Do I smell something burning?

Yesterday was a great day for Income Trust investors. Liberal finance critic John McCallum held a town hall meeting in Toronto, in the old Stock Exchange building, an appropriate place for the meeting. About 300 people gathered on the old trading floor to listen and share their views. There were some real heavy hitters present, from Bill Graham and Senator Jerry Grafstein, to businessman and philanthropist Seymour Schulich.

John McCallum vowed to make Income Trusts and election issue. "We will fight this!" he said to great applause.

The next speaker was Seymour Schulich. "I'm here for one reason only. I'm mad as hell!" He also added "I've never seen capital destruction on this grand a scale in the whole 42 years I've been around this industry."

Then the mic was turned over to the audience and lots of angry investors made their views known.

Finally, Senator Jerry Grafstein called upon CAITI's founder and CEO Brent Fullard to say a few words. "Let me start by saying, don't get me started" said Brent. He went on to speak about CAITI's efforts and to denounce the Harper government's stubborn refusal to admit they've made a mistake. A $35 billion mistake.

The media were in attendance, and there was some great coverage on BNN's Squeezeplay. In fact, that leads me to the title of this entry. Towards the end of the segment, Kevin O'Leary remarked that the IT issue is still on the front burner, and sniffing the air he said "I think I smell something burning. Is it Flaherty?"

Could be....