In this special episode of In the Money with Amber Kanwar, former Scotiabank CEO Rick Waugh and best-selling author Howard Green join Amber for an in-depth conversation on leadership, resilience, and risk inspired by Howard’s new book about Rick’s life, Gimme a Crisis. From Argentina’s economic collapse to the 2008 financial crisis, Rick shares the untold stories of how Scotiabank navigated chaos, managed risk, and emerged stronger. He reveals what it was like in the room during global financial turmoil, how Canadian banks stayed stable while Wall Street burned, and why he still sees opportunities in uncertainty.
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Why Canada’s banking system endures
Waugh and Green credit Canada’s success to its structure and culture. A small number of well-regulated banks and open collaboration between CEOs, regulators, and policymakers created stability during the global financial crisis. In 2008, when other systems fractured, Canadian leaders literally gathered in the same room to find solutions together — a level of coordination that set the country apart.
The Argentina crisis
Waugh recalls Scotia’s experience in Argentina as one of the most difficult periods of his career. During the country’s ninth default — a time marked by riots, five presidents in under two weeks, and widespread unrest — the bank had to make fast decisions to protect employees and preserve capital. The lesson he took from it was simple: know when to walk away, put people first, and learn from history instead of repeating it.
Donald Trump and the art of saying no
Before his presidency, Trump approached Scotiabank to finance casino projects in the Caribbean. Waugh declined, citing poor risk fundamentals — a decision that reflected Scotia’s commitment to credit discipline. The story also revealed Trump’s trademark negotiation style: he would only talk to people who could make the final call.
Inside the financial crisis
Waugh offers a rare inside view of the 2008 crisis from a Canadian perspective. Liquidity, not capital, was the main concern, and the banks, regulators, and government worked together to ensure stability. Unlike in the U.S., Canadian banks kept their mortgages on their own balance sheets, which meant they cared about credit quality and long-term relationships. Scotia avoided raising new equity — a decision rooted in confidence in its balance sheet and in Canada’s resilience.
What echoes today
Both guests draw parallels between 2008 and the current market environment. They point to issues in private credit, the collapse of Silicon Valley Bank, and a renewed focus on liquidity as signs that certain risks are resurfacing. Waugh says he’s building liquidity now, not out of fear, but to be ready for opportunity — because every crisis, as his book title suggests, brings one.
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