Dick Schmeelk of CAI a private equity fund was a real shooter in his day, You could even say he was the Dick Schmeelk of his day. I was introduced to him back in 1987 by Ed Clark shortly after Ed had joined Merrill Lynch from his failed foray in Ottawa as the architect of the NEP (National Energy Policy). Ed Clark was the Mark Carney of his day. NEP has since become the TFP.
Ed introduced Dick Schmeelk to me by joking about Dick having a virtual lock on all Ottawa’s big deals. Ed would know. Dick was with Salomon Brothers then. He has since moved on to the even more fertile pastures afforded him by Canada’s New Private Equity Government in the world of, you guessed it, Private Equity. He helped found CAI Private Equity in New York in 1989 and his private wealth probably rivals that of his best client: Canada.
Here are his gleeful comments on the enormity of the opportunity for private equity created by the Conservative government's slaughter of Income Trusts. This event-driven buying situation was created by Harper and Flaherty, either knowingly or unknowingly. They have handed Schmeelk and his peers in Private Equity the opportunity of a lifetime, as result of artificially devaluing and crippling Canadian income trusts for some yet unproven reason. Apart that is from displacing average Canadian investors in favour of the Schmeelk’s of the world and tranfering $35 billion of Canadians wealth in the process. Try to read between the lines when viewing his video confession.
Oh by the way, the government agrees with Dick’s bottom line assessment. If you were wondering whether our government knew this outcome would occur, just get a load of this internal Finance Department Memo of October 2006. The circle of guilt in tightening like a noose. Soon we hope to be well worn by these most deserving uncivil servants and their masters.
Friday, October 5, 2007
Posted by Fillibluster at 7:33 PM