Monday, June 13, 2011

I Stand Corrected on Tony Clement

I'm still unable to leave comments on my blog, or even respond to them, but several of my readers provided some vital insight into Clement's spending orgy.

One dealt with bicycle racks, which are indeed part of infrastructure spending. However, they should have been receipted as such, not funded from a border security/congestion, G-8 summit account. And of course, they should have been "receipted".

Another legitimate dispute was my comment that Clement's riding is one of the richest in the country. I was basing that on the resorts and the cottages of the rich and famous. But Sara said: "Parry Sound-Muskoka is actually one of the poorest ridings in the country. When you look at the people who live here year round (like me) 40% of the families here earn less than $30,000 per year."

Just imagine how $50 million could have helped those people. But now Clement has "used up" all federal funding, putting them at the back of the line ... again!

A third comment that needs is addressing, is my suggestion that if this happened in the in the private sector, Clement could be facing jail time for embezzlement.

But Leslie reminded me of something I should have known, because I've written on it before.

A friend suggested that I read the book Swindlers: Cons and Cheats and How to Protect Your Investments From Them, By Al Rosen and Mark Rosen.

So I did, and what an eye opener.

Something that is getting little (as in NO) media coverage is the fact that Jim Flaherty and Stephen Harper have signed onto a new set of accounting rules, known as the International Financial Reporting Standards, which according to Al Rosen, a forensic accountant who, for 15 years acted as a technical advisor to three Auditor's General of Canada, allows corporations to legally misrepresent their financial picture, to lure unsuspecting investors.
A recent survey revealed that just 42% of Canadian portfolio managers know that Canada is preparing to switch to International Financial Reporting Standards starting in 2011. It’s a good bet that even fewer retail investors are aware of the change, despite the significant impact it will have on investment values. The transition to IFRS represents the biggest upheaval in financial reporting the country has ever seen ....
And for those who feel that this will only affect those with money to invest in stocks, guess again.

This could mean your pension funds being invested in corporations who can now legally lie about the state of their finances and potential growth.

So Leslie is right. Clement would not be facing jail time, because his cohorts have made lying and cheating legal. Just don't lie while holding a single marijuana plant. That will put you behind bars.

I'm doing a separate posting on France's hosting of the summit, another important point.

Thanks guys. My readers are so smart.

1 comment:

  1. Whether TC's riding is the wealthiest or the poorest should not be debated based on the annual incomes of the permanent residents or the seasonal ones but rather based on the property taxes paid by all property owners. I would suggest that all residents pay too much property taxes and that by virtue of M.P.A.C. and their evaluations makes the permanent residents poorer and the municipalities themselves quite well off. Most of the properties are in isolated areas with virtually no amenities yet their propertiy taxes are outrageous based on their value alone. The locals are expected to pay higher taxes on average and by receiving Tonie's baubles as payment are kept quiet.