Sunday, February 14, 2010

Ed Clark promotes policies that Michael Ignatieff considers “vandalism”

Ed Clark, CEO of TD Bank supported the Stephen Harper regime and Stephen Harper’s income trust tax for purely narrow and selfish commercial interests, whereas as the Leader of the Liberal Party, Michael Ignatieff represents interests much broader than that, in which policies are based on facts and not fiction, and policies that serve the broad interests of all Canadians and not just a handful of self serving bank CEOs and the like. Here are the occasions on which Michael Ignatieff referred to the policy to double tax retirement income in RRSPs (but not pension funds) favoured by Ed Clark as being an act of “vandalism” based on the government’s “fallacious” arguments about tax leakage:

Re: Vandalism:

Speech given by Michael Ignatieff on 18 September 2008 during the 2008 election

Good morning. Bonjour.

We're here to talk about the Liberal plan to invest in infrastructure and rebuild the ties that bind our country together.

We're here to talk about leadership in tough economic times.

Nous sommes ici pour parler du leadership quand le climat économique s'annonce orageux.

We cannot allow Stephen Harper to define what strong leadership is in this country.

Look at his record.

Harper is the man who broke his promise to millions of Canadian investors when he wiped out income trust.

This isn't leadership – it's vandalism.

Harper is the man who has spent this country to the edge of deficit.

This isn’t leadership – it's irresponsibility.

Re: Fallacious:

Michael Ignatieff interviewed by Vancouver’s Bill Good on January 16, 2009 on CKNW AM 980

To paraphrase, Ignatieff was asked by a listener (Leonard from Kelowna) whether in light of the economic slowdown, the Liberals intend to revisit income trusts as a means to restore investment activity.

Igantieff said that the Conservative’s trust tax was a disaster and that the Liberals have been on this issue now for two years. It was of particular harm to seniors. Flaherty’s argument of tax leakage was “fallacious”. Businesses had been harmed. Ignatieff mentioned he had met with a business leader in Vancouver the night before who said that Flaherty’s trust tax prevented his company from pursuing a major multi billion dollar transaction that would have allowed him to grow his company. Igantieff also commented on the harm that the trust tax had done in Alberta.

Ed Clark to David Marshall telling David Marshall basically, to “suck it up”, or “tough luck loser” and that vandalism based on fallacious arguments is something that suits TD Bank just fine and that David Marshall should heel to like a dutifully and compliant dog:

Dear Mr. Marshall,

Thank you for your recent email addressed to Mr. Ed Clark regarding the
Federal Government’s income trusts proposal and the Tax Fairness Plan.
I understand your concern about the changes affecting income trust
investments, as this is an issue that has been raised by others as well.

As you already know, the Minister of Finance’s plan is based on the
assertion that the federal treasury has lost millions in tax revenue,
and the belief that the growing popularity of income trusts would likely
result in greater future losses of tax revenue to the federal treasury.
As I’m sure you are aware, the Government of Canada began a review of
the income trust sector in September, 2005, leading to a great deal of
uncertainty on this issue. TDBFG considers the fact that there is now a
greater measure of certainty in the marketplace on this issue as being

I would like to thank you for taking the time to share your perspective
with us.


Sarah Kendall
Manager, Executive Response Team


Dr Mike said...

The carefully crafted message from the executive response team to Dave & Lorraine sounded like it was constructed by a very well-paid team of lawyers.

Wonder why??

Playing both sides of the fence are we Ed??

Dr Mike Popovich