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The Oracle of Bay Street: finance bad boy Michael Wekerle is back, and his new firm is already the talk of Toronto

All in, Difference Capital had raised $100 million in three months. That’s no small accomplishment, for a number of reasons. One, it was summertime, a period when much of the reliable capital on Bay Street leaves town to frolic in Muskoka, Georgian Bay or other leisurely points east and west. Second, there’s no such thing as reliable capital these days—or whatever reliable capital there once was in Toronto has dwindled over the last few austere years. The remaining big money is controlled by a remarkably small group of tightly clenched fists. In short, it’s a tough time to be raising money, and Difference was now managing $220 million in assets.

There was plenty of booze on board Wek’s yacht. As it wound through the Toronto Islands, the boat’s speakers blared The Clash, David Bowie and U2. The boat made a pit stop at a marina and restaurant on Centre Island, and Wekerle hit the patio overlooking the docks, where he bought plates of poutine and onion rings and a round of tequila shots for his staff. There were a few other patrons seated on the patio, most of them seemingly bemused by Wekerle’s non-stop banter and the music echoing from the yacht.

But as the boat pulled away, two older couples sitting at a corner table started applauding, grateful to be seeing the stern side of Wek’s merry ship of fools. Wekerle yelled something cheeky back at them, but they couldn’t hear his raspy voice over the rising chorus of “Sunday Bloody Sunday.” They gave him a standing ovation.

  • johan tibeau

    this guy soundss like a complete d-bag

  • sylvester franklin

    No, He’s Living the dream, and he’s good at it.

  • M.G. La Rochelle

    Would be eaten for breakfast south of the border —

  • Cory P

    he’s been there, they didn’t even arrest him. US don’t mess with Wek

  • bubba

    I heard he has been pouring money into Mahdia Gold Corp in Guyana, I wonder what he knows?

  • E Z

    Well, I saw he did some site/analyst visits with Sparkes so possible…

  • Mike Scorp

    You’re not exactly that tough as you think you are south of the border.