Wednesday, March 3, 2010

Michael Sabia's idea of the end of an era! LOL


Click on image to enlarge

Obviously this grossly biased reporting on income trusts last Friday by Havard Gould of the CBC is not going unnoticed within the Department of Finance, as I see that Finance was visiting the CAITI blog after Googling the words “Havard Gould income trusts”. ( see attached)

Do it yourself and you will see what that Google search brings up. Apart from several links to the CAITI blog you will find a link to a CBC article of October 11, 2006 in which Michael Sabia made this comment upon announcing the conversion of BCE to an income trust:

"There's no doubt the winding down of BCE certainly does mark the end of an era in Canadian business," BCE chief executive Michael Sabia said during an analyst conference call.

Not only does this serve to belie the fact that Michael Sabia had NO INTENTION of converting to an income trust, but the comment is completely farcical, as the “era” that Sabia is referring to is the litany of failed investments that BCE made over the years. NONE of which were successful and were simply an exercise of destroying BILLIONS upon BILLIONS of shareholder wealth. From Montreal Trust, to Daon Developments, to TransCanada Pipelines to selling Yellow Pages at 50 cents on the dollar to fund the buyback of 20% of Bell Canada at more than they sold it for two years previously to losing some $9 billion in less than 18 months from BCE’s purchase of Teleglobe, EVEYTHING that BCE has done by way of acquistions and corporate reorganizations has been an exercise of turning gold into tin.

So if that’s the “era” that Michael Sabia was lamenting was coming to an end, which it was, when BCE was being asked by its long suffering and totally abused shareholders to convert to an income trust and deliver these profits to shareholders rather than nuking them, in order to maximize shareholder value (and tax revenue to the government) then all Canadians should have been rejoicing. The one problem however being that BCE had NO SUCH INTENTIONS of converting to the greater shareholder discipline of an income trusts and used its control over its media group BCEGlobeMedia to spin a completely false argument of tax leakage to completely dupe the entire country along with a bunch of gross uninformed and financially illiterate people in Ottawa (the 308 Members of Parliament) and the press (CBC, etc) into thinking the sky was falling, in order that Michael Sabia and his fellow bandits at the CCCE could continue on with their abusive corporate practices and destroy the vastly better form of investment (from all possible vantage points) called income trusts.

That said, I wonder why the Department of Finance was Googling Havard Gould of the CBC? Good question. All I know is that a reporter’s worst nightmare is when he or she becomes the story.

4 comments:

Daniel Miller said...

Let's look at who Brent Fullard calls a liar or wrong about tax leakage:

CBC
CTV
Globe
Post
Star
Harper
Ignatieff
Layton

So who is left? Maybe it is Brent Fullard who is wrong? Must be a lonely world with no friends.

CAITI said...

Daniel:

Good for you but do ANY of the people you cite have any proof of tax leakage? No they don't.

Meanwhile your list is incorrect insofar as Ignatieff and the Post and Globe are concerned. I have made so such conclusions converning Ignatieff "lying" or being "wrong about tax leakage" as Ignatieff calls Flaherty's tax leakage argument to be "fallacious" and therefore agrees with me. He is just doing nothing about it however, which is my complaint with him.

Meanwhile Diane Francis of the Post and Steve Chase of the Globe are also calling Flaherty and Harper liars on the tax leakage matters, so you are misquoting me there as well.

The following have also concluded from their in-depth analyses that Harper/Flaherty are lying about tax leakage:

HLB Decision Economics
BMO Capital Markets
RBC Capital Markets
CIBC World Markets
Canacord Capital
PricewaterhouseCooopers
Deloittes

and as for Flaherty's false methodology, the following agree with me:

All of the above
Auditor General
Parliamentary Budget Officer

Bruce Benson said...

Hey Daniel Miller, take a hike you ignorant SOB. You have absolutely nothing to contribute to this conversation. I hope the next set of lies hit you right where it hurts. Oh by the way, if you want to see a liar, look deep into Harper's eyes, you are getting sleepy, your are getting sleepy .... now bugger off and don't come back. Oh while you are gone, you might want to consider that CBC, CTV, Globe, Post, Star, etc, etc are part and parcel to the biggest cover-up in Canadian history.

Dr Mike said...

Hey Bruce , well said.

Dr Mike Popovich

PS ---how do outfits like the CBC , CTV , the Globe , etc have any idea about tax leakage as all of the proof has been hidden within the blacked-out documents which are protected under order from the Privy Council.

If they have this so-called proof then they must be prosecuted.

PSS---Hey Daniel buddy , what is on those pages---if you know I will be glad to send the RCMP your way---just let me know