Monday, March 16, 2009

Bernard Landry's Big Lie.

In his attack against the nomination of Michael Sabia, ex-sovereignist Premier Bernard Landry continues to hammer away with the point that Mr. Sabia was the author of the attempt to sell his old company, Bell Canada Enterprises to Ontario based Teacher's Pension Fund.

The charge has been championed in the blogesphere but not in main stream media, probably because it is patently false.

"Le problème, c’est sa culture nationalecanadian. Cet homme était le dernier profil à choisir pour diriger cette institution. Le gouvernement commet une sorte de provocation. Il a été l’artisan du transfert à Toronto de Bell Canada Entreprises, un des fleurons de l’appareil décisionnel et économique de Montréal."

"The problem is his culture ...Canadian. This man presents the worse profile to lead this institution. The government is committing somewhat of a provocation. He was the artist of the transfer of Bell Canada Enterprises to Toronto, a economic and decision making flower." (my translation)
— Bernard Landry

The statement that Michael Sabia was the author of the attempt by Teacher's to buy BCE is false and Mr. Landry knows it, yet continues to repeat the lie for political effect.

As an economist on RDI pointed out (she also didn't like the appointment, but based her objection on Sabia's record ) BCE was the subject of a hostile takeover (A hostile takeover is an acquisition in which the company being purchased doesn't want to be purchased, or doesn't want to be purchased by the particular buyer that is making a bid.)

Anyone familiar with the situation knows that Mr. Sabia fought the takeover, but was ultimately forced to seek maximum benefit for his shareholders, as a fiduciary duty.

While Bernard Landry makes political hay over this gross misinterpretation of the facts, he conveniently forgets to remind taxpayers of the one fact that is unassailable.

It was he who made the appointment of Henri-Paul Rousseau, as President of the Caisse, the author of the 40 billion dollar debacle!

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