Thursday, February 26, 2009

Flaherty admits to knowing from Charest, what Quebec voters were denied knowing?

Speaking to the issue of Caisse de depot's ABCP loss, Finance Minister Jim Flaherty stated:. "It was a very substantial loss. I have known for some time about the potential scale of the (Caisse's) loss. The good news is we were able to manage the asset-backed commercial paper issue - that was a primary issue for the Caisse. That was why the government of Canada went to the rescue of the asset-backed commercial paper issue. . . . Had we not done that, it would have been much worse." (National Post, February 25, 2009).

Hmmm? Charest claimed innocence about the looming losses during the recent Quebec election, hiding behind the shroud of the Caisse’s meager once a year reporting. One can only wonder how much Charest’s election timing was governed by this looming negative and highly political charged event would become , since the Caisse’s losses were already assured by its reckless foray into ABCP and exacerbated by the financial meldown that was well underway when Charest called his election.

So why did Jim Flaherty know something that Quebec voters were denied? Quebec voters only learned the truth yesterday, whereas Flaherty is proudly boasting that “I have known for some time”. How could he have known something for a long time that Charest said would only be known once the Caisse reports its year end numbers, which was only yesterday?

Do I detect a cover up on the part of Jean Charest and selective disclosure of critical financial information?


Anonymous said...

Why would Flaherty, Charest, the Caisse managers or any of the overpaid underperforming members of this plan care excessively about the results. At the end of the day when they fail the rest of us will pay. The tables have been turned. The civil service in this country does not serve the citizens of this country. The citizens of this country serve the civil service.


Anonymous said...

Lucky we have Jimbo and Steve to save the day!


Dr Mike said...

Flaherty is Canada`s answer to Carnac who was all seeing & more brilliant than anyone in the land.

Once I quit laughing I should be sort of OK again.

This guy has about as much insight as a nematode on a bad day.

His utter failure in fabricating new tax policy has left this country in dire straights.

His income trust tax killed the investment spirit in Canada & turned-off ordinary folks to investing forcing the price of capital into the stratosphere.

Talk about an economy killer.

Just ask Diane Francis--she knows!!

Dr Mike Popovich.

CAITI said...


Once again with our taxpayer backstop! Schmucks.

Brent Fullard

Cherniak_WTF said...

So why did Jim Flaherty know something that Quebec voters were denied?
The rumours had been floating for awhile.
Charest lied to Quebec. He is a con after all.

Anonymous said...

I'm very happy to hear that Canada's Finance Minister is up to muster on the successful "rescue of the asset-backed commercial paper issue".

The first time the Minister tried an investor rescue, he created $35 billion of market losses, forced the poor investors to wrap the rescue line around their necks, and left the investors swinging in mid-air for four years.

Like I say, I'm glad to hear he was able to save somebody on his most recent attempt. I mean what good is a government if it makes some citizens and the country worse-off without making anybody better off?