Question for David Olive of the Star:
Is there any chance that the lottery tickets known as stock options motivated this criminal behaviour at Nortel? Or the criminal backdating of options by virtually every major tech firm, including RIM, as the means to deprive the rightful owners of theirshare of the company in question.
Owning shares is not akin to owning a business. Owning income trusts IS akin to owning a business. That’s’ why Corporate Canada so desperately prefers the corporate model......they have learned how to “game” it to their personal advantage. Not so the trust model to anywhere near the same degree.
Meanwhile these same “corporate” folks control the media who gladly and dutifully spawn nonsense about alleged tax leakage from income trusts in true Pravda fashion. David Olive is at the forefront of that with his Income trusts 2.0 editorial nonsense of last fall and wholly unproven assertions of tax leakage with the words "which the entirety of Corporate Canada was threatening to exploit at a massive cost to the federal treasury."
David....you're a reporter (ahem), where's your proof?
Maybe David Olive would be more qualified to inform his readers about how the Toronto Star opposes income trusts because Torstar's converting to an income trust would mean discarding the corporate abuse known as Torstar's voting/non-voting share structure, which is the corporate abuse whereby the editorial policy of the Star, known as the Atkinson Principles, are preserved by the founding family.....who are long on virtue, and short on cash, so they uphold their editorial virtues and corporate voting.non-voting struture form the threat of an income trust conversion by propagating government lies about tax leakage and the evils of income trusts to their unsuspecting readers. Which begs the question: What price editorial freedom?
Corporate crackdown
Fraud charges against Nortel executives confirm their spectacular failure of corporate governance
June 20, 2008
David Olive
BUSINESS COLUMNIST
Toronto Star
Nortel Networks Corp., Canada's former tech star and once the 12th-most valuable company in the world, is now recognized as a spectacular failure in corporate governance with few equals in any nation or industry....
The RCMP made that status official yesterday, laying fraud and other criminal charges against former Nortel chief executive Frank Dunn, erstwhile chief financial officer Douglas Beatty, and Michael Gollogly, former corporate controller. Nortel thus joins the pantheon of disgraced high-fliers that includes WorldCom, Parmalat, Enron and Tyco.
Full article here.
Friday, June 20, 2008
How long do you suppose Nortel could have faked a monthly distribution and a 95% payout?
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2 comments:
The media mantra "corporations good, income trusts bad." When presented with evidence and proof to the contrary, just keep repeating above.
David Olive hasn't a clue about any financial matters. He finds some old stories on corporate fraud and doctors them. He has no clue what constitutes an income trust. Flaherty, the dumb, wrote about tax leakage (a word I am sure Carney gave him) and so Olive uses it. Has he ever bothered to check how many hundreds of millions of tax dollars are paid by those individuals who own income trusts. He doesn't even know how costly "options" are. When executives receive options on securities of the companies that employ them, they literally steal from shareholders. If the RCMP had not got on this story, Olive would still be writing nonsense. He should be looking into John Roth who probably defrauded the company of billions and then walked away. Olive...the mentor on income trusts....what a laugh.
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