Talk about the pot calling the kettle black.  Montreal has CN, Via, Air Canada, PSP, the ME and Bombardier, so it is not without its share of Federal initiatives, pet projects or past crown corporations.  It also has tax status that makes it a lower tax location for financial companies. Quebec has dis-proportionally received Federal monies for years.

On the regulatory front, Canada is the only G20 member with a set of local securities regulators.  Having one would reduce the cost of raising capital and perhaps beef up enforcement.  

The die was cast in 1976 by Rene Levesque with SunLife and others famously leaving the city.  That the percent of initiatives has declined and Toronto has benefited was inevitable.

That said, Mordecai Richler described Toronto as "Canada's counting house" reminding all  Montrealers that there is a price to be paid to be the place the CIB and other initiatives reside.