Tuesday, January 8, 2008

"At the risk of being defrauded by insurance companies":

fraud noun

1. intentional deception resulting in injury to another person
2. a person who makes deceitful pretenses
3. something intended to deceive; deliberate trickery intended to gain an advantage

The Problem:


Insecure Retirement Savings: Retirement savings are near a historic low and 75 million working Americans lack employer-based retirement plans. Too many companies have dumped their pension obligations, leaving workers in the cold.

Income Security: With skyrocketing health care, energy and housing costs, and the risk of being defrauded by insurance companies , too many seniors do not have the resources to live comfortably.

Eliminate Income Taxes for Seniors Making Less Than $50,000: Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will provide an immediate tax cut averaging $1,400 to 7 million seniors and relieve millions from the burden of filing tax returns.

The risk of being defrauded by insurance companies:

London Life/Great West Life owned by Power Corporation:

Globe and Mail: November 2, 2006: “Paul Desmarais Jr., the well-connected chairman of Power Corp. of Canada, even railed against trusts in a conversation with Prime Minister Stephen Harper during a trip to Mexico, and told him he should act quickly to stop the raft of conversions, according to sources.”

Manulife Financial:

Thursday, February 1, 2007
Standing Committee on Finance
Mr. Dominic D'Alessandro (President and Chief Executive Officer, Manulife Financial):

"I will be very brief. It's my opinion that the income trust sector in Canada is increasingly populated by businesses other than those whose principal activity is the operation of real estate or royalty producing assets. In June of last year, CI Financial converted to trust status.

I don't know why we would want a tax regime that would discourage the accumulation of an appropriate level of retained earnings by the corporate sector.

The notion and the implication that somehow the government on this file is responding to initiatives that originated with corporations is not based on reality."

Thanks so very much. Very good of the two of you to have your own interests strictly at heart. Meanwhile in your Machiavellian efforts to make Canadians more captive to your life insurance wares such as life annuities and Income Plus, you played an instrumental role in the ongoing loss of $35 billion sustained by Canadians in the value of their hard earned life savings and a material diminution in their standard of living in retirement resulting from the loss of income.

To date, the trust tax has induced $65 billion in takeovers resulting in the loss of$1.4 billion in ANNUAL tax revenue to Ottawa.

All this being done on the pretense of an alleged $500 million in tax leakage?

So where is the proof? Do you suppose I could collect on a life insurance policy without a death certificate? Do you suppose 18 pages of blacked out documents would suffice for Manulife's or Great West Life's claims departments?

Didn't think so. They would probably consider that to be insurance fraud.


Dr Mike said...

Could Stephan Dion be the Barak Obama of Canada??

Could his plan to tax income trusts at 10%, which would be refundable to Canadian investors , be the life-line that will save seniors from a dependence on a federal government which will soon be strapped for cash??

It`s finally time for a new vision for both countries--out with the old hard line right wing parties--time to stop serving the corporate masters & get on with serving those who elected you .


Brian said...

From the context of "we the people/for the people", where exactly did this translate on either side of the border to, "we the corporations, for the corporations, by our elected sycophants?"

I just know in my heart of hearts that Wee Jimmie and his Less Wee Friends aren't really small people, they're just temporarily confused by glare of the headlights.

One can only hope that this is a temporary political aberration soon to be resolved, which will allow Wee Jimmie and his pals an opportunity to grow up, or, just go back to cutting the lawn and chasing ambulances.