Friday, December 30. 2005
According to latest news reports, the Federal Liberals are being investigated by the RCMP about new criminal allegations relating to insider trading. Here's what basically happened. Shortly before the government fell in November, the Liberals announced that they would change the tax rules related to income trusts. This change in tax laws was very good for companies that had income trusts or company stocks that gave out dividends. So, some publically traded companies on the stock market that benefit from this tax law change would see their stock prices go up. The problem is, if an insider (say someone from the Liberal party) told buddies/friends/companies about this news before it was made public, those friends could take advantage of this announcement. For example, they could buy stocks low before everyone else rushed to the stock and moved the stock price up. This is known as insider trading, and it is a criminal offense.
Here's what the National Post reports:
The whiff of scandal was pumped into the federal election campaign Wednesday with confirmation that the RCMP has begun a criminal investigation into the possibility of a leak from the Liberal government prior to an announcement on taxation of income trusts.
Opposition parties are calling for Finance Minister Ralph Goodale to resign amidst allegations that one Conservative MP says "smells from top to bottom."
RCMP Sgt. Nathalie Deschenes confirmed Wednesday that the Mounties had launched a criminal probe into the matter, saying they had "sufficient information" for an investigation.
While the investigation will determine whether there's enough evidence to warrant criminal charges, Deschenes said they aren't sure how long their probe will take.
The probe stems from opposition complaints following a surge in trading of income trusts units on the Toronto Stock Exchange in the hours immediately before a major government announcement on the popular investment vehicles.
Opposition parties pointed to the dramatic increase in late-day trades on Nov. 23 - before Goodale announced there would be no taxation of the popular investment vehicles - as evidence of insider trading.
What's surprising is the scope of the investigation as well. The RCMP will be probing members from the Finance minister's office as well as the Prime Minister's office. If any of these new allegations stick, it might be a death blow to the Liberals. Paul Martin has been able to brush off the adscam situation, and blamed it on Jean Chretien's old regime. This new scandal happened under Paul Martin's supposed new Liberal team, so that could be bad news.
Continue reading "New Liberal Criminal Scandal"
Tuesday, December 27. 2005
Looks like the Liberals are in damage control again. A senior Liberal organizer was caught posting inappropriate comments on his blog.
From the article " Blog Bombshell Hits Liberals" from the Times Colonist:
A senior Liberal organizer has quit the party executive after comparing an Asian-Canadian election candidate to a Chinese chow chow dog.
Mike Klander, executive vice president of the Liberal Party of Canada in Ontario, resigned suddenly Monday for posting photos of Toronto contender Olivia Chow and a chow chow on his weblog, under the caption "Separated at Birth."
The NDP described the blog as "bordering on racist" and the Liberals, moving quickly into damage control on the Boxing Day holiday, asserted that the posting was "tasteless" and did not reflect party values. [...]
A chow chow is a mid-size dog of Chinese origin that resembles the Pekingese breed [...]
"It was a play on words and I didn't intend it to be anything other than that," Klander said in a telephone interview. "It was intended for a small group of friends, naively on my part."
Klander took down his blog three days ago after getting wind of complaints.
Klander also asserted on his webpage that Jack Layton is an "A-hole," that Conservative Leader Stephen Harper "creeps people out," and that cowboy hats make politicians "look gay."
The Toronto consultant has been has been active in the Liberal party since the late 1980s. He was a key organizer for Prime Minister Paul Martin's leadership in Ontario and he also managed the 2000 election campaign in the province.
Looks like it's the second big gaffe that the Liberals have made since the election started. Their first gaffe was over the Conservative's plan to give money to parents for child-care, so that parents could decide what care would be most appropriate. A senior Liberal official blasted the plan because he said that parents would blow that money on beer and popcorn.
Mr. Reid... you don't trust that parents will spend their money wisely? You can lecture parents over spending money once you learn how to stop illegally funneling tax payer dollars to Liberal friendly companies in Quebec.
Thursday, December 15. 2005
I saw this article on the National Post entitled, " Canadians Far Less Generous Than Americans." I thought this piece was quite the eye-opener because my general feeling is that a lot of Canadians think they are superior to the Americans in every way, and they look at our southern neighbours and sneer; however, the facts paint a very different picture.
Here's an excerpt from the article:
[C]anadians have come to rely on a more generous social safety net, and as a result also pay higher taxes, may explain in part why they give less to charity than Americans, said one of the authors of the annual report by the Fraser Institute.
That may also explain why Quebecers give so much less than the rest of Canadians, said Sylvia LeRoy, a policy analyst at the conservative institute.
"The state there as well has played a very strong role in providing a lot of social goals, and then before that the church," she said in an interview from Calgary. "It has higher rates of taxation as well."
"If people have more after-tax money in their pockets to give, they're likely to give more," she said.
Within Canada, Manitobans are the most generous, with more of them giving, and giving more of what they have, than Canadians in other provinces, the report said. In contrast, Quebecers, are the least likely to give and also, by far, give the least.
The most striking finding, however, is the dramatic difference in charitable giving between Canada and the United States, it said, noting in terms of the depth, Americans donate 1.57% of their aggregate income, more than double the 0.7% Canadians donate.
The extent of giving is also lower in Canada, where 24.9% of all tax-filers made donations, compared with 29.4% of Americans.
In the United States, the average donation was US$3,731, which even before taking into account the differences in the values of the currencies, was over three times more than the average $1,165 donation in Canada.
Continue reading "Canadians Less Generous Than Americans"
Sunday, December 4. 2005
Here's an interesting follow-up article about the election campaign so far. It's care of the Times Colonist, and the article is entitled, " Liberals scramble to fill Island slate."
From the article:
[W]ith the start of the election campaign only days away, Vancouver Island Liberals and Greens are each sitting with just three candidates for six ridings.
Meanwhile, the Conservatives and NDP are raring to go with a full slate of candidates nominated.
"We have signs ready this weekend, offices opening and campaign teams ready to go," said Bruce Hallsor, co-chairman of the Conservative's B.C. election team. And there's plenty of money in the bank, he said.
Continue reading "Election Problems For Liberal MPs On The Island"
Saturday, December 3. 2005
There are two things I really like about election times. Firstly, people who normally don't follow politics or anything start asking me questions, and we get into some interesting debates. The second best thing about elections are the great comics.
So, I thought, instead of summarizing what happened this week in politics, I'd present the comics from this week to drive home the point. Here's a collection of this week's editorial comics from the CBC.
I think this one's my favourite one out of the lot:

(For those who need an explanation. On the left is Stephen Harper, leader of the Conservative Party of Canada. In the middle is Jack Layton who is the leader of the NDP. On the right we have Paul Martin, leader of the Liberal Party of Canada. Both Harper and Martin have announced competing tax cut plans which voters really like. In the middle, we have Jack Layton who says we can't afford a tax cut right now, and wants to keep the money to spend on social programs.)
If you want to stay up to date on what's going on in the elections, I encourage you to read articles from online news sites from a number of sources to get perspectives from multiple sides.
My primary sources these days are:
Google News
The National Post
The CBC's Special Election Coverage
Times Colonist
In my opinion, this gives fairly good coverage of the issues from the local, national, and international press' perspective. I think the blend also gives perspectives from the left and right point of view fairly decently (as each news site contains its own biases).
Merry Electionmas!
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