Tuesday, April 27, 2010

What Mark Carney shares in common with Goldman’s Fabulous Fabrice Tourre:

In testimony today before the US Senate, Goldman Sachs’ Fabrice Tourre stated: “None of my clients were individual, retail investors.” The same claim applies to Mark Carney, as “none of his clients were individual retail investors”, and yet two successive Finance Ministers. Ralph Goodale and Jim Flaherty placed Mark Carney in charge of the income trust file, which was an investment vehicle that was DOMINATED by retail investors and therefore any policy change would dramatically affect retail investors, a market that Mark Carney knows nothing about.

Would Ralph Goodale and Jim Flahert go to their car mechanic for a medical diagnosis? Probably not. So why are they subjecting Canadian retail investors and taxpayers to the obvious policy biases of ex Goldman Sachs' employee Mark Carney, and someone so prone to ethical violations like LYING to all Canadian about tax leakage?

So what did Mark Carney chose to do when given the levers of power by Rlaph Goodale and Jim Flaherty? He screwed the Canadian retail investors with his patent lies about tax leakage in order to appease the institutional players (eg Manulife, Power Corp. etc) who wanted to kill income trusts. Not wanting to upset institutional investors like the Canada Pension Plan, OMERs and Teachers’, Carney did a one off side deal with these institutions and gave then the exclusive right to own income trusts without paying Carney's 31.5% tax, while penalizing retail investors who have to pay the 31.5% tax on income trusts in RRSPs.

Talk about unethical double dealing by Goldman Sachs! We have our own culprit here in Canada by the name of Mark Carney, but elected representatives in Ottawa who are too placid to hold him to account. unlike the members of the US Senate Sub Committee and its Chairman, Senator Carl Levin of Michigan.


Dr Mike said...

Bribing the pension funds & therefore the provinces & territories made this decision possible.

That just left the small retail investor out to dry & they had no constituency anyway---besides that , they were mostly old rich farts who would soon forget or be dead.

Everyone important in the scheme of things political was looked after & no one cared about the little guy.

After all , it must have been all about "fairness" as Flaherty said making it all right in the public`s mind.


Dr Mike Popovich

Bruce Benson said...

Yup, two peas in a pod, fresh out of the same Cess Pool of lies and manipulation. Just lovely, and what does one get for such behavior? A plumb job as the Governor of the Bank of Canada. Oh and from this lofty position Carney gets to dish out more of his version of Fairness. Canadians love having this bull shit pushed down their throats and I wonder just how long it will take for them to gag? It can't happen soon enough.