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RCO





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PostPosted: Tue Nov 28, 2017 2:41 pm    Post subject: Reply with quote

( poor morneau he's now threatening legal action if anyone dares to make accusations about him outside of the commons )


Finance minister Morneau rejects Tory insinuation, threatens legal action


Finance Minister Bill Morneau addresses allegations made by the Opposition during question period.


The Canadian Press
Published Tuesday, November 28, 2017 1:40PM EST
Last Updated Tuesday, November 28, 2017 1:50PM EST


OTTAWA -- Finance Minister Bill Morneau is threatening to take the Conservatives to court after the official Opposition peppered him with questions about a stock sale that occurred before he introduced pension legislation in the House of Commons.

Morneau calls the insinuations by Tory finance critic Pierre Poilievre "absurd" and says they have "no basis in any sort of fact."

Poilievre says a motion introduced by Morneau in December 2015 to raise income taxes on the highest earners caused the entire stock market to drop -- including the price of Morneau Shepell shares, 680,000 of which the minister sold off a week before the announcement.


Morneau addresses 'absurd' allegations
Finance Minister Bill Morneau delivers a statement in the foyer of the House of Commons on Tuesday, Nov. 28, 2017.

If Poilievre and others want to make such claims outside the Commons, where MPs enjoy the legal protection afforded by parliamentary privilege, they will be hearing from the minister's lawyers, Morneau suggested Tuesday in a hastily called news conference on Parliament Hill.

"If the Opposition want to continue with these absurd allegations, which have no basis in any sort of fact, they take them outside of the House and I will give them a sense of exactly how our legal system works," Morneau said.

"I am saying absolutely that if the members take the allegations that they're making inside the House outside the House, that they will be absolutely hearing how the legal system works from me."

Throughout question period Monday, Poilievre asked Morneau repeatedly if it was merely a coincidence that the 680,000 shares were sold off a week before the announcement.

Poilievre fired more than a dozen queries at Morneau on the subject. He asked Morneau repeatedly to confirm he was the 'someone' responsible for selling off about 680,000 shares in the company about a week before the tax-change announcement.

"That 'someone' would have saved a half a million dollars by avoiding the drop in the stock market that followed his introduction of tax measures in this House of Commons," Poilievre said.

"Was it just a coincidence that those two transactions line up so carefully? Or in fact did the minister jump the gun and sell his shares before he introduced his tax measures?"

Morneau refused to take the bait.

"Members across the way will continue to focus on me because they do not want to talk about what is actually going on," he said. "What is actually going on is the policies that we put in place are making a better situation for our economy and a better situation for Canadian families."

Daniel Lauzon, a spokesman for Morneau, later called Poilievre's insinuations "utterly false" and "absurd" -- and challenged the Tories to make the accusations outside the House of Commons, where members are not protected by parliamentary privilege.

Following question period and outside the House, where he was asked directly about his line of questioning and whether he believed the law had been broken, Poilievre demurred.

"We really have to know the details first -- I don't want to speculate," he said.

"We know that ministers have the ability to introduce tax changes on the floor of the House of Commons that could potentially affect stock prices and we think it is important that everybody have that information before that minister acts on it."

Morneau has been at the centre of an ethics controversy for weeks.

The ethics commissioner has launched a formal examination to determine if he was in a conflict of interest related to his work to introduce pension-reform legislation, which critics have insisted would benefit Morneau Shepell -- a company in which, until recently, Morneau owned about $21 million worth of shares.

Morneau was executive chairman of Morneau Shepell, which he helped build with his father, until shortly after the 2015 election and before he was named finance minister a couple of weeks later.

After the ethics controversy erupted, he sold off the remainder of his holdings in Morneau Shepell and vowed to place his other substantial assets in a blind trust.

Morneau donated the difference between what the shares were worth at the time of the sale and their value in 2015 when he was first elected -- an amount estimated at about $5 million.

He has also faced intense criticism about his integrity after information surfaced showing that, based on the ethics commissioner's advice, he did not divest shares or place his holdings in a blind trust after being was named to cabinet.

Morneau largely avoided the queries, although a spokesman later dismissed them as "aburd" and "utterly false."


http://www.ctvnews.ca/politics.....-1.3697829
Bugs





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PostPosted: Wed Nov 29, 2017 1:52 am    Post subject: Reply with quote

If he's going to be evasive, the public has every right to 'speculate'. Otherwise, it's essentially an insistence that his cover story be taken as true in official society. You can't have political free speech if these lawsuits have standing.
cosmostein





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PostPosted: Wed Nov 29, 2017 10:39 am    Post subject: Reply with quote

I think the best part of this entire story is that when the legal action comment was made.

Pierre Poilievre stepped out of the Commons and asked the same question again:

https://ipolitics.ca/2017/11/28/morneau-challenges-tories-step-outside-insider-trading-claims/

Watching Pierre Poilievre aggravate Morneau is the best reality show on TV.


Last edited by cosmostein on Wed Nov 29, 2017 12:22 pm; edited 1 time in total
Bugs





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PostPosted: Wed Nov 29, 2017 12:09 pm    Post subject: Reply with quote

Good for him. I saw him put the question very pointedly at Morneau ... and he had some big transactions that were made just prior to the changes, and cashed in on a pile. Morneau answered a question that had never been asked, but his refusal to answer honestly says volumes. The reporters must feel it.
RCO





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PostPosted: Wed Nov 29, 2017 4:12 pm    Post subject: Reply with quote

( scheer is now officially calling for Morneau's removal )


Andrew Scheer‏Verified account @AndrewScheer · 3h3 hours ago

It’s time for Justin Trudeau’s Finance Minister to resign. And if he won’t step down, it’s Trudeau’s responsibility to remove him:
RCO





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PostPosted: Thu Nov 30, 2017 3:30 pm    Post subject: Reply with quote

November 30, 2017 1:23 pm Updated: November 30, 2017 3:20 pm

Bill Morneau’s father sold 200K shares in family company days before capital gains tax boost announced

By David Akin
Chief Political Correspondent Global News


Minister of Finance Bill Morneau.


Minister of Finance Bill Morneau speaks to local business owners and media during a press conference at Station 33 Cafe & Yoga in Hampton, N.B., on Wednesday, October 18, 2017.

THE CANADIAN PRESS/Stephen MacGillivray


As Finance Minister Bill Morneau is pressed in the House of Commons for details on the circumstances of the sale of shares he held in his family business, Morneau Shepell Inc., Global News has analyzed insider trading reports of the company and discovered that Morneau’s father sold a significant number of shares days before his son announced a major tax policy change.


Regulatory filings show that William F. Morneau Sr. sold 100,000 shares of Morneau Sheppell Inc. (MSI) at a price of $15.20 per share on Nov. 23, 2015, and sold another 100,000 shares on Dec 3, 2015, at a price of $15 a share.

Morneau, the finance minister, announced his government’s intention to change tax rules that would increase taxes on wealthy people who made gains on stock market sales, late in the afternoon on Dec. 7, 2015.


READ MORE: Andrew Scheer says Bill Morneau must resign

According to historical share price data published by Yahoo Finance, MSI shares dropped from $14.90 a share on market open of the morning of Dec. 7 to $14.09 a week later, on the morning of the Dec. 14. That represents a drop in value of just over 5.4 per cent.

WATCH: Opposition questions timing of sale of $10 million worth of Morneau-Shepell shares


Play Video

Morneau has said — as recently as Wednesday in the House of Commons — that he sold “some shares” in MSI after the 2015 general election, though he has not confirmed details of that sale, such as the date it took place. The National Post, though, has reported that Morneau sold 680,000 shares of MSI on Nov 30.

The Liberals have argued this week that the drop in the value of Morneau Shepell shares — and the 2.4% drop in the value of the broader market index, the TSX Composite — was unrelated to the finance minister’s Dec. 7 tax announcement and, in any event, could hardly be considered a market-moving event. The Liberals say they telegraphed the tax change during the just-concluded election campaign.

“We campaigned to 36 million Canadians that we would raise taxes on the one-per-cent, which we did,” Morneau said in the House of Commons Wednesday. “As everyone knows, except for perhaps the opposition, no one knows what the stock market will do in advance.”

A spokesperson for Morneau Shepell Inc., Heather Macdonald, said in an emailed statement sent to Global News this morning that “individual shareholders (including insiders) elect to buy or sell shares from time to time, but Morneau Shepell does not have insight into the reasons for their transactions.”

Neither William Morneau Sr. nor his son, the finance minister, was immediately available to comment on Morneau Sr.’s trading activity.

In the House of Commons over the last two days, members of the opposition have alleged that the timing of the sale of shares by the finance minister was inappropriate.


“Somehow, thousands of shares in Morneau Shepell were sold a few days before a major tax announcement. When people say they no longer believe politicians and that they think we are all crooks, that is why,” NDP MP Alexandre Boulerice said in the House of Commons Wednesday.




Both Morneau and Prime Minister Justin Trudeau challenged Boulerice and other opposition MPs to repeat their statements outside the House of Commons. In the House of Commons, MPs are protected by parliamentary privilege and therefore can make comments which, outside the House of Commons, might leave them open to libel and slander lawsuits.

“One of the ways for Canadians to judge what members say is to see whether they are prepared to repeat their comments outside the House, where there is no parliamentary privilege,” Trudeau said in the House of Commons. “I would suggest that my friend opposite (Boulerice) be very explicit in his comments, inside and outside the House. We will see if he really wants to support the allegations he is making.”

COMMENTARY: Hey, Minister Morneau? Wouldn’t a blind trust have been nice?

Trudeau characterized the insinuations made by opposition members in the House of Commons that Morneau the finance minister’s sales of shares was prompted by “inside knowledge” as a “smear campaign” and “unfounded, baseless, personal attacks.”

The Conservatives, on Wednesday, citing conflict-of-interest allegations involving Morneau’s personal financial arrangements, called for Morneau to resign as finance minister.

Morneau Sr., the founder of Morneau Shepell, remains on the company’s board of directors as honorary chair. He has had a long and distinguished career in business and has served on a number of corporate and charitable boards. In 1999, Pope John Paul II made him a Knight Commander of the Order of St. Gregory the Great and in 2012 Pope Benedict elevated him in that order to “With Star,” the highest honour a Catholic layperson can receive.

Under Ontario securities law, Morneau Sr. is considered an “insider” and, as result, must disclose acquisitions or sales of any shares in Morneau Sheppell. Global News has reviewed Morneau’s regulatory filings for his acquisition or disposition of MSI’s common shares. The first entry is dated Jan. 1, 2011, and the most recent entry is August 10, 2017.

Between March 25, 2015 and June 3, 2015, Morneau Sr. sold 67,600 shares spread out over three separate transactions.

The two trades in late November and early December 2015, a combined 200,000 shares, are easily the largest blocks of shares Morneau Sr. has sold between 2011 and 2017. In June of 2013, he sold 70,500 shares and between Sept. 4, 2014, and Dec. 9, 2014, he sold 104,000 shares in three separate transactions. Morneau Sr. has made dozens of acquisitions and dispositions of commons shares since 2011.

In its analysis of trading activity by all Morneau Sheppell insiders, Global News has found that Morneau Sr. is the only insider to have significant activity in the days before the finance minister’s tax announcement.


https://globalnews.ca/news/3889576/bill-morneaus-father-sold-200k-shares-capital-gains-tax/
Bugs





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PostPosted: Thu Nov 30, 2017 5:10 pm    Post subject: Reply with quote

I am actually laughing because now we know the scoundrel involved -- dear old Dad He's probably a guy cut from the 1950ies cloth. As far as he is concerned, of course there's "ïnsider information", it's what the whole business is built on.

But Bill must have blabbed.
Bugs





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PostPosted: Fri Dec 01, 2017 9:21 am    Post subject: Reply with quote

This is a video of the exchange that took place in Parliament probably the day after Poilivea accepted the taunt.

https://www.youtube.com/watch?v=8KymMNYX7A4

I find Trudeau an embarrassment, frankly. They simply ignore the questions and blathers on about whatever pops into their pointy little heads.

This is, however, an epic moment simply because it's so obvious that they could end the wild accusations by simply standing up in the House and saying that he did not sell those shares. Perhaps the story that Dad did it is true, but maybe Dad did it for his son?

They admit it by handling it this way. They believe its a small matter but nobody watches Question Period. But the press do. This is probably an example of what the press are seeing but not really reporting on. They wlll become disenchanted in the end.
Bugs





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PostPosted: Fri Dec 01, 2017 10:16 am    Post subject: Reply with quote

It's already happening. Morneau jams up in Parliament, refusing to answer the question, I suspect, because it's double-plus bad to lie to the House of Parliament.

What finance minister in his right mind would cause a transaction like this to take place in his own name? That guy should be fired. When asked if he was the one who sold the shares, why didn't he just say no?

But then he goes to the press, where he isn't reluctant to discuss it.

Quote:
Finance Minister Morneau denies speaking to his father ahead of stock selloff
Rachel Aiello, Ottawa News Bureau Online Producer
Published Thursday, November 30, 2017 5:58PM EST
Last Updated Thursday, November 30, 2017 7:59PM EST

OTTAWA – Faced with new questions over the sell-off of Morneau Shepell shares -- this time by his father -- Bill Morneau is denying that he spoke with him about a coming tax policy change ahead of time.

CTV News has confirmed that the finance minister's father sold 200,000 shares in Morneau Shepell, the company he founded, days before his son brought forward a tax change that raised taxes on the wealthiest one per cent and lowered them for the middle class.

According to insider trading reports, William F. Morneau Sr. sold 100,000 Morneau Shepell Inc. shares at $15.20 per share on Nov. 23, 2015, and another 100,000 shares at $15 a share on Dec. 3.

The finance minister announced the government would be changing the income tax act, through Bill C-2, An Act to amend the Income Tax Act, on Dec. 7, 2015. That day, the stock market dropped.

The opposition is alleging the timing is no coincidence, nor is it that someone else sold 680,000 Morneau Shepell shares ahead of the major tax change.

Morneau has called these accusations baseless and has threatened to sue the opposition for making them, if they are repeated outside of the House of Commons where MPs don’t have parliamentary privilege.[....]
http://www.ctvnews.ca/politics.....02008?nnw=


It shows us one thing -- performance in the house depends on the media for it to have an impact on the electorate. Parliament is almost irrelevant, a kind of platform.
Toronto Centre





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PostPosted: Sat Dec 02, 2017 3:42 pm    Post subject: Reply with quote

Hmm...I kind of figured this had to be more smoke than fire.
Quote:
Where there’s smoke there’s fire, as the folk saying has it. Unless the smoke is just people blowing smoke.

The opposition parties have invested a solid week in the proposition that the finance minister, Bill Morneau, by selling 680,000 shares in his family firm Morneau Shepell on Nov. 30, 2015, followed by a ways and means motion in the Commons a week later signalling an increase in taxes was coming, did Something Wrong. Quite what that something is they have been too shy to say, at least outside the House.

So let’s try to figure out what they mean in their absence. Was it, first, wrong of him to sell the shares? No: it is exactly what he should have done, as a minister of the Crown. Indeed, the complaint until now has been that he should have divested all of his shares on taking office, and not, as we later learned, kept about half of them hidden inside a numbered company. But what is right in the whole cannot be wrong in the part.


Finance Minister Bill Morneau was furious over accusations by opposition MPs during question period on Thursday, Nov. 30, 2017. Adrian Wyld/The Canadian Press
Was it, then, wrong of him to raise taxes on the wealthy? From a policy perspective, maybe, but ethically? Of course not. The Liberals ran and won on precisely that promise: it was perhaps the most prominent plank in their platform. Again, the knock on the Liberals until now has been about the promises they did not keep.

So the opposition complaint must be that, although there was nothing wrong with each on its own, there was Something Wrong with the two together: that it is the timing that is suspicious, the one following so closely after the other. The suspicion, though they do not quite say it, is that Morneau was trading on inside information.


Let’s unbundle this. The election was on Oct. 19, 2015; the cabinet was sworn in on Nov. 4. The “suspicious” sale of shares took place less than four weeks later. Perhaps it could have been done sooner, but it couldn’t have been done much sooner, and even if it had it would have been vulnerable to the same suspicion: that Morneau was selling the shares in anticipation of the ways and means motion.
..........


http://nationalpost.com/opinio.....re-selloff
Bugs





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PostPosted: Sun Dec 03, 2017 2:17 am    Post subject: Reply with quote

It was said to be one week before the announcement of the tax-rate changes that were coming. Watch the exchange ...

https://www.youtube.com/watch?v=vo8EPjBv_8Y&t=38s

What probably occurs to the simple soul is that Morneau and Trudeau could end this controversy if they only answered the question directly. Perhaps a more sophisticated response is possible if only someone could tell us what it is.
cosmostein





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PostPosted: Mon Dec 04, 2017 5:18 pm    Post subject: Reply with quote

If there was direct evidence of wrongdoing by major shareholders of Morneau Shepell it wouldn't be the ethics commissioner investigating it would be the RCMP.

The issue here which the Conservatives are very effectively exploiting is the seeming lack of any sort of public relations commonsense by the Finance Minister.

The Minister could answer the question very plainly in the Commons in the exact manner that Andrew Coyne laid it about above, but he has opted to be a stubborn ass.

Lets be very clear here;
The Tories are clearly ramping up to paint the Liberals as out of touch elitists;
Morneau isn't helping the cause by refusing the answer a question that does from the outside looking in at a minimum appear to be somewhat questionable.

Finance Ministers with massive private sector interests have always been easy targets for opposition MPs (See Canada Steamship Lines)

Morneau being defiant along with being fined for an ethics breach plays easily into the hands of the opposition and Trudeau laughing at a question being targeted at his Finance Minister does nothing but help the perception the Tories are clearly trying to paint the LPC with.
Bugs





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PostPosted: Mon Dec 04, 2017 11:10 pm    Post subject: Reply with quote

You mean other than being too clever by half when he hid those extra shares that violated at least the spirit of the rules? And, by the way, trusting the RCMP to impartially investigate politically sensitive cases isn't something you can count on, based on their record.

But you are right -- the manner of arrogantly ignoring the substance only makes them look guilty. It seems as if they are too ashamed to deal with it, and they'd rather drag Harper's name through the muck.
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Finance Minister Morneau owns a secret french villa ?

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