Friday, October 20, 2017

Too Late

It's been a bad couple of weeks for Bill Morneau. Yesterday he said he will put his considerable wealth in a blind trust. Tim Harper writes:

Morneau finally did the right thing, placing his substantial assets in a blind trust and announcing he would begin divesting his interest in the family business, Morneau Shepell.

Except this was 2017.

This should have been done a couple of years ago, because, to paraphrase Justin Trudeau, it was 2015.

If the ship of state is ever to be put on an even keel -- a proposition that appears less and less likely -- loopholes for the wealthy have to be closed. That's what Morneau said he was trying to do, even as he continued to profit from those loopholes. Nathan Cullen cut to the quick:

Here’s the nub of the conflict charge, as raised by New Democrat Nathan Cullen, an unproven allegation that nonetheless brings some smoke.

When Morneau introduced Bill C-27, legislation to make it easier for federal employees to move to a targeted benefit pension, a move which would benefit Morneau Shepell, the company’s stock went up 4.8 per cent within days, Cullen says. Morneau, he said, would have made $2 million in five days from that jump. But it’s not known that Morneau was holding or selling stock at that time.

Justin Trudeau's Liberals ran as progressives. But the Minister of Finance can't unfurl that banner. It's too late.

Image: The National Post


Anonymous said...


Just wondering what Paul Martin did with his considerable assets way back when?

Owen Gray said...

Good question,!? I don't know what the guidelines were back then.

Steve said...

The leader of the free world faces basically no restrictions expect the threat of impeachment.
I have always predicted that Trump will use the office to make him the worlds first trillionare.

Owen Gray said...

I thought the job had something to do with public service, Steve.

Anonymous said...

Martin, that perennially pious soul capable of kniving a back if it was Chretien's, was sort of shamed into putting his Canada Steamship Lines ownership into a blind trust while running for the Liberal leadership. He had previously held it in a semi-blind trust, whatever that is, while finance minister. He thought that giving CSL to his sons was enough, but buckled under pressure to do better. He managed to keep his CSL overseas profits in Barbados when he delisted Liberia as a tax haven, by moving the ownership flags of seven vesssels to Barbados from Liberia. Perish the thought they'd be Canadian-registered and subject to our maritime requirements or pay Canada's totally extortionate taxes, whose rates he was in charge of.

There really isn't any politician you can trust, after the talking lips cease moving in public view. Look at the steady line of BS artists this country has produced as PMs since Trudeau 1/Turner. Except for Campbell who hardly had a chance to start. Yessir, look at the sorry lot of them: Mulroney (cash in a bag is fine, thanks), Chretien (golf course and a bit of a blind eye to sponsorship), Martin (the genuine no-holds-barred neoliberal as finance minister - download the costs on the provinces, that's the ticket), Harper (Duffy and blind appeal to xenophobia and goodness knows what other mean nasty stuff before we get to his nihilistic policies) and now Trudeau 2 the Dancing man with puppet strings dangling off his back and incompetence enough to share around for free.

Morneau blinks when exposed to the light as earthworms do, looking bookish and bewildered, apparently has no memory of Martin's experiences just over a dozen years ago, and repeats the kind of silliness you'd think a semi-intelligent man would avoid. Hence, he ain't brainy, nor can his motives be trusted. All well-backed by the best public servants Money can buy so keen to proffer advice in the best Yes Minister manner.

A sorry, venal lot, all things considered.


Owen Gray said...

The Morneau story sounds a lot like the Martin story, BM. I suppose the moral of the story is that those with money like to keep close tabs on it -- regardless of circumstances.