Monday, April 13, 2009

Once again, Flaherty is the wind-up toy of Manulife, Power and BCE

From the Hill Times:

Financing Advisory Committee members announced by Flaherty

Finance Minister Jim Flaherty announced on Wednesday the membership of the Advisory Committee on Financing. Stanley H. Hartt, a lawyer and the Chairman of Macquarie Capital Markets Canada Ltd., will serve as committee chair. The nine other members of the committee comprises of GE Canada CEO Elyse Allan, Montréal Exchange CEO Luc Bertrand, Enbridge CFO Richard Bird, OpenRoad Auto Group Limited CEO Christian Chia, Manulife Financial board of directors chair Gail Cook-Bennett, Alberta Investment Management CEO Leo de Bever, Great-West Lifeco Inc. executive vice-president and CFO William Lovatt, Sobeys president and CEO Bill McEwan and Bell Canada executive vice-president and CFO Siim Vanaselja.

For their roles as advisers, the members have agreed to a salary of $1 each, plus expenses.

The announcement came the day before a StatsCan report was released showing the Canadian economy suffered its fifth straight month of heavy job losses in March. The report shows that unemployment has reached eight per cent, the highest in seven years.

Mr. Flaherty said in a statement that the committee will address access to credit and
financing, “the number one issue facing Canadians and Canadian businesses.”“Where gaps in credit availability remain, they must be identified and fixed.

These eminent Canadians will provide their expertise to the Government on how to ensure Canadians and Canadian businesses have access to financing to encourage the robust growth necessary to put the recession behind us,” said Mr. Flaherty.

NDP deputy leader and Finance critic Thomas Mulcair said the committee is a good idea, but that addressing the wider issue is not enough. He called on the government to protect consumers from credit card gauging by capping credit card rates.

Mr. Flaherty will attend the committee’s first meeting, which will take place within
the next few weeks.—Sonya Bell


Dr Mike said...

"For their roles as advisers, the members have agreed to a salary of $1 each, plus expenses."

Obviously they are getting paid exactly what their advice is worth.

Dr Mike

PS--these guys are there mainly to keep their hands up Flaherty`s backside to manipulate him as the puppet that he is.

Anonymous said...

Are the officials of the Bank of Canada and the Department of Finance so inept, untrustworthy and ignorant that they cannot advise the governemnt of financial and credit matters? What are theese guys paid for?

CAITI said...

So just so that I have this right:

This group includes two foreign companies MacQuarrie from Australia and GE Capital from the US, the same worn out lifeco's who lobbied to kill the income trust, Manulife and GWL and the CFO of BCE.

These guys are going to advise Flaherty on gaining greater access to debt?

Why, so BCE can load itself up to the point where it can itself declared INSOLVENT again?

Don't people ever learn....I guess our Pirate Finance Minister is the exception, as he's never learned Finance in the first instance.

Brent Fullard