services Authority) doesn’t think he should be doing this job, as a TD stockholder, I think I agree. Who hired this guy? Not sure they should be allowed to do that job either (In My Most Humblest of Opinions). Who was supposed to watch and ensure this guy wasn’t doing this? Not sure they should be keeping their job either.
Mr. Brignall does not appear to be the only cause of this loss, but allegedly has a great deal to do with it.