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Bruce Gottfred pulls together the post of the week, and it’s only just begun…
It began Wednesday at 5:20 pm, when John McKay, the parliamentary secretary of Ralph Goodale, went on live television and casually announced a major tax policy as easily as he might have announced new funding for macram� training for immigrants in a too-close-too-call riding — and didn’t even have his facts straight […]
It’s obvious that some people were in the know as to what was about to happen. In Barry Critchley’s column in today’s National Post, he talks to an investment banker that didn’t get a chance to be ‘consulted’ by the Finance department before it made its decision.“It’s brutal. It’s third world. It’s unbelievable,” he said.
And this banker wasn’t just referring to the events of last Wednesday. Indeed, the process got off to a good start in early September, when Ottawa announced it was planning a consultation process on income trusts. A week or so later, the process reached amateur-hour proportions when the government announced it would not be giving any more advance tax rulings on trust conversions. More importantly, what did that decision mean for the process, which was kicked off with a 50-page report that indicated that everything was being analyzed?
Since then, it has been full-scale panic as Ottawa dealt with all sorts of anger from all sorts of people — market participants, industry executives, retail investors and pension funds.
And the final straw: “The government then tells a bunch of Bay Street insiders what it is going to do so they can profit. And then it does it. It’s insane,” added the banker.
Read the whole thing.
(Via Angry.)
Update: On the drive home this afternoon, I see this story has broken on a wider scale. But check out this CBC version – which can’t help but tack on a dismissive comment at the end of the report.
Some political observers said the calls for investigations were signs that the looming election campaign could become nasty
“Some political observers” – pray tell, who? If their opinions are important enough to mention, then they’re certainly important enough to identify.
We pay these people with our tax dollars. They can do better than that. Let’s email them and ask precisely who it is they’re referring to.




