Carney's investment firm wants $10B tax dollars, days after his Liberal appointment

Mark Carney should be kept far away from what's left of your pension, and your wallet.

(*This article was first published in The Western Standard)

Last week, Prime Minister Justin Trudeau announced that he would be appointing uber-elitist and longtime carbon tax supporter Mark Carney as his key economic policy czar. Mr. Trudeau structured Mr. Carney's appointment—with his myriad of board appointments, private interests, and investments—so that it would not be subject to any conflict of interest rules for public office holders.

Today, the reason for this may have become more apparent.

The Logic just reported that the multinational, mega-investment company that Mr. Carney chairs, Brookfield, had recently started talks with the federal government and Canadian pension funds to back a new multi-billion dollar fund that the company is raising. Worse, the report stated that Brookfield was seeking $10 billion tax dollars from the Liberal government for said fund.

The brazenness of this move is stunning, even if measured by the already low bar of Mr. Trudeau's wobbly ethical standards.

There should be no way in hell that Mr. Carney—who, as Chair of Brookfield, would have a direct personal interest in a new Brookfield run multi-billion dollar fund—should be acting as the Prime Minister's key economic adviser while his company is reportedly trying to get its grubby hands on the pension savings of Canadian families and seniors or $10 billion out of their wallets.

I imagine the Liberal's newly appointed economic manager imagined the conversation on this subject would go something like this:

Brookfield Mark Carney: Oh hey, Mark, mind giving my investment firm ten billion dollars?

Liberal-Economic-Advisor Mark Carney: Sure, Mark, sounds dandy! Cheque's in the mail!

Unfortunately, this hypothetical conversation probably isn't that far-fetched. The Liberals, and all their assorted fart-catching, self-enriching policy benders don't give two flying fudgcicles about Canadian's pensions, taxdollars, or them being able to afford much of anything as long as their corporate and self interest is fulfilled. 

To underscore this point, in less than a week since Mr. Trudeau appointed Mr. Carney as his economic advisor, the Brookfield fundraising issue isn't the first story that's raised eyebrows about Mr. Carney's capacity to function in his new role without being bound by any conflict of interest rules. Photos taken over the summer of Mr. Carney rubbing shoulders with his very close friend and Telsat CEO Dan Goldberg, whose company got billions of dollars from the Liberals earlier this week, began circulating on social media shortly after the announcement was made. 

While the Liberals may not have a clear line of sight on whose interest they're supposed to be looking out for, Brookfield, on the other hand, does. As a publicly traded for-profit company, its executives are focused on making money for Brookfield's shareholders. Where the problem lies is that as one of Brookfield’s top executives, that would be Mr. Carney’s primary interest, too. So, there is no way he should be anywhere close to formally influencing the Prime Minister on economic policy without significant guardrails. In fact, he should probably consider registering under Canada's Lobbying Act instead.

That the Liberals didn't think, at the very least, about the optics of this situation proves beyond a shadow of a doubt that they cares more about securing the interests of wealthy, globally well-connected corporate executives than fixing the federal budget to bring down inflation and make life easier for those not invited to swish cocktail parties. And that Brookfield seems blind to the corporate reputational risk that Mr. Carney’s Liberal appointment carries should be a source of concern for those who hold an interest in their company.

It's also an indictment of Mr. Carney’s character. His acceptance of Mr. Trudeau's guardrail-free offer demonstrates that he's unable to see the inherent wrongness of someone who helms a publicly traded investment firm and formally advises the Prime Minister on economic policy without being either registered as a lobbyist or subjecting himself to the ethics rules public office holders must adhere to. He’s probably even convinced himself that he’s actually helping the public in acting this way. These are not the hallmarks of someone who should be entrusted with making decisions for the public.

Nonetheless, the primary concern of the enormous potential for conflict of interest with Mr. Carney's appointment should rest with you, dear reader. That Mr. Carney's company is reportedly entering into talks with the federal government to potentially touch your pension in some undisclosed way should raise every red flag imaginable. That they're reportedly seeking $10 billion of your tax dollars should rub salt into that wound.

Canada's Conservatives have been fighting this problem since the news of his appointment broke last week, and rest assured, we will continue to do so. 

And if you're reading this, Mark, shame on you for your shamelessness. But trust me, we'll make damn sure Brookfield's shareholder’s mitts are kept off of (what's left of) grandma's pension and out of the wallets of already struggling Canadians.