Mark Carney would have made a great Governor of the Bank of Canada back in the fifties, when every stay at home mom thought that the most nutritious meal was a peanut butter sandwich made with Wonder Bread.
Today we don’t consume such pulp, and nor should we when it comes to the qualifications required to become Governor of the Bank of Canada or the ethical standards that are required.
What Mark Carney may possess in academic qualifications is more than rendered useless, by virtue of his complete lack of ethics? Who in their right mind would ever attempt to defraud 2.5 million Canadians of $35 billion of their retirement savings in an act of vandalism ( Michael Ignatieff’s term ) based on something as fallacious (Michael Ignatieff’s term) as Mark Carney’s bogus tax leakage analysis?
How can Mark Carney conceivably justify leaving out the taxes paid on the 38% of income trusts held in RRSP’s, when doing so makes the difference between “tax leakage” and “tax neutral”?
For a guy who spent 13 years working for Goldman Sachs, this can only mean he learned nothing about how to discount future cash flows or to monetize the same via any number of financial instruments and global financial markets.
Failing use of those garden variety financial techniques, is Mark not familiar with the concept of “in-substance defeasance” in which these future tax streams from taxes collected annually from withdrawals on Canadian’s accumulated $500 billion in RRSPs could be used to defease the interest payments on Canada’s, uniquely symmetrical, $500 billion of outstanding debt?
If not, please have Mark give me a call, as I do give tutorials and I can teach him all about the rudmentary concepts of “assets equal liabilities” and “discounted cash flow.” or about how Canada adopted accrual accounting about 6 years ago at the insistence of the Auditor General.
Meanwhile, Mark Carney was not even the choice of the Bank of Canada’s Board of Directors. Paul Jenkins was. Flaherty overruled the Board to install his “guy” as the quid pro quo for Carney’s deceitful handling of the income trust fraud.
Even people like L. Ian MacDonald are having a tough time praising Mark Carney or explain just how this guy who failed to make partner at Goldman Sachs and was “downsized” from Goldman’s Toronto office, in this attempt to explain the Boy Wonder’s quick ascension to higher offices of deceit and incompetence:
“And here's the thing. There has never been a more important time to have a guy with Carney's investment banking credentials at the head of the central bank. And it's almost an accident that he's there.
When he came home to join the public service as associate deputy at Finance in 2005, he quickly became a favourite of Flaherty's when the Conservatives took office in 2006. It was no secret that Flaherty wanted to make him deputy minister, but Carney's path was blocked by Kevin Lynch, the clerk of the Privy Council, himself a former deputy at Finance, who preferred to keep Rob Wright in that role. As deputy ministers are appointed by the prime minister, through his own department, the PCO, that was considered Lynch's call.
As a result, Carney ended up at the Bank of Canada instead. It's not clear whether this is fate, destiny, or dumb luck, but as it turned out, it's very much for the best.”
Just shows you how little L .Ian MacDonald knows about finance or the lies that Mark Carney told ALL Canadians to the ultimate intended betterment of some of Goldman Sach’s best clients..........like........well, by now, you all know who I am talking about.
Just look who thought they had the most to gain by killing income trusts (and then subsequently not disclosing formal offers made to their Board on Stapled Security Recapitalizations) or certain Life Companies, the names of which should now be firmly etched in your minds and need to be taught a real good lesson in honesty and democracy.
Wednesday, April 22, 2009
Posted by Fillibluster at 1:07 PM