Thursday, August 26, 2010

Mark Carney / Terry Corcoran cat fight.

Did you see the letter (below) that appeared in the Financial Post that was ghost written by Mark Carney, in which he laces into Terry Corcoran’s incompetence as a journalist?

It’s interesting to observe that Terry Corcoran, who was one of the biggest supporters of Mark Carney’s fraudulent claims about tax leakage from income trusts, when all the evidence and reports pointed to the opposite conclusion (ie the work of HLB Decision Economics, BMO Capital Markets. RBC Capital Markets. PricewaterhouseCoopers etc.), is now being reamed out by the very same Mark Carney for his “factual errors and misrepresentations” and his “error-laden column” and inability to “ensure accuracy” regarding the Bank of Canada's report?

Mark Carney can’t have it both ways. First he wants the whole world to ignore the hard evidence and studies when the topic is income trusts and then he wants the world to hang on his every utterance when he becomes the Governor of the Bank of Canada when the topic is bank capital adequacy.

Maybe these two losers, Terry Corcoran and Mark Carney should switch jobs, as Mark Carney appears to be an expert on what it takes to be a good journalist (is there such a thing in Canada?), while Terry Corcoran, despite not knowing something as basic and fundamental as the difference between deferred taxes and exempt taxes, claims to be an expert on what it tales to be a good central banker.

Financial Post · Saturday, Aug. 21, 2010

Re: Terence Corcoran's column, The High Cost of Bank Regulation, Aug. 10

Terence Corcoran's column in Thursday's newspaper contained factual errors and misrepresentations regarding the Bank of Canada's report on the macroeconomic impact on Canada of strengthened bank capital and liquidity standards.

It is surprising that the Financial Post chose to publish such an error-laden column. Financial Post reporters were among many journalists who attended a Bank of Canada briefing to ensure that they understood the report.

The fact that Mr. Corcoran chose not to attend that briefing, nor to contact the Bank with questions, does not absolve him of the responsibility to ensure accuracy.

The two Financial Post reporters who co-wrote a separate news story got it right.

It is a shame that their editor did not.

Brigid Janssen,
Chief of Communications,
Bank of Canada


Anonymous said...

Hilarious . . And Carney is now pretty full of himself if he thinks he can keep up the charade without the support of the idiots in the CDN press


Dr Mike said...

Hey , what do you say , we fire them both.

We could replace the Cork with Norman Bates.

We could replace the Carn with Dexter Morgan.

How bad could it be.


Dr Mike Popovich

Anonymous said...

Everyday Mark Carney awakens and stands before a large Goldman Sachs logo and bows and scrapes before it. His master has never been far from our beloved head of the Bank of Canada. He should have moved to the United States, become an American. His alliance and his obedience to his former employer is rock hard. His alliance to Canadians is mushy and he cancelled the Income Trusts because his real bosses, Goldman Sachs asked him to do so. Carney spent quite a number of years at the Goldman Sachs office in Moscow.....ask the Russians what they think of him. I prefer not to use such foul language as they did.

Anonymous said...


What's even more damning is that Corcoran is now appears to be relegated to the back pages his employer having to correct one too many errors in Corcoran’s articles. The question I have for the National Post is when will you correct Corcoran’s equally incompetent reporting of the facts regarding income trusts.

In fact, the error correction should include Mr. Chevreau and Mr Martin.

On a positive note, at least Mark Carney didn’t call for Corcoran’s vaporization like Corcoran called for you to be vaporized.