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Saturday, October 4, 2003

Hancock and Manulife

Published: Globe and Mail (Toronto)

Their own Medicine

 Page A22
Cambridge, Mass. -- As a Canadian living across the river from Boston, I have experienced just a little schadenfreude in the reaction of the local press to the Manulife Financial takeover of John Hancock Financial (Manulife's Big Deal Sets Stage For Something Even Bigger -- Oct. 2).
The litany will sound familiar to any Canadian: Oh dear, we are becoming a branch-plant city. When they have to make job cuts, they won't be making the cuts in Canada. The charitable donations will go to Canadian charities, local (Boston) charities will lose out. Thank goodness, they'll continue to support the Boston Marathon.
This is one time that globalization may benefit Canada rather than the United States. And maybe we could move the marathon north: Avenue Road between Bloor and St. Clair would be a good stand-in for Heartbreak Hill.
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