Friday, June 12, 2009

Only $24 billion, you say...

Two weeks ago The Star published this rogue's gallery of the Canada Pension Plan Investment Board and the extravagant bonuses they received despite having lost $24 billion in taxpayers' money.

Yesterday in the HoC : NDP Wayne Marston :

"...according to economist Toby Sanger, in the last 10 years, the CPP fund would have made $13 billion more than it did if it had been invested in government bonds, rather than in a diversified portfolio of equities, real estate and bonds.
In the fiscal year 2009, the losses in the fund wiped out four years of contributions..."
Four years of contributions...

Naturally the CPPIB defence team immediately rushed to its defence :

Ted Menzies, Con : "We do not want political interference in the remuneration of this board. They have done a very good job... We are absolutely on the right track"
Dean Del Mastro, Con : "The NDP has a history of advocating explicitly for political interference in the CPPIB. That is inappropriate.
I actually believe that the CPP Investment Board is very well managed"

Steve : "I actually noticed, by the way, that the board, in fact, did drop a total compensation for its executives by 31 per cent last year."



thwap said...

all praise the very bad idea!!!

That Dean Del Mastro has a history of being an idiot, doesn't he?

[serious question]

Alison said...

By "idiot", Thwap, do you mean toady blowhard used car salesman rousingly endorsed by LifeShite for being anti-choice and anti-SSM?

thwap said...

actually no, i meant standing up in the HoC making buffoonish speeches about how bad the Libs are, but that other info you've provided will do!

Unknown said...

blimey! that mark wiseman bloke's an ugly bastard.

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