Monday, November 26, 2012

Lest we forget. Mark Carney: destroyer of Canadians' retirement savings

In response to the Reuters story that Mark Carney has been appointed as the Head of the Bank of England, I posted the following comment:

Mark Carney? Good luck with that!

Prior to becoming Governor of the Bank of Canada, Mark Carney worked for a brief time in the Department of Finance, where he was responsible for the "Income Trust File". Income trusts were a form of income producing investments popular with Canadians seeking retirement income. Think of income trusts as profit sharing investments. Income trusts, were however, not popular with the CEOs of corporations, since income trusts gave more corporate governance power to investors and less to the CEOs (as it should be). Guess who Mark Carney sided with on this debate? Correct, as a newly minted ex-Goldman Sachs investment banker in the Department of Finance, he sided with the CEOs.

And how did Mark Carney succeed in killing income trusts on behalf of his corporate masters? He concocted a completely false (hence, fraudulent)argument that income trusts cause a loss of tax revenue to the government, when the complete opposite was actually the case, since income trusts enhance government tax collection revenues. Armed with this completely false argument, Mark Carney backed legislation that killed income trusts by imposing a new (second) tax on income trusts at the abusive rate of 31.5% (for a combined tax in excess of 65%), which served to destroy $35 billion (yes, billion) of Canadians hard earned retirement savings.

Good luck to all Britons with your new selection of Head of the Bank of England. Don't say you weren't warned.


Bruce Benson said...

Carney the destroyer of billions in Canadian investments is headed for England as their new bank governor. Wow has this jerk got those people fooled. He sure pulled the wool over Flaherty's eyes and Flaherty was only too happy to roll over and crush average Canadians investors in favor for his corporate bosses CCCE). I wonder what the qualifications will be for the next appointed Bank of Canada governor? Is there a special skill set required, perhaps a record of screwing the flock or fleecing the little guy?

Dr Mike said...

The perfect replacement is Jim Flaherty...

Dr Mike Popovich

Anonymous said...

Thank you MR Carney and don't forget to thank Mr Paul Martin who cleaned up the deficit and left a $13B surplus before you leave!! Lets not forget your flawed tax advice on Income trusts which hurt many pension plans. Now your leaving Canada in the middle of a Housing bubble flooded with cheap money !
Hey Brits hang on to your Fish Fries the Canadian Poutine is coming over !!


Anonymous said...

List to this Start at about 3:30 minutes.

Also, read

Mark was a disaster for this country.