Pension funds are extremely narrow self-interests that oppose my interests and the interests of the 75% of working Canadians without employer pension plan participation.
Here we have another iteration of the “sky is falling” that led to Halloween 2006.......funny (and grossly inequitable) that Flaherty gave pension funds a special “carve out” from his draconian 31.5% tax. They pay 0% tax on income trusts held in their private portfolio. OMERs for example bought undervalued Golf Town Income Trust in 2007 and are not subject to the new tax. Buying undervalued trusts is what OMERs stated will be one of its major themes in 2008
Two questions:
(1) How does that stem alleged tax leakage?
(2) This is a Tax Fairness Plan?
Meanwhile on the topic of BCE, Teachers’ violated the spirit and intent of the federal pension regulations that govern it, by acquiring shares to which are “attached”, directly and indirectly, more than 30% of the votes of BCE.
As to the permsissibility of that maneuvre by FSCO, The CRTC Chairman stated : “I am astounded”.
On the question of bondholder oppression, hopefully the SCC will be as hard to fool as the CRTC Chairman.
See also: The self-dealing sovereign wealth funds known as OMERs, Teachers' and PSP
Ottawa may face 'crisis' over BCE challenge
Might force rules rewrite, OMERS chief cautions
National Post
June 24, 2008
Thursday, June 19, 2008
OMERs squeals: " Ottawa may face 'crisis' over BCE challenge"
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Interesting. The government ignores the ticking time bomb that is the coming retirement of millions of baby boomers, in order to shore up their own fat pensions. To do so, they create 2 sets of rules: one for themselves, and one for the rest of us. And then, they ignore the existing rules with respect to the BCE takeover, namely that Teachers can only own 30% of any one company. When faced with a possible court challenge, they can simply change the rules, retroactively of course.
How is this not conflict of interest?
Are we Canadians so determined to live in a happy dream world where no one needs to think about retirement income that we are going to allow this to happen unchallenged?
Rather than screwing people out of income trusts and blue chip stocks like BCE the government should be doing everything in its power to make sure that those of us without big fat pensions can have a modicum of dignity and half decent income once we retire.
Just wait until the real crisis hits. We're going to see Canada Pension plan and OAS benefits drastically cut because there won't be enough money to go around.
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