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
(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
June 24, 2008
Thursday, June 19, 2008
Posted by Fillibluster at 11:22 AM