Income Trusts

Remember them.



The October surprise after the election of the first Harper Minority government in 2006, andthe first big lie by the Harpercrite government. It closed down Income Trusts after having promised not to. By forcing them to change to corporations they initially harmed seniors who had invested in the Trusts for their dividend pay outs. So how come the Harpercrites can count on seniors for their vote?

And when Income Trusts dissolved, some into corporations, others bought out by hedge funds how did that help Canadian small businesses relying on them for their capital investment? Well it didn't help them.

Those Trusts that became corporations benefited from tax breaks, tax cuts and or course deferred taxes, which have contributed to the current Harper Deficit.

Ms. Lefebvre said that some companies have benefited from converting to corporate status because they can use other exemptions to offset entity taxes, which income trusts will soon have to pay.

“Although the rate might be roughly the same in theory, if you're a corporation, you have access to various ways to defer tax or shelter tax, none of which are available to an income trust.”

However, she added, smaller trusts are simply disappearing because they cannot continue to attract investors when they switch to corporate mode because they are no longer able to pay high-yield dividends.

“Many of those have been taken out of circulation by being bought out by private equity, or being bought out by pension funds,” she said, adding that the government wrongly assumed most funds would keep their status and begin paying entity tax.

“The biggest change for the Canadian economy is that small- and medium-sized companies will not have the access to capital that they would before.”

“[The income trust] was a creation of the Canadian economy,” she said. “It was particularly suited to an economy where small- and medium-sized companies had very difficult access to capital, where the capital market is small.”

The demise of the trusts began four years ago, on Halloweeen, 2006 when Finance Minister Jim Flaherty did a flip-flop on a Conservative campaign promise and announced that trusts would be taxed starting in 2011.

Investors were shocked and angry. Many dumped their trust holdings in the big market sell-off that followed the announcement. To this day, a few diehards continue to fight a rear-guard action in the hope that the government might have a last-minute change of heart. It won’t.

The disappearance of the trusts couldn’t have come at a worse time for income-oriented investors. With interest rates near historic lows, traditional safe haven securities like GICs and government bonds are offering pitifully low returns. As of the time of writing, five-year federal government bonds were yielding only 2.22 per cent. Five-year non-redeemable GICs from major institutions like Royal Bank were even lower, at 2.1 per cent (posted rate). That means anyone investing in these securities isn’t even keeping up with inflation, which was running at an annualized rate of 2.4 per centin October according to Statistics Canada.

The Conservatives propose new rules for income trusts

Following announcements by telecommunications giants Telus and Bell Canada Enterprises of their intentions to convert to income trusts, on October 31, 2006, Finance Minister Jim Flaherty proposed new rules that will effectively end the tax benefits of the income trust structure for most trusts. Brent Fullard of the Canadian Association of Income Trust Investors points out that at the time of the announcement Telus and Bell Canada Enterprises did not pay any corporate taxes nor would they for several years. According to his analysis, had Bell Canada Enterprises converted to a trust it would have paid $2.6 to 3.17 billion in the next four years versus no taxes as a corporation.

Subsequent to the October 31 announcement by Flaherty, the TSX Capped Energy Trust Index lost 21.8% in market value and the TSX Capped Income Trust Index^[22] lost 17.6% in market value by mid November 2006. In contrast, the TSX Capped REIT Index,^[23] which is exempt from the 'Tax Fairness Plan', gained 3.2% in market value. According to the Canadian Association of Income Funds, this translates into a permanent loss in savings of $30 billion to Canadian income trust investors.^[24]

In the month following the tax announcement, the unit price for all 250 income trusts and REITs on the TSX dropped by a median of almost 13% according to the iTrust Report published by TrustInvestor.com and its iTrust Index. Studies by Leslie Hayman, publisher of the Report, indicated that the tax news at the end of 2006 was the second most significant volatility event in the market following only the suspension of advance tax rulings by the Minister of Finance, Ralph Goodale in 2005.

Income trusts, other than real estate income trusts, and mutual fund investment trusts, that are formed after that date will be taxed in the same way as corporations:

• income flowed out to investors will be subject to a new 34% tax as of 2007 (which falls to 31.5% in 2011),^[25] which approximates the average corporate income tax paid by corporations—this is equivalent to the current prohibition against deducting dividends paid to investors in determining corporate taxable income; and
• income flowed out to investors will be eligible for the dividend tax credit to provide equivalent treatment to dividends paid by corporations.

Income trusts formed on or before that date will not be subject to the new rules until 2011 to allow a period of transition. Real estate income trusts will not be subject to the new rules on real estate income derived in Canada (the non-Canadian real estate operations of existing REITs will be subject to the same taxation as business trusts). The new rules were completely contrary to the Conservative Party's election promise to avoid taxing income trusts.

Flaherty proposes to reduce the federal corporate income tax rate from 19% to 18.5% in 2011. The 34% tax on distributions will be split between the federal and provincial governments—the federal government will consult with the provincial governments on an appropriate mechanism for allocating 13 percentage points of the new tax between the provincial governments.

Flaherty also proposed a $1000 increase to the amount on which the tax credit for those over 65 (the "age amount") is based, and new rules to allow senior couples to split pension income in order to reduce the income tax they pay. Although these proposals were said to be designed to mitigate the impact on seniors of the new income trust rules, there have been widespread calls for such changes in previous years.

Legislative amendments to implement these proposals must be passed by the Parliament of Canada and receive Royal Assent before they become law. The legislation to implement these proposals was included in the 2007 federal budget, which was presented to Parliament by Jim Flaherty on March 19, 2007.

Pinocchio Conservatives

Remember last election when the Harpocrites said they wouldn't tax Income Trusts? Well this election they said they wouldn't run a deficit. Yep their noses are growing again.....Canada finance minister won't rule out budget deficit



SEE:
Deja Vu

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Income Trusts; Predatory Capitalism

Predatory capitalism comes to the oil patch through this Income Trust merger. Another consequence of the Harpocrites Halloween surprise last year. And clearly farmer Ed's Royalty compromise has not impacted these guys.

Merger creates oil patch giant
Canada's newest energy powerhouse, forged yesterday by the proposed merger of Penn West Energy Trust and Canetic Resources Trust, is poised to challenge the oil patch's biggest players as it seeks even more aggressive expansion through acquisitions and new projects.

The new entity will be comfortably the country's largest oil and gas trust, with market value of around $15-billion and production of more than 200,000 barrels of oil equivalent a day. It will have the size to compete with some of the oil patch's biggest names, said executives of both companies.

The new company will not only be a leader in Canadian conventional light oil production, but its larger size will make it easier to access debt markets to fund significant developments in unconventional gas, enhanced oil recovery and even Alberta's oil sands, a region in which major projects have been the preserve of only the largest and most well-financed firms.

In addition, the company - which will operate under the Penn West banner for now, but may be rebranded in the future - is now buttressed against any potential foreign takeover and positioned to expand aggressively by taking over other trusts in Canada as well as assets in the U.S., said Penn West chief executive officer Bill Andrew. Last year's federal decision to make income trusts pay corporate tax from 2011 is perceived as having left such firms as more susceptible to domestic or foreign buyouts.

The friendly $3.6-billion cash and paper deal, which came together in a series of confidential meetings held in motels outside of Calgary over a three-week period, was facilitated in part by Calgary-based lawyer John Brussa, one of the original architects of Canada's income tax structure.

Income Trusts generate vast pools of capital which they can use to buy up other companies while retaining their ability to pay out dividends to coupon cutters.Income Trusts began in the oil patch in Alberta before becoming popular across Canada.

They are a product of the Alberta stock exchange lack of regulation and the Klein governments deregulation revolution. They avoid paying taxes thus allowing for higher returns to investors. They are a tax avoidance scheme for owners. And they still will generate value for their owners despite Flaherty's tax scheme which only comes into effect in 2011.

That will impact the coupon cutters far more than the companies real owners, the Class A shareholders and company investment managers. And by then the majority of Flaherty's corporate tax cuts will be in place enabling this trust to transform itself into a corporation again if it is a fiscal advantage.

In practical life we find not only competition, monopoly and the antagonism between them, but also the synthesis of the two, which is not a formula, but a movement. Monopoly produces competition, competition produces monopoly. Monopolists are made from competition; competitors become monopolists. If the monopolists restrict their mutual competition by means of partial associations, competition increases among the workers; and the more the mass of the proletarians grows as against the monopolists of one nation, the more desperate competition becomes between the monopolists of different nations. The synthesis is of such a character that monopoly can only maintain itself by continually entering into the struggle of competition.

Karl Marx
The Poverty of Philosophy
Chapter Two: The Metaphysics of Political Economy

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Conservatives Hollow Out Canada

More so called 'unintended consequences' of Harpers Income Trust flip flop and Ralph Klein's Electrical deregulation. And if you believe this was unintended then I have a bridge in Brooklyn I can sell you.

Hong Kong billionaire Li Ka-shing, Asia's richest man, is targeting further growth in Canada's energy sector as a company he controls has snapped up Calgary-based TransAlta Power LP for $629-million and could buy more of the country's beleaguered income trusts. TransAlta Power, one of Canada's larger power trusts, had put itself up for sale in May, claiming that the federal government's decision to tax income trusts like regular companies meant its business model was no longer the best way to serve unitholders. It is majority owned by Calgary-based private power producer TransAlta Corp.

People familiar with the deal said Mr. Li, who already controls approximately 71 per cent of Calgary-based Husky Energy Inc., is using his cash-rich position to take advantage of current uncertainty in the trust sector, with the TransAlta acquisition allowing CKI to become a meaningful Canadian electricity player without yet having to become an operator.

CKI has some $1.1-billion of cash still to spend. Potential acquisition targets in Canada could include power generation trust subsidies owned by other infrastructure companies, such as Enbridge Inc., which will likely be sold or restructured as traditional common stock companies by 2011.

Mr. Li's increasing interest follows recent acquisitions in Canada's energy sector by another unlikely overseas player, Abu Dhabi National Energy Co., known as Taqa, which has targeted $7.5-billion on acquisitions in Alberta in just six months.

TansAlta Power pushed for deregulation and played the Income Trust game. It also has the right to sell power south of the border in a blended mix with American electrical utilities. One of the only Canadian utilities to have such an arrangement. Thus it's generation of electricity is for sale to the highest bidder.

Jim Dinning the man who would be Ralph was on the board of TransAlta. While 'private' it was created under the Social Credit government and its board has always been open to the parking of former government cabinet ministers.

Today the Transalta board is a whose who of Canadian and American business interests. It and Enbridge both have influential former U.S. ambassadors to Canada on their boards.

Enbridge is another private energy company that was also a Trust when Flaherty announced his Halloween Surprise last year.

Interprovincial Pipe Line (IPL), which became Enbridge Pipelines in 1998, was incorporated in 1949, shortly after Canada's first major oil discovery at Leduc, Alberta. The original pipeline was constructed to transport oil from Western Canada to refineries in the east.

Although Interprovincial had long been publicly traded, for most of its life the company was primarily owned by a handful of producers who shipped their products on the system. Then in 1983, Hiram Walker Resources took a major position in Interprovincial, through a share swap. That led to a string of events that included the acquisition of Home Oil in 1986, the creation of Interhome Energy, and control by Olympia & York. In 1992, Olympia & York sold its majority interest into the general marketplace, and Interprovincial became a widely held company. That was really the beginning of the Enbridge of today.

But Enbridge now is also owner and operator of Canada's largest natural gas distribution system, and is building a new gas distribution system for the province of New Brunswick. Enbridge participates in gas transmission through the Alliance and Vector gas pipelines. It is involved in the gas midstream business, liquids feeder pipelines, electrical power distribution, retail energy services, energy marketing, fuel cells, and has a growing involvement internationally with investments such as the OCENSA crude oil pipeline in Colombia.

Ah yes Colombia, home of death squads for trade unionists, and now has been given Harpers favorite nation trading status.

Bush: Free Trade Benefits US Workers

Some in Congress have expressed concern over violence in Colombia, particularly attacks on trade unionists. President Uribe takes these concerns seriously, and he has responded decisively. He's established an independent prosecutors unit to investigate and punish homicides against labor unionists. He's allowed the International Labor Organization to station a permanent representative in Bogota. He's worked to offer young Colombians better alternatives to a life of violence and drugs -- including the new jobs and economic opportunities that would come from a trade agreement with the United States.

Colombia's record is not perfect, but the country is clearly headed in the right direction -- and is asking for our help. Both houses of the Colombian legislature have expressed overwhelming support for the trade agreement with the United States. And now they're waiting to see if we will uphold our end of the deal. If Congress were to reject this committed ally, we would damage America's credibility in the region, and make other countries less willing to cooperate in the future. As Prime Minister Stephen Harper of Canada put it, "If the United States turns its back on its friends in Colombia, this will set back our cause far more than any Latin American dictator could hope to achieve." By its bold actions, Colombia has proved itself worthy of America's support -- and I urge Congress to pass this vital agreement as soon as possible

.

Like TransAlta, Enbridge's board has former members of the Alberta Government, including the former CEO of Telus, as well as those with connections to the U.S. Government and with Dubai and other middle eastern investors looking to expand into the energy and utility markets in Canada.

There’s a new way of pegging an energy company a takeover target: TAQA-over.
As everybody knows, or will, once it finishes spending billions in the Canadian oil patch, TAQA is an acronym for Abu Dhabi National Energy Co., which is buying PrimeWest Energy Trust for $5-billion, and still has some $13-billion left to spend.

RBC analyst Fai Lee is calling Enbridge Income Fund a TAQA-over candidate. Without actually connecting the dots between the Abu Dhabi outfit and Enbridge, he calls the fund a potential takeover candidate for a private or strategic investor, given its attractive asset portfolio.

J. LORNE BRAITHWAITE

(Age 65) Malahide, County Dublin, Ireland

Mr. Braithwaite joined the Board in 1989 and is a member of the Corporate Social Responsibility Committee and the Human Resources & Compensation Committee.

Mr. Braithwaite was President and Chief Executive Officer of Cambridge Shopping Centres Limited (developer and manager of retail shopping malls in Canada) from 1978 to 2001. As of January 2006, Mr.Braithwaite joined the largest shopping mall company in the Middle East, as the Chairman of MAF Shopping Centres, LLC, Dubai, United Arab Emirates. He is a Director of Enbridge Gas Distribution Inc. (public utilities company that is an indirect, wholly-owned subsidiary of the Corporation), Jannock Properties Limited (public real estate company), Bata Shoe Corporation (private international shoe retailing company) and Canada Post Pension Plan Investment Advisory Committee. Mr. Braithwaite is also a Trustee of Enbridge Commercial Trust (trust and a subsidiary of Enbridge Income Fund which is managed by a subsidiary of the Corporation).

Mr. Braithwaite owns 33,751 Enbridge Shares and 7,637 Deferred Stock Units.

Like many of Alberta's energy companies there are overlaps between the board members.

Enbridge CEO Patrick Daniel also sits as the director on Encana, Conservative bag man Gwyn Morgans old company, which was another energy company that was about to become a trust when Flaherty made his ill fated announcement, and sits on Enerflex an oil field services and supply company.

Just as there are overlaps between Enbridge Trust board members and Telus.

The hollowing out of Canadian business is not a aberration, it is not accidental, it is the result of Canada's energy businesses situated in Alberta being open for business. The boards are made up of movers and shakers from the U.S. and Canada energy businesses, who are willing to sell off portions of their companies to foreign investors, by using the Income Trusts, which are unregulated.

Like energy deregulation, it was never about creating value for Albertans or Canadians but about creating value for foreign and American investors at our expense.

And since these guys are the movers and shakers in Alberta's energy sector they are also the same guys crying the blues about royalty increases. Not because it would hurt their bottom line but that it might not make their companies so attractive to foreign investment buy outs. But of course that too is a lot of Chicken Little nonsense as this recent buy out of TransAlta shows.

Alberta and Canada are open for business, come buy us out.

With globalization, however, hollowing out has become a political issue for most industrialized nations. The difference this time is that no single nation is the principal acquisitor, nor is any one country the sitting duck. The hunter and the hunted have become interchangeable. Companies in China, Brazil, Saudi Arabia, Sweden and Switzerland are on the prowl. And the prey may be in Germany, Italy, Britain, Australia, the U.S. and, yes, even Canada.

In the first eight months of this year, foreigners gobbled up Canadian companies worth an astounding $90 billion. Canadian companies such as Inco, Dofasco and Alcan that formed part of the industrial backbone of the Canadian economy are Canadian no more.

This "hollowing out" of corporate Canada worries many Canadians, including top business leaders. For example, Caldwell Securities, a major investment firm, has run full-page newspaper ads on "The Sellout of Corporate Canada." It called the loss of head offices and industrial leadership "one of the great corporate tragedies of our time."

Despite these warnings, Prime Minister Stephen Harper has left no doubt that he considers the sellout to be of little importance.

After months of rising pressure to do something about the supposed threat that foreigners will buy up too many Canadian companies, the federal government this week responded in almost exactly the right way: with a policy of tough-talking inaction.

Canada is not drifting towards protectionism despite a government promise to look into the country's foreign investment rules, according to Jim Flaherty, finance minister.

"We cannot turn our backs on what's happening in global trade nor would we want to," Mr Flaherty told the Financial Times. "You are not going to see a protectionist Canada."

Four out of five of Canada's leading CEOs think Ottawa should impose new restrictions on takeovers by foreign state-owned firms and seven out of 10 favour reviewing acquisitions by outsiders for national security concerns.

These survey results of Canadian Council of Chief Executives (CCCE) members are being released today as part of an effort by the 150-CEO group to address public fears about a "hollowing out" of Corporate Canada's head offices.

"The world is awash in capital despite the current credit squeeze and some of the biggest players wandering around snapping up companies have very deep pockets and happen to be state-owned players," said Thomas d'Aquino, president of the CCCE.

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Purdy Crawford Rescues the Market

The capitalist state rides to the rescue with a corporate governance model for the credit market in Canada. Don't here no crying about market interference by the state. Nope. Can't over all the applause from the vested interests.

Another nail in the coffin of the myth of the free market. It's a market and it ain't free, it's controlled by them in power. Despite all their monetarist ideology when the crisis hits they run to their nanny state.

It began in August when Quebec based National Bank, not the Central Bank, bought back its loans and shored up its Mutual Fund Altamira. Because investors, consumers, you and me, are ignorant of the market risk of some their investments.

National Bank's news release on behalf of Altamira funds may have been most educational from the investor's perspective. The bank noted that Altamira money market funds offer no assurances they can maintain their net asset value and protect against losses. It also pointed out that money market funds are not insured by Canada Deposit Insurance Corp., as are high-interest savings accounts and guaranteed investment certificates.

In shoring up the money market franchise for the mutual fund industry, National Bank has also highlighted the fact that these funds are not risk-free. This brings us back to high-interest accounts, a corner of the financial marketplace where there happens to be some stiff competition these days. The rates are higher than money market funds, fees are non-existent and federal or provincial deposit insurance offers a safety net. What a deal.

It was followed this week by the Bank of Canada joining with the private/public investment and banking sector to develop a bail out plan for institutions.

And when they say they are protecting investors ferget about it. They are protecting their investment. They are speaking of commercial investors like our pention funds and private equity as well as mutual funds.

After all the Ruling Class takes care of its own, and their investments.

A plan to rescue about $35-billion of illiquid asset-backed commercial paper moved a step forward yesterday as holders of the debt formed a committee to oversee how the proposed restructuring would happen.

And, in another sign that Canadian money markets may be inching towards stability, the Bank of Canada yesterday announced it was restoring standard collateral conditions for providing liquidity to financial institutions on an overnight basis. "While money markets continue to experience difficulties, there has been significant progress in the functioning of the overnight market," the bank said in a statement.

During the height of the recent stock-market turmoil in mid-August, the bank widened the kinds of collateral it would accept against lending to include such instruments as provincial securities and commercial paper, as well as the standard government of Canada paper.

Meanwhile, the committee overseeing the commercial paper rescue plan will be chaired by Osler, Hoskin & Harcourt lawyer Purdy Crawford and will include representatives of Canaccord Capital Corp., Canada Post, National Bank Financial and the Caisse de depot et placement du Quebec.

"Our investor committee will be looking to implement a solution that addresses the best interests of investors generally, and at the same time allows for a successful restructuring and a return to market stability for these investments," Mr. Crawford said in a statement.

Under the so-called "Montreal Proposal" troubled asset-backed commercial paper (ABCP) would be converted into longer-term debt with maturities stretching out in some cases several years into the future as a way to improve chances that investors will get their money back. Details of how the conversion will happen will likely be sorted out by this new committee.

Canadian investors stuck with illiquid asset-backed commercial paper should hang on to their investments while an investor committee attempts to find a solution that will get their money back, said the head of a committee overseeing a rescue plan.

``Hopefully if everybody stays cool and somebody doesn't start pulling plugs, this thing will work out without them having any losses,'' Purdy Crawford, who was named yesterday to lead the committee, said in a telephone interview today. ``If everybody stays cool, that's the key.''

A Pan Canadian Committee Chaired by Mr. Purdy Crawford has been formed today to oversee the proposed structuring process of the Third Party ABCP. This Committee, which includes investors who were signatories to the Montreal Proposal plus other significant holders, brings a broad cross section of investors with a national perspective, relevant experience and associations with each of private business, institutional investors, government agencies and crown corporations. Comprising this Investor Committee are now:

<< - Mr. John Crichton, President and Chief Executive Officer, NAV CANADA. - Mr. Alban D'Amours, President and Chief Executive Officer, Desjardins Group; - Mr. Gordon J. Fyfe, President and Chief Executive Officer, PSP Investments; - Mr. Doug Greaves, Vice President Pension Fund and Chief Investment Officer, Canada Post; - Mr. Rowland Kelly, Interim CEO, Credit Union Central of British Columbia, representing Credit Union Central of Canada; - Ms. Karen Kinsley, President and Chief Executive Officer, Canada Mortgage and Housing Corporation; - Mr. Mark Maybank, President & Chief Operating Officer, Canaccord Capital Corporation (Canadian Operating Subsidiary); - Mr. Dave Mowat, President and Chief Executive Officer, ATB Financial; - Mr. Ricardo Pascoe, Co-President and Co-Chief Executive Officer, National Bank Financial Group; - Mr. David G. Patterson, Chair and Chief Executive Officer, Northwater Capital Management; - Mr. Henri-Paul Rousseau, President and Chief Executive Officer, Caisse de dépôt et placement du Québec; - Mr. Jim Scopick, President and Chief Executive Officer, Credit Union

And Purdy Crawford is a player. After all he founded the Atlantic Institute for Market Studies (AIMS), which is the East coast clone of the right wing think tank the Fraser Institute.

Purdy is an excellent example of the modern member of the capitalist ruling class. They secure their positions of power through interlocking boards of directorships. He adapted his corporations during the mean and lean eighties and then in the booming nineties to create large cap companies capable of predatory take overs or become subject of take overs themselves. He adapted corporations into a new tax shelter; Income Trusts.

He recognized the current condition of capitalism; mergers and acquisitions in the age of modern financial globalization. This resulted in large scale accumulation in a single company, selling off parts of itself to global flows of capital.

It resulted in the selling off of Canadian companies to foreign investors in order to mass enough capital to take over someone else, or be gobbled up in the process if your gamble fails as was the case with Inco ,which Purdy was a director of .

And as he did with Imperial Tobacco severing it from Imasco. Which was finally bought out by its parent, the notorious cigarette smuggling BAT.

As a spokesperson for big tobacco he defended targeted marketing at youth. This qualifies him to speak on; Ethics, Values and Business Success - Purdy Crawford (May 11, 2006)

As a securities adviser he promotes his ideal of market consolidation with a single Securities commission in Canada. In a way this melt down in the market has proven his point and in rescuing the paper market will lessen the objections to it by provincial mandarins.

Does it all really matter as far as small investors are concerned? My hunch is, not very much. Of course we would all welcome a lean, mean federal commission spearheaded by a home-grown Eliot Spitzer to keep Bay Street in line. However, that is far from what Mr. Crawford and some of the other reformers have in mind. Their blueprint calls for another bureaucratic restructuring rather than a caped crusader.

Take a look at the Crawford Panel’s proposals. We are to have a new agency composed of 13 provincial and federal representatives, each having a single, equal vote, which would approve all the rules and select the regulators. In other words, the existing 13 commissions would be gathered under one roof and given equal power. The mind boggles. Can you imagine Ontario, Quebec, and Alberta all being consistently on the short end of 7 to 6 votes?

Our Global Capital Markets Plan has four key building blocks.

• First of all, enhancing regulatory efficiency by creating a common securities regulator that is principles-based, proportionate and tailored to the unique makeup of Canada’s capital markets.

• Secondly, strengthening market integrity by enhancing investor protection, pursuing the highest standards of governance and enforcing our laws more vigorously.

• Thirdly, by creating greater opportunity for business and investors by pursuing free trade in securities with the United States and other Group of Seven (G7) countries. And I’ll come back to that in a moment about where that is at in terms of our discussions internationally.

• And fourth, improving investor information by promoting financial literacy, particularly for young Canadians, by developing new financial education materials.

So these four building blocks make up the foundation of our Capital Markets Plan. None are mutually exclusive. They all support one another, and I would like to take the next few minutes to focus on one building block in particular, and that is strengthening market integrity, which begins with enforcement.

With Purdy's connections to Montreal the city and the exchange, as well as having a home there and being on the Board of McGill. Gee where do you think they would put a national Securities commission.

Canadian Securities Commission,
Calgary, Alta (or Montréal, PQ?)

PORTRAIT OF A CAPITALIST

Purdy Crawford COUNSEL Toronto Office Email: pcrawford@osler.com Tel: (416) 862-5869 Year of Call Fax: (416) 862-666 Ontario 1958 Nova Scotia 1

Purdy is a native of Five Islands, Nova Scotia, and a graduate of Mount Allison University, Dalhousie Law School and Harvard Law School. He pursued his legal career with Osler, Hoskin & Harcourt LLP, practising primarily in the corporate/commercial area. He left Osler to join Imasco as C.E.O. in 1985 - retiring as C.E.O. in 1995 but continuing as non-executive Chairman of Imasco Limited, CT Financial Services Inc. and Canada Trustco Mortgage Company until February 1, 2000.

Purdy rejoined Osler as Counsel in March 2000. He sits on the boards of several large Canadian and U.S. public companies. Purdy is Chair of the Five-Year Review Committee, appointed to review securities legislation in Ontario, and former Chair of the Securities Industry Committee on Analyst Standards. In 1996 he became an Officer of the Order of Canada. He was inducted into the Business Hall of Fame of Nova Scotia in 1997 and became a Fellow of the Institute of Corporate Directors in 1999. In 2000 he was inducted into the Canadian Business Hall of Fame and named Ivey Business Leader of the Year. He is Chancellor Emeritus of Mount Allison University.

He was the Chairman of the Atlantic Institute for Market Studies (AIMS), Chancellor of Mount Allison University, and Chairman of AT&T Canada Corporation. He was a corporate director for SEAMARK Asset Management Ltd. and is currently a member of the board of the Canadian National Railway Company. He is a Governor of the University of Waterloo.

Timeline: Purdy Crawford

Toronto
Born Nov. 7, 1931, in Five Islands, Nova Scotia
Allstream chair, corporate governance advocate

1958: Starts practising at law firm Osler, Hoskin & Harcourt; specializes in corporate-commercial area. Becomes senior partner in 1970.

1985: Joins tobacco giant Imasco Ltd. as president and COO. Is named CEO in 1986. Transforms it into a diversified holding company.

1995: Retires as Imasco CEO, but continues as non-executive chair until February 2000, when Imasco is bought by British American Tobacco.

G7 Summit, Halifax, Purdy Crawford, co-chairman of the summit sponsorship committee.

1999: Joins AT&T Canada as a director. Becomes chairman a year later. Oversees its transformation into debt-free Allstream.

2000: Rejoins Oslers as counsel. Chairs Ontario minister of finance's five year review committee, which examines securities regulations.

He is chairman of the Ontario Government's Crawford Panel on a Single Canadian Securities Regulator.

Director MTS/Allstream

Purdy Crawford Named Conference Board's 2003 Honorary Associate

The CPP Investment Board has hired Toronto lawyer Purdy Crawford as an external adviser on conflicts of interest and ethical conduct, providing a new contact for whistleblowers.

John MacNaughton, chief executive officer of the CPP Investment Board, said yesterday no other federal Crown Corporation has created a similar position with an outside, independent person in the job.

The CPP Investment Board was formed in 1997 to manage the assets of the Canada Pension Plan.

It is currently responsible for overseeing $31-billion in equity, real estate and infrastructure assets, and will also assume control of a further $35-billion in bonds and cash investments over the next few years.

Clearwater Seafoods Income Fund, the Board of Directors of CS ManPar Inc. (the managing partner of Clearwater Seafoods Limited Partnership),

CRAWFORD, Purdy, O.C., Q.C., B.A., LL.B., LL.M.; b. Five Islands, N.S. 1931; e. Mt. Allison Univ. B.A. 1952; Dalhousie Univ. LL.B. 1955; Harvard Law Sch. LL.M. 1956;

Member of the Board of AT&T Canada
Member of the Board of Avenor
Member of the Board of Camco Inc.
Member of the Board of Canada Trustco Mortgage Company
Member of the Board of Canadian National Railway
Member of the Board of CT Financial Services Inc.
Member of the Board of Dominion Textile Inc.
Member of the Board of Foot Locker
Member of the Board of Imasco Limited (as Chairman, 1985-2000)
Member of the Board of Inco Limited
Member of the Board of Maple Leaf Foods (1973-)
Member of the Board of Nova Scotia Power
Member of the Board of Petro-Canada
Member of the Board of Trinova Corporation
Member of the Board of Woolworth (-1997)

Governor Emeritus, McGill Univ.; Chancellor, Mount Allison Univ.; called to Bar of N.S. 1956, of Ont. 1958; student with Osler Hoskin & Harcourt 1956, Assoc. Lawyer 1958, Partner 1962, Sr. Partner 1970-85; cr. Q.C. 1968; Special Lectr. Osgoode Hall Law Sch. 1964-68, Univ. of Toronto Law Sch. 1969-71, Bar Admission Course 1969-72;

Co.-Secy. Atty. Gen.'s Comte. on Securities Leg. 1964-65; Chrmn. Ont. Taxation Sub-sec., Cdn. Bar Assn. 1966-68; Treas. Nat. Taxation Sec. 1968-70; Past mem. various comtes. on taxation and of Bd. Govs. Cdn. Tax Foundation 1970-72; Cdn. Inst. of Ch. Accts. Special Comm. to Examine Role of Auditor 1977-78; Accounting Rsch. Adv. Bd. 1977-79;

Chrmn. & C.E.O., Imasco Ltd. 1985-95;

Officer, Order of Canada 1996;

United Church;

recreations: bicycling, golf, skiing;

Canada's National Ballet School, Honorary Circle Members

Shannon School of Business

The National Centre for Business Law UBC

Canada's Outstanding CEO of the Year™ Advisory Board

Canadian Institute of Chartered Accountants Advisory Board

Board Member; Dalhousie University, McGill, University of Western Ontario, UPEI.

Clubs: Mount Bruno Golf; Parrsboro Golf (N.S.); Mount Royal; Forest & Stream; Granite; Toronto; Devil's Pulpit Golf & Country; York Downs Golf & Country; Caledon Ski; The Club Pelican Bay (Florida);

Homes: Five Islands, N.S. (summer) Belfountain, Ont., Toronto, Ont. and Westmount, Que.;

Office: Toronto, Ont.

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I want to thank Purdy Crawford for his introduction. Purdy is truly a great Canadian. I speak for a whole generation of leaders in many different spheres across Canada – who would say that Purdy Crawford made a difference in their lives. If you had to choose one role model, Purdy Crawford would be, for many of us, our first choice.

Ed Clark, President & CEO, TD Bank Financial Group
Remarks at the 2007 Mount Allison University Convocation.

Of course for workers, Purdy is less of a role model, as he sits on the board of CN. No doubt in part it was thanks to his government connections that helped push the Federal Government to legislate away CN workers right to strike this spring.
So explain to the CN workers about how E. Hunter Harrison's compensation made off their backs, is judged 'equitable'.

65 Means Freedom to Start a Whole New Career - March 15, 2006

Then there's Purdy Crawford. At 74, he serves on several corporate boards and is currently heading the initiative aimed at creating a single national securities regulator.

"I guess I'll slowly retire as I feel less energetic, but retirement is not the way I think about it," says Mr. Crawford, the former chief executive officer of Imasco Ltd.

Canadian workers should prepare to work beyond 65 while Purdy and pals use their pension funds for capital investment and promote extending the age of retirement.

Indeed, on a superficial level the notion of "holding corporations accountable" must seem rather appealing to a relatively broad cross-section of society, including many social and community advocates who have jumped on the corporate governance bandwagon. The language of "social responsibility" is often invoked in discussions of governance reform. Those calling for tighter control over corporate managers are often called "activists." But to whom are they asking that corporate managers be held accountable? And on what criteria? These are important questions not always addressed by those, including those on the left, beating the drum for new governance standards.

While discussing the high falutin ideals of directors control over the corporation, and its impact on CEO compensation he leaves out the need for more civil society representation on the board, from union elected directors to environmentalists, consumer adovcates, non-lawyers, etc.

Early on, the boards I was on were public boards of companies I was the lawyer for. That's a no-no today, and properly so. Boards then, depending on the circumstances, were quite the creation of the CEO. You still get quite a bit of that in the US, but here that shouldn't happen very much anymore. At least it doesn't happen where I'm involved.

Over the last eight or nine years, boards have taken much more control of companies, and CEOs are much more beholden to boards.

When I joined Imasco, I thought I'd been around so I didn't have a lot to learn. That was true of a lot of areas, but it wasn't true of operations. It was an exciting learning curve to understand how Shoppers Drug Mart operates and start adding value.

The same was true with Imperial Tobacco. I became a great believer in great operators. Business schools pay a lot of attention to strategy, but they don't pay enough attention to execution.

I went in at Imasco to become the CEO. I wouldn't have gone to become a lawyer. I might have done that today, by the way--the legal general counsel office reporting to the CEO has become much more significant. The remuneration is comparable to a fairly outstanding lawyer in a law firm. There are no pension plans with a law firm.

"The importance of good governance for confidence in Canadian capital markets" by Purdy Crawford

In the wave of corporate scandals that followed the burst of the bubble on the stock market, confidence in the business community has been badly shaken across North America. And in the subsequent wave of recriminations, business has been confronted with unprecedented scrutiny from government and regulators. Business leaders have been forced to ask about the nature, purpose and value of their enterprises beyond their bottom lines. Purdy Crawford, former chairman of Imasco and Canada Trust, was an advocate of corporate governance long before it became a flavour of the month. He looks beyond the recommendations of the Bennett- Broadbent Report and the Saucier Report in Canada, as well as the Higgs Report in the UK, and offers some simple rules for corporate governance, particularly for enhancing the independence of corporate chairs and directors.

BOARDS OF DIRECTORS - MONITORING FOR
ETHICAL STANDARDS
Purdy Crawford
Counsel to Osler, Hoskin & Harcourt LLP
Thursday October 21st, 2004
Purdy Crawford addressed the
October luncheon on the topic of
fiduciary governance. Mr. Crawford
used the Globe & Mail published
rankings of Boards of Directors
of companies that comprised
Canada’s benchmark S&P/TSX
composite index as the springboard
for his analysis on certain problems
in governance rating systems. He identified the inherent
weaknesses of this “tick the box” type approach to measuring
corporate governance and expressed his personal belief
that good long-term financial performance, or an outstanding
C.E.O., should rank higher than any ranking of the
Board of Directors. Mr. Crawford went on to talk of the
distinction between what he named fiduciary governance
(governance designed to police the integrity of the firm)
and value creating governance, and was of the view that
Canadian corporations have performed far better than those
in the US in terms of the former. Despite the current trend to
regulating fiduciary governance, Mr. Crawford expressed a
firm belief in the importance of sound leadership and
discussed the ethics and integrity program at Allstream
Corporation as an example of a solid and effective
approach. Mr. Crawford concluded his remarks by
emphasising that a culture of ethics and integrity is critical
to market credibility and maintaining confidence in the
leadership of the organization.

Then, in 2002, in the aftershock of Enron, and following investor demands to tighten up shoddy financial reporting practices, US Congress introduced the Sarbanes-Oxley Act and Canadian regulators later responded with their own set of rules. As John Carchrae, CA, chief accountant at the Ontario Securities Commission, explains, this brought greater prominence to the COSO and COCO frameworks which, although already in place, were not yet in widespread use. (For more details, see “Internal control in evolution” below.)

Purdy Crawford, who was president and CEO of Imasco Ltd. from 1986 to 1995 and a board member of several large public and private companies, is one of those who witnessed the changes in the internal auditor’s role first-hand. More than 10 years ago, he says, “the internal audit function in big companies tended to be sleepy. They were laid back, they were not a strong group.”

Eight or nine years ago things started to change, says Crawford, who is presently counsel at Osler, Hoskin & Harcourt LLP and is a member of the Canadian Business Hall of Fame. (He also sits on Manitoba Telecom Services Inc.’s board.) CEOs at the helm of corporate giants like General Electric began recruiting “swat teams” of talented internal auditors to be the eyes and ears of the company, uncovering weaknesses and helping management devise solutions to improve processes. “Today, SOX and proposed Canadian-equivalent requirements have certainly underlined the importance of the internal audit function,” he says. “One big role of internal auditing is to ... help external consultants or financial people to set up control mechanisms if they don’t exist or if they need to be strengthened.”

Not only are highly regarded lawyers such as Purdy Crawford, Q.C., and Jean Fraser, of Osler, Hoskin & Harcourt LLP, Garth Girvan at McCarthy Tétrault, and Les Viner at Torys reading about leadership these days, they are thinking about it, talking about it and taking action. Purdy Crawford, who has rejoined Oslers after most recently serving as Chairman of Canada Trust Financial Services and non-executive Chairman of Imasco, says even before he stopped practising law in 1985 to go to Imasco, he found the Harvard Business Review more interesting than the Harvard Law Review. Les Viner debates theories from the latest management literature. And James Riley at Ogilvy Renault extracts lessons in organizational growth, competition, and strategy from John Keegan’s The Face of Battle and other such military classics. They articulate such psycho-management terms as 360° feedback, EQ, and the importance of “vision”. What has the world come to?! These are supposed to be hardened, no-nonsense corporate lawyers.

“There is a revolution brewing,” exclaimed Tom Peters in 1989. That revolution, the Information/Technology Age, has since arrived and has far exceeded Peters’ predictions in terms of how massively and pervasively it would impact on the rules of economic wealth and growth, what competitive advantage is, and how people live and work. There is another revolution brewing today: in professional services. As global legal services converge and consolidate, as multidisciplinary practices enter the market, as corporate mergers escalate causing even more consolidation in the business client base, and more and more work is transacted cross-border, Canadian law firms find themselves in a difficult position. By all accounts, business is booming.

Of course not everyone is so enamored with Mr. Purdy's defense of corporate Canada when it comes to white collar crime.

---

ASC Chairman Bill Rice and Other Securities Regulators & Experts
Ignore Today's Canadian Press-Decima Poll

Add Alberta Securities Commission Chairman Bill Rice to the list of Canada's securities regulators and legal experts trying to convince us there are few high profile white collar crimes in Canada and that Canadians are less aggressive in the pursuit of law and order than Americans. Bill Rice, David Brown (former OSC Chairman and Current Chairman of the RCMP Restructuring Task Force) , David Wilson (current OSC Chairman) and Purdy Crawford (Bay Street securities lawyer and recognized architect of Canada's current securities enforcement system) are out of sync with the knowledge and standards set by Canadian society, as they are expressed in today's Toronto Star - Canadian Press report on the Canadian Press - Decima poll of Canadian attitudes towards the U.S. Conrad Black verdict and his expected jail sentencing.
"The survey of more than 1,000 Canadians found that only 8 per cent think the American jury was too severe in convicting Black on four of 11 charges earlier this month. Forty-eight per cent say the jury got it about right and 22 per cent said the verdict was not severe enough.
"Decima found that most respondents  69 per cent  would like Black to see jail time in addition to paying a fine. Just 10 per cent believed a fine is ample punishment. Some 29 per cent felt he should be sentenced to 10 years or more in prison, with another 40 per cent feeling that one to nine years would suffice."

Meanwhile, this is what Bill Rice, David Brown, David Wilson and Purdy Crawford have had to say about white collar crime in Canada:
"There's always room to improve, admits Alberta Securities Commission chairman Bill Rice. That includes changing the perception that Canada doesn't aggressively pursue rogue executives. Rice, a former securities lawyer, feels Canada too often is an easy target. Without a trial to match the visibility of Enron or WorldCom, regulators here come up short by comparison. The reality, he says, is that aggressive, U.S-style punitive action isn't the Canadian way when it comes to stock market scandals. "There is an extreme cultural difference in our approach to criminal law enforcement. We certainly don't send people away for 25 years for these kinds of things. "I happen to think our public would be horrified by it."
(Calgary Herald, "Business Scandals dog Canadian markets," dated May 28, 2007)


"David Brown, past chair of the OSC, said, "Canada's come a long way ... I think all of the pieces are in place now. We all need to give it a little more time." And he added that the lack of high-profile convictions in Canada could have something to do with a lack of high-profile crimes. "We don't seem to have seen here in Canada the high-profile failures that they have in the U.S.," he said." (Toronto Star, "Soft on White Collar Crime," May 29, 2006)



"But a small minority of firms and individuals prey on investors. Unfortunately, this small group has a disproportionate impact on the perception of Canadas capital markets. I understand the challenge of trying to close a gap between perception and reality." (OSC Chairman David Wilson Speech, "A Common Objective: Strong Investor Protection," April 26, 2007)


"Purdy Crawford, a lawyer who headed a commission that urged the creation of a single national securities regulator, said he was disappointed Canada didn't take the initiative to prosecute Black before he went to trial in the United States. "The best thing that ever could have happened to him would have been to have been prosecuted here," said Crawford, although he added the U.S. authorities' "no holds barred" approaches are also overzealous to a fault."
(Canadian Business Online,"Securities Enforcement Still Lacks Teeth Experts Say," July 17, 2007)
Canadians are well aware that economic crime is a serious problem in Canada, so the efforts of Bill Rice, David Brown, David Wilson and Purdy Crawford to coverup this fact are falling on deaf ears. The longstanding efforts of these men to coverup white collar crime and to mitigate Canada's prosecutorial response to it can only be interpreted to be a breach of trust to the Canadian people.

In a recent survey (EKOS Survey, Wave 3, 2005-2006), Canadians said economic crime was the most serious problem in Canada at 67%, gang violence rated second at 66%, and gun crime and organized crime both rated third at 54%. Terrorism rated last at 14%. When asked about what type of crimes Canadians were personally more concerned about, those polled rated economic crime first at 68%, gang violence second at 59%, gun crime third at 51%, property crime forth at 48%. Terrorism rated last at 30%.

(RCMP Integrated Market Enforcement Teams Accountability Framework - Fiscal Year Ending March 31, 2006)

On April 26, 2007, the National Pensioners & Senior Citizens Federation (450 clubs and chapters with 1,000,000 members), the United Senior Citizens of Ontario (1000 clubs with 300,000 members) and the Small Investors Protection Association jointly requested a national inquiry on the malfunctioning of Canada's securities and accounting regulation and white collar crime enforcement system.



Diane Urquhart

Independent Analyst

See:

Sub Prime Exploitation

Canadian Banks and The Great Depression

Wall Street Deja Vu

Housing Crash the New S&L Crisis

US Housing Market Crash

The Carbon Market Myth

Are Income Trusts A Ponzi Scheme

Scandal in the Alberta Stock Exchange

Find blog posts, photos, events and more off-site about:
railroad, CN, Imasco, Imperial Tobbacco,
Purdy Crawford, ruling class
asset-backed commercial paper , unions, labour, strike, Hunter Harrison,labor, workers, Canada
homes, mortgages, housing, bubble, US, economy, Canada, sub-prime mortgage, Wall Street, crash, recession,Smoking,

Stelmach's Robber Barons

Speculators, the lowest and sleaziest form of capitalist, in Alberta's hot housing market, are now the beneficiaries, not of social embarrassment and ridicule as they once were, but of the protection of the State.

Moral betrayal at Monarch

Shock that low-income housing is sold after being built on subsidy

The Stelmach government needs to close a loophole in its tenancy law that let owners of Red Deer's Monarch Place bypass a mandatory one-year's notice before turning the affordable-housing project into condos, said Red Deer-North's Conservative MLA.

Tenants in Monarch Place believed they'd have 12 months before their homes became condos. But they instantly became condos in July; once the units are sold, tenants have 90 days to clear out.

How, many want to know, can this happen?

"You can convert a rental premise to a condominium without any notice to the tenants, as long as you're not asking the tenant to leave in order to accomplish the condominium conversion," says Eoin Kenny, a spokesman for Service Alberta.

"In this case, they weren't asking the tenant to leave. They were merely selling the suite."

The numbered company that bought Monarch Place -- a subsidiary of Everest Developments Ltd. in Edmonton -- never told residents its plans for the complex. Registered documents show surveyors began devising the condo plan for the firm on March 11, four months before it took possession.

Residents thought they'd get one year's notice before a condo conversion, a requirement the Stelmach government recently imposed. But 1327545 Alberta Ltd. legally avoided giving any notice, through a provision that lets it convert and sell units as long as it doesn't clear out the tenants.

Many residents say they don't know who their landlords are. Haut said he has never spoken with the buyers.

Richard Cotter, the Everest subsidiary's lawyer, said his client was unaware Monarch was an affordable-housing complex until after it made its purchase deposit and condo plans.

In July, the company took possession and sold all units to condo investors. Rent increases and for-sale signs soon arrived.

Of course there is federal and provincial funding for affordable housing, but no controls to stop it from being condo-ized.

Since the Canada-Alberta Affordable Housing Program Agreement 
was signed,more than $98 million has been allocated towards the creation
of 3,683affordable housing units throughout the province. Federal and
provincial contributions to affordable housing projects are enhanced by
contributions from other partners including municipalities, local community
housing authorities, non-profit organizations and private sector companies.

Without regulations to control condo speculators, and rent controls in place there is no such thing as affordable housing for anyone in Alberta.

Bridge to Community: The Affordable Housing Crisis in Alberta, a documentary by Brent Spiess, takes an in-depth look at the housing issues in Calgary and how the boom is leaving some people behind. But while Calgary is the film’s focal point, Spiess hopes that Albertans in general can benefit from the film and connect with the issues presented.

“We think the issues here are pretty much the same as they are in Edmonton or Grande Prairie or Red Deer or Fort McMurray,” Spiess said.

In May 2006, the average price of a resale home in Calgary was $358 214, up 43.6 per cent in one year. Similarly, Edmonton experienced a 22.9 percent increase that same year, as average sale prices hit $242 936. The market has had a tremendous effect on renters, and it was in this context that Spiess began the year-long process of making his documentary.

Like his predecessor, King Ralph, Eddie is kicking the poor and disabled when they are down.

While the citizens suffer at their hands the Stelmach regime dodders on protecting special interests like housing flippers and other real estate speculators.

leading Keynes to make his famous observation (in his General Theory):

Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. And his reference point was the 1920s, when speculation, frenzied though it already was (especially in the USA) was, by comparison with its post-World War II evolution, embryonic.

What's more important than housing for Tories? Why golf courses. That is after all where the business of government gets done.

Alberta's Progressive Conservative government allocated more than $7 million in grants to golf clubs over three years, and almost all the money went to courses in Tory ridings.

More than half of the money was allocated in 2003, the year before the last provincial election, according to public government documents.

See:

Pay 'Em What They Want

And New York Has Rent Controls

Stelmach Blames Eastern Bums

He Can't Manage

Drumheller Bell Weather

Stelmach Tanks

Alberta Deja Vu

Padrone Me Is This Alberta

Income Trusts

Housing


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Alberta, Calgary, Edmonton, Dundee REIT, housing, rental, condominium, apartment, Boardwalk Reality, Income Trusts, rent controls, homelessness, housing-costs, housing-boom, Alberta, ED Stelmach,
Premier, Alberta Cabinet,PC, Party of Calgary, politics, leadership, Conservatives ,
Alberta, minimal government, Edmonton, housing, rental, condominium, apartment, Income Trusts, rent controls,
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