Thursday, April 06, 2023

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Experts link graves to one of nation’s oldest Black churches

Colonial Williamsburg museum bought the property in 1956 and turned it into a parking lot.

By BEN FINLEY

From left, Reginald F. Davis, pastor of First Baptist Church, Connie Matthews Harshaw, a member of First Baptist, and Jack Gary, Colonial Williamsburg's director of archaeology, stand at the brick-and-mortar foundation of one the oldest Black churches in the U.S. on Oct. 6, 2021, in Williamsburg, Va. Experts announced Thursday, April 6, 2023, that three men whose graves were found at the site were members of the church in the early 19th Century
. (AP Photo/Ben Finley, File)

Three men whose graves were found at the original site of one of the nation’s oldest Black churches were members of its congregation in the early 19th century, a team of archaeologists and scientists in Virginia announced Thursday.

The First Baptist Church was formed in 1776 by free and enslaved Black people in Williamsburg, Virginia’s colonial capital. Members initially gathered in fields and under trees in defiance of laws that prevented African Americans from congregating.

The church’s original brick foundation was uncovered in 2021 by archaeologists at Colonial Williamsburg, a living history museum that now owns the land. The excavation of graves began last year in partnership with First Baptist’s descendant community.

More than 60 burial plots have been identified. Thursday’s announcement confirmed what oral histories had long told — that previous generations were buried on the land before it was paved over in the 20th century
“Now we know they’re ours — they’re ours,” church member Connie Matthews Harshaw said Thursday. “Those people under that soil are of African descent. We go from there.”

Three sets of remains were chosen for examination. They underwent DNA testing, bone analysis and the evaluation of archaeological evidence that was found, including 19th century coffin nails. The wood from the hexagonal coffins is long gone.
Only one set of remains could provide adequate DNA, which can indicate race, said Raquel Fleskes, a post-doctoral fellow at the University of Connecticut who conducted the analysis.

Those remains belonged to a Black man between the ages of 16 and 18 who stood 5 feet, 4 inches tall. His grave contained a clothing button that was made from animal bone and still carried some cotton fiber, said Jack Gary, Colonial Williamsburg’s director of archaeology.

The young man’s grave appeared to be marked by an upside-down, empty wine bottle. His coffin was likely moved from a previous location based on the large number of nails — possibly used to reinforce the coffin — and the jumbled way his bones came to rest.

The young man’s teeth indicated some kind of stress, which could have been malnutrition or disease, said Joseph Jones, a research associate with William & Mary’s Institute for Historical Biology.

“Childhood health is a pretty good indicator of a population,” Jones added.

Michael Blakey, the institute’s director, added that few African Americans in Williamsburg were free at the time.

“It either represents the conditions of an enslaved childhood or far less likely — but possibly — conditions for a free African American in childhood,” Blakey said.

The two other sets of remains belonged to men between the ages of 35 to 45 and possibly older, based on the analyses of their bones and teeth.

One of them stood 5 feet, 8 inches and was possibly the oldest of the three. His remains were found with a copper straight pin that likely bound clothing or a funeral shroud.

The other man stood 5 feet, 7 inches and was buried in a vest and trousers. His leg bones indicated the repetitive use of certain muscles, suggesting the heavy labor of someone who was enslaved.

The graves in Williamsburg are among Black burial grounds and cemeteries that are scattered throughout the nation and tell the story of the country’s deep past of slavery and segregation. Many Black Americans were excluded from white-owned cemeteries and built their own burial spaces, often as a form of resistance.

Descendants are working to preserve these grounds and cemeteries, many of which are at risk of being lost and lack support.

“All over the country there has been reckless disregard for African American bodies,” said Harshaw, of First Baptist.

“We are now becoming an example to the rest of the country,” she said. “We’re getting interest from everywhere, with people saying, ‘Wait a minute, how do you guys do this?’”

The church’s original meeting house was destroyed by a tornado in 1834. First Baptist’s second structure, built in 1856, stood there for a century.

But an expanding Colonial Williamsburg museum bought the property in 1956 and turned it into a parking lot.

The museum tells the story of Virginia’s late 1700s capital through colonial-era buildings and interpreters. But it failed to tell First Baptist’s story.

Founded in 1926, the museum did not tell Black stories until 1979, even though more than half of the people who lived in the colonial capital were Black, and many were enslaved.


In recent years, Colonial Williamsburg has boosted its efforts to tell a more complete story, placing a growing emphasis on African-American history.

The museum plans to recreate First Baptist’s original meeting house on the land where it once stood, said Gary, the museum’s director of archaeology.

“A big part of that is to commemorate the space where the burials are located,” he said.
3 Alaska Native tribes sue to block major gold mine project


In this aerial view is the Donlin Gold project, located around 12 miles north of the Kuskokwim River community of Crooked Creek, Alaska, on Aug. 11, 2022. Three Alaska Native tribes have sued to block what they say would be one of the largest gold mines in the world. Tribes from the communities of Kwethluk, Tuluksak and Bethel filed a federal lawsuit Wednesday, April 5, 2023, challenging the adequacy of a 2018 environmental review by the U.S. Army Corps of Engineers and issuances of a key permit and lease by federal agencies for the Donlin Gold project.
 (Loren Holmes/Anchorage Daily News via AP)

ANCHORAGE, Alaska (AP) — Three Alaska Native tribes have sued to block what they say would be one of the largest gold mines in the world, arguing that federal agencies failed to properly analyze health and environmental concerns for the project in southwest Alaska.

Tribes from the communities of Kwethluk, Tuluksak and Bethel filed a federal lawsuit Wednesday challenging the adequacy of a 2018 environmental review by the U.S. Army Corps of Engineers and issuances of a key permit and lease by federal agencies for the Donlin Gold project.

The lawsuit, filed on behalf of the tribes by environmental nonprofit Earthjustice, claims the agencies failed to fully analyze potential harms and health impacts from a catastrophic spill and did not provide adequate protection for rainbow smelt, a subsistence food, from increased barge traffic related to the project, the Anchorage Daily News reported.

The lawsuit states the project has received the approvals needed for construction to begin but that construction has not yet started. The project is about 10 miles (16 kilometers) north of the Kuskokwim River community of Crooked Creek. Donlin Gold LLC, owned by subsidiaries of Canada-based NovaGold Resources and Barrick Gold Corp., manages the project.

Dolin Gold said in a statement that the federal permitting process was rigorous.

“Donlin Gold’s stakeholders fully believe that this lawsuit is meritless and are confident the actual record will once again fully support the agencies’ decisions,” the statement said. “In the meantime, the Donlin Gold team and the owners continue to advance remaining state permitting, as well as drilling and technical work, subject to Donlin Gold LLC Board approval.”

The lawsuit names as defendants the corps, U.S. Interior Department, U.S. Bureau of Land Management and agency officials. An Interior Department spokesperson declined to comment. A spokesperson with the corps in Alaska referred an email request for comment to the U.S. Department of Justice. The Justice Department is aware of the complaint but declined further comment, a spokesperson said in an email.

The deposit contains 39 million ounces (1.1 billion grams) of gold — worth close to $80 billion at today’s prices. A 315-mile (507-kilometer) natural gas pipeline from the west side of Cook Inlet would supply a power plant at the mine. The project life is anticipated around three decades.

The project is on land owned by The Kuskokwim Corp., the area Alaska Native village corporation, and the mineral rights to the deposit are controlled by Calista Corp., the regional Alaska Native corporation.

The mine is expected to employ 3,000 people during construction and about 1,400 people during operations. Opposition has grown in recent years from tribes and other Indigenous groups that worry the project will harm fisheries, a primary subsistence resource for residents.
GEMOLOGY
De Beers finds diamond within a diamond, names it the “Beating Heart”

Cecilia Jamasmie | April 6, 2023 |

Optical image showing the small diamond crystal nestled in the cavity of the 0.33ct rough diamond. (Photo: Danny Bowler | De Beers Institute of Diamonds.)

De Beers, the largest diamond producer by value, has unveiled a unique piece it named the “Beating Heart”, a 0.33-carat rough specimen that consists of a diamond within another diamond.


The unusual discovery – a D-colour, type IaAB diamond – has an internal cavity enclosing a smaller loose diamond, which is trapped, yet free to move around within the space.

De Beers said the gemstone was discovered at one of its mines in either Africa or Canada, but the exact origins can’t be pinpointed.

It arrived at the De Beers Institute of Diamonds facility in Maidenhead, England, in November last year, where it was verified to be a natural occurring stone.

Initial conclusions from the Institute’s experts suggest that an intermediate layer of poor-quality diamond etched away during its travel to the surface of the Earth, leaving only the better-quality material: the outer diamond and the core.

“The ‘Beating Heart’ is a remarkable example of what can happen on the natural diamond journey from formation to discovery,” Jamie Clark, Head of Global Operations at De Beers Institute of Diamonds, said in the statement

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The “Beating Heart” will not be cut and polished and will instead be kept for research and educational purposes. (Image courtesy of De Beers Institute of Diamonds.)

Now registered on De Beers’ Tracr blockchain platform, which certifies a diamond’s provenance and production journey, the “Beating Heart” will be kept in its rough form for research and educational purposes.

Competitor Alrosa found a similar diamond in 2019, which was named “Matryoshka” after the famous Russian nesting dolls. The 0.62 carat gem, estimated to be over 800 million years old, resulted from one diamond growing inside another, according to Alrosa’s scientists.

Act aims to accelerate US deployment of new nuclear

05 April 2023


The Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act of 2023, introduced to the US Senate by a bipartisan group, aims to support efforts to develop and deploy new nuclear technologies at home and abroad by measures such as regulatory support for advanced nuclear technology deployment and facilitating the repurposing of conventional energy sites.

(Image: Angelique Johnson/Pixabay)

The act - S. 1111 - was introduced in Senate on 30 March by Senators Shelley Moore Capito, ranking member of the Senate Environment and Public Works (EPW) Committee, Tom Carper and Sheldon Whitehouse, with co-sponsors including John Barrasso, Cory Booker, Mike Crapo, Lindsey Graham, Martin Heinrich, Mark Kelly and Jim Risch.

The act would empower the US Nuclear Regulatory Commission (NRC) to lead in international forums to develop regulations for advanced nuclear reactors, as well as setting up a joint initiative of the US Departments of Commerce and Energy to facilitate outreach to nations that are seeking to develop advanced nuclear energy programmes.

To support the development and deployment of new technologies, the bill would reduce regulatory costs for companies seeking to licence advanced reactor technologies, and require the NRC to develop a pathway to enable the "timely licensing" of nuclear facilities at brownfield sites. It would also create a prize to incentivise the successful deployment of next-generation reactor technologies.

It would support the preservation of existing nuclear capacity through the modernisation of rules that restrict international investment and extending by 20 years the Price-Anderson Act, a nuclear liability law which provides indemnity for US nuclear power plants. As well as enabling the continued operation of today's reactors, this would provide certainty for capital investments in new nuclear projects.

The bill also aims to strengthen the USA's fuel cycle and nuclear supply chain infrastructure by measures including regulatory preparedness to qualify and licence advanced nuclear fuels, and the use of modern manufacturing techniques in nuclear projects. Also under the supply chain and infrastructure banner comes a specific requirement for the regulator to review its capacity to licence additional conversion and enrichment capacity at existing and new fuel cycle facilities to reduce reliance on nuclear fuel that is recovered, converted, enriched, or fabricated by any entity owned by - or under the jurisdiction of - Russia.

Preserving and expanding US use of nuclear energy is essential to advancing its energy and national security interests and achieving environmental goals, the senators said in a one-page backgrounder, which also says that the ongoing war in Ukraine and China's nuclear building programmes "highlight the importance of American leadership in providing energy security - at home and abroad," they said, with the international community seeking to reduce reliance on Russia: "Exporting American nuclear technologies will benefit the domestic industrial base and fill a vacuum that could otherwise be filled by Russia and China."

"America can and should be a leader when it comes to deploying nuclear energy technologies, and this bipartisan legislation puts us on a path to achieve that goal," Capito said. "This bill prioritises the future of American energy security by establishing commonsense policies to help deploy nuclear energy, which is a clean and reliable generation source for our nation's electric grid. It also directs the Nuclear Regulatory Commission to create a pathway for conventional energy source sites to be repurposed and used in the future. I'm proud to lead a strong, bipartisan group of senators in introducing the ADVANCE Act, which signals an important step toward strengthening America's nuclear energy sector."

Researched and written by World Nuclear News

ThorCon begins pre-licensing consultation in Indonesia

05 April 2023


PT ThorCon Power Indonesia - a subsidiary of USA-based ThorCon - has signed an agreement with Indonesia's Nuclear Energy Regulatory Agency (Bapeten) to officially start a safety, security and safeguards consultation in preparation for licensing a demonstration 500 MWe floating ThorCon molten salt reactor (TMSR-500).

The signing of the agreement between Bapeten and ThorCon (Image: Bapeten)

"The goal of the consultation is to prepare the regulator, the applicant, and the stakeholders for the formal licensing process and to create a roadmap that contains schedules, roles and responsibilities, applicable laws and regulations, scope and format of the technical and administrative documents in the licence applications, and evaluations of the design readiness," ThorCon said.

The consultation includes: a review of the master plan document for the construction of the TMSR500; consultation on the roadmap related to TMSR500 prototype and the Non-fission Test Platform (NTP) facility; preparation of technical and non-technical documents related to the TMSR500 prototype and NTP required for licensing; and consultation on TMSR500 design approval.

The consultation is expected to take 12 months to complete. ThorCon said it intends to submit licence applications following the conclusion of the consultation.

"This consultation agreement is a major milestone that indicates that the Indonesian government is serious about providing the efficient regulation required to allow for the licensing of nuclear power in a timely and economic manner," ThorCon said.

The company intends to establish an assembly line in Indonesia for its nuclear power plants. It said it is also working with several universities to create programmes regarding molten salt reactor technology. "These activities will not only create a new industry in the national economy, but will also help transform Indonesian power generation into one of the cleanest on the planet," ThorCon said.

ThorCon intends to license, build and operate its first 500 MWe demonstration power plant at Kelasa Island in the Province of Bangka-Belitung by 2029.

According to ThorCon, only 24 months will be required from the start of construction before each plant will be capable of sending electricity to the grid. This approach, it says, also allows for scalability of the ThorCon plants, with as many as 10 GW of power able to be produced annually per shipyard or assembly line once production is ramped up. The estimated cost of a two-unit (1 GWe) plant is USD1.2 billion.

The Indonesian government has committed to implementing an energy transition to reduce climate change and achieve net-zero emissions by encouraging research and development of renewable power generation technologies. The government is targeting 8 GWe of installed capacity to come from nuclear power plants in 2035, increasing to 35 GWe in 2060.

In order to realise this commitment, Bapeten held a Nuclear Power Plant Licensing Executive Meeting in Jakarta on 28 March. The event aimed to kick-off the nuclear power plant licensing process, introduce the 3S (safety, security and safeguards) consultation as a form of service to business actors and coordinate between various stakeholders for nuclear power plant development.

The event was opened by Zainal Arifin, Deputy for Licensing and Inspection at Bapeten. He said: "With the increasing interest in investing in nuclear power plants in Indonesia, it is hoped that we can work hand in hand to oversee or supervise the construction of nuclear power plants and ensure the safety and security of their operations."

Bapeten said it is "committed to supporting the improvement of the investment ecosystem and business activities, especially in the nuclear energy sector". This commitment is realised, it said, by issuing a licensing consultation service policy for the construction of nuclear power plants. This pre-licensing policy provides an opportunity for nuclear power industry players to consult with the regulator regarding the 3S aspects before submitting a licence application to Bapeten.

"It is hoped that through this consultation process, potential nuclear power industry players can prepare the required licence documents in accordance with Bapeten's regulations so that the licensing process runs timely without compromising the above-mentioned 3S aspects," Bapeten said.

Researched and written by World Nuclear News

Demolition of famous US reactor begins

06 April 2023


The Low Intensity Test Reactor (LITR) at Oak Ridge National Laboratory (ORNL) became world-famous when a photographer first captured a blue glow caused by radiation in the pool above the reactor. That photo appeared on the cover of the October 1951 issue of Scientific American.


Ancillary buildings at LITR are pulled down (Image: EM)

Built as a mock-up of the Materials Test Reactor that was being constructed at the Idaho National Laboratory, the LITR - also known as Building 3005 - operated from 1951 to 1968. As well as being used for training purposes, experiments at the reactor established the feasibility of water-cooled reactors and the LITR was one of the design prototypes for commercial nuclear power plants, according to information from ORNL.


LITR operated from 1951-1968 (Image: ORNL)

The blue glow that was first photographed at LITR is Cherenkov radiation, observed when electrically charged particles - electrons and protons - are moving at speeds faster than that of light in a specific medium. It is named after the 1958 Physics Nobel Prize laureate, Pavel Cherenkov. "The photograph on the cover is the first to reveal the interior of an operating atomic pile. Of special interest to the physicist is the blue glow that surrounds the chain-reacting fuel elements...", Scientific American wrote of the article 'Radiation from a Reactor' by WH Jordan in the October 1951 edition of the magazine.

Demolition of the "highly deteriorated and contaminated" facility by the end of this year has been identified as a 2023 priority for the US Department of Energy Office of Environmental Management (EM).

The Oak Ridge Office of Environmental Management and its cleanup contractor, UCOR, began tearing down the facility in late March, after nearly five years of planning and deactivation work. The unique conditions associated with the facility - including structural concerns such as slab floor structures that were not adequately supported, and original facility drawings with insufficient information to support work planning - have posed additional challenges and complications. Workers used high-tech equipment to detect previously undocumented radiological material in some areas of the facility to enable characterisation work that could not be supported from the original drawings.


LITR: Demolition is to be completed by the end of this year (Image: EM)

Workers are now taking down ancillary facilities, with the goal of demolishing all structures surrounding the reactor, removing and sampling additional shield blocks to support waste disposal, and tearing down and packaging the reactor for transport and disposal.

Demolition of LITR follows the recent demolition of the adjacent Bulk Shielding Reactor, which was the first removal of a former reactor from ORNL's central campus area.

"Though the Low Intensity Testing Reactor is not one of the largest reactor sites, it played a critical role in training," EM said.

Researched and written by World Nuclear News

IAEA sees progress in safety-related aspects of Fukushima water release plan

06 April 2023


An International Atomic Energy Agency (IAEA) task force reviewing the safety of Japan's plan to discharge treated water from the damaged Fukushima Daiichi nuclear power plant into the sea has released its fourth report. The report compiles the findings from the task force's second safety review mission to Japan, held in November 2022.

The IAEA task force inspected tanks of treated water at the Fukushima Daiichi site in November (Image: Tepco)

At the Fukushima Daiichi site, contaminated water - in part used to cool melted nuclear fuel - is treated by the ALPS system, which removes most of the radioactive contamination, with the exception of tritium. This treated water is currently stored in about 1000 tanks on site. The total tank storage capacity amounts to about 1.37 million cubic metres and all the tanks are expected to reach full capacity in mid to late 2023.

Japan announced in April 2021 it planned to discharge treated water stored at the Fukushima Daiichi plant into the sea over a period of about 30 years, and asked the IAEA to review its plans against IAEA safety standards.

The task force conducted a mission on 14-18 November last year, during which it met with plant owner Tokyo Electric Power Company (Tepco) and Japan's Ministry of Economy, Trade and Industry (METI) in Tokyo. It also visited the Fukushima Daiichi plant to review the progress made in the design and construction of equipment and facilities for the discharge, including the tunnel that is being built to transport the treated water one kilometre out to sea.

Its latest report assesses Tepco's technical responsibilities, including the safety-related aspects of the systems built to discharge the ALPS treated water, the radiological environmental impact assessment, source and environmental monitoring programmes, and occupational radiation protection.

The report says Tepco has taken account of the issues raised during the previous technical mission in February 2022 and has made significant progress to update its plans in accordance with feedback from the task force. It says any additional revisions made since the November 2022 mission will be assessed as part of the ongoing safety review after they are finalised and also approved by Japan's Nuclear Regulation Authority.

The task force said it would need to finalise the full safety review of the planned water discharge - encompassing technical, regulatory, and independent sampling and analysis aspects - before concluding whether Tepco had addressed the fundamental safety principles.

"The task force was satisfied that our observations were considered and reflected in revisions to key documents such as the Radiological Environmental Impact Assessment," said Gustavo Caruso, Director and Coordinator for the ALPS Safety Review, IAEA Department of Nuclear Safety and Security and chair of the task force.

The task force's safety review continues. Two more reports will be released - on regulatory and independent sampling and analysis aspects - before a comprehensive report detailing the collected findings and conclusions of the task force across all aspects of the review is issued later this year.

"No further missions to Tepco and METI are needed prior to the issuance of the IAEA's comprehensive report," the report noted. "Remaining clarification or follow up will be handled through electronic communication".

In response to the latest report, Tepco said it "will continue to make absolutely sure that it guarantees safety when handling ALPS treated water by subjecting its initiatives to IAEA reviews that compare them to international safety standards, while providing information to parties both in Japan and overseas in a highly transparent manner".

Researched and written by World Nuclear News

Former Air Canada CEO sees 'glass half full' for Canada’s economy

Air Canada’s former top executive says he’s optimistic about the economy’s resiliency despite current headwinds, but he thinks governments should correspond more closely with businesses to plan for the future.

“I really believe that the glass is half full,” Calin Rovinescu, now a board member at Scotiabank and BCE Inc., said in a Wednesday television interview with BNN Bloomberg.

“Short term, we're going to have some pain, but long term, I think this continues to grow, and certainly North America, the United States, Canada, are well positioned for that, so I'm optimistic.”

Rovinescu, who left his role as Air Canada CEO in 2021 after leading the company through the early days of the pandemic, said he’s predicting a mild recession in 2023, amid challenges like high interest rates and inflation. But he explained that he maintains his optimistic outlook by considering the history of how businesses have rebounded and grown despite economic hardships over the last century.

Reflecting on his experience as a business leader through a pandemic, Rovinescu said he would like to see more dialogue between governments and businesses when it comes to policy responses to economic crises, because many businesses outlast democratically elected governments.


“The reality is, businesses are built for hundreds of years; governments are elected for four years, so there has to be a better planning out of the phases,” he said.

As for sectors he’s eyeing for their growth potential, Rovinescu said he’s interested in aerospace electrification, as well technology and software in the travel industry.

BCE is the parent company of BNN Bloomberg through its Bell Media division.


Geographic diversification insulates Manulife from volatility: CEO

As uncertainty regarding inflation and interest rates grips many of the world’s economies, Manulife president and Chief Executive Officer Roy Gori said his company is well-positioned due largely to geographic diversity.

The start of 2023 has been marked by volatility and uncertainty in markets, Gori said. As central banks around the world moved to raise interest rates to curb inflation, gross domestic product (GDP) growth will ultimately slow and lead to higher unemployment, he said. This uncertainty will persist until clarity emerges regarding “where inflation will land” and how high-interest rates will need to go, Gori said. 

“If I look at the current economic environment with uncertainty and the challenges associated with it, I think we're really well positioned as a company to navigate that,” he said. 

“Obviously, the geographic diversity of our franchise and the significant percentage of our business that is based in Asia helps us weather some of the challenges that we're seeing in North America with slower GDP growth.” 

In addition to geographic diversification, Gori said Manulife will benefit from efforts spanning the previous five years to make the business more resilient. He said part of this effort has been a focus on the company’s capital position as well as de-risking the business by reducing its sensitivity to equity markets. 


“I think if anything, what we've seen over the last three years is that the importance of what we do has intensified and therefore demand for our products and services has increased commensurate with,” said Gori.

TECHNOLOGY 

Another aspect that will help Manulife navigate the current environment is a focus on digitization within the organization to drive efficiency, Gori said. 

“We've invested a lot of money in that [technology]. In fact, over the last four or five years, we've invested more than a billion dollars, upgrading our capabilities and ultimately creating better experiences for customers,” he said.

Gori said the company benefits from advanced analytics and AI that can provide new ways to analyze data. He said that technology is changing Manulife’s industry, but historically the industry hasn’t done a “great job” embracing technology to connect with customers. 

However, he said Manulife will continue to invest in the technology space.

“But at the same time with these new technologies, it is really requiring us to create much greater security protocols so we're going to have confidence that information is secure and protected,” Gori said. 


'Deserved to go out of business': Ira Gluskin on the downfall of Gluskin Sheff

One of the founders of well-known wealth manager Gluskin Sheff says the firm “really deserved to go out of business.”

Last month, Gluskin Sheff owner Onex Corp. transferred the entire wealth management advisory division to Royal Bank of Canada.

Ira Gluskin, the corporate director and founder of Gluskin Sheff, said in an interview with BNN Bloomberg Thursday the transfer left him with mixed emotions. 

“Gluskin Sheff was worth a billion dollars… [around] 12 years ago, then Onex bought them for $400 [million] and change. Now it's worth zero,” Gluskin said. 

The firm “really deserved to go out of business,” he said. 

“We had, in the old days, high fees and high performance and periods when it wasn't so great. But then we'd come back. We had a very lot of very smart people.” 

However, key departures hurt the business, Gluskin said, which included Brad Dunkley, a former vice-president and portfolio manager at Gluskin Sheff + Associates Inc.

“Ultimately they left, they all left. Why did they leave? Because the culture was bad,” he said. 

Onex purchased Gluskin Sheff in a 2019 deal worth $445 million. According to Gluskin, the acquisition was not a good fit. 

“Onex had one agenda. They wanted Gluskin Sheff to be their distribution arm to the high-net-worth world. They wanted the Gluskin Sheff clients to buy Onex products. That's perfectly legitimate, but it's not why the people came to Gluskin Sheff in the first place,” he said. 

At the time of the acquisition, Onex Chairman and Chief Executive Officer Gerry Schwartz stated the deal was complementary for both firms and that it planned to maintain the existing management team and brand.

“They [Gluskin Sheff clients] came for public stocks and hedge funds and bonds. I don't think the performance of these private equity and credit funds was spectacular,” Gluskin said. 

Gluskin said he doesn’t think RBC’s wealth management arm will be a good fit either.

“The clients who came to Gluskin Sheff, they always knew about banks, [if] they wanted to go to a bank they would have gone to a bank. They like the idea of independence,” Gluskin said, adding that some clients will stay.

David Agnew, CEO of RBC Wealth Management Canada, said in March that Gluskin Sheff would bolster the firms "investment solutions."

Dave Kelly, the head of Gluskin Sheff, also commented at the time, saying investors: "will now have the opportunity to benefit from the full breadth of RBC WMC’s investment management and wealth planning capabilities while maintaining the Gluskin Sheff relationships they value."