The current exec pay hooha is a timely reminder about the real scandal here: the willingness of politicians to hand over billions of dollars in subsidies to a few favoured companies. What is Bombardier really selling? Itself as a recipient for government funds. As for planes, “it is selling the making of planes, or more particularly conspicuous government support for the making of planes, or perhaps just the idea of making planes,” writes Andrew Coyne, tongue firmly in cheek, for the National Post.
The future looks good for Canadian arms manufacturers, says journalist Paul Christopher Webster in this in-depth look at the sale of Canadian-built light armoured vehicles to Saudi Arabia — a sale approved by the Conservative government and supported by the Trudeau administration despite concerns the vehicles could be used against civilian populations.
The Muskrat Falls hydroelectric project in Labrador needed a federal guarantee to get off the ground, which in itself testifies to its iffy economics, writes Konrad Yakabuski for the Globe and Mail. Now, he says, Newfoundland’s shrinking population faces paying for Muskrat Falls in more ways than one.
Deferred prosecution agreements that let companies pay fines for wrongdoing could backfire by encouraging repeat criminality. Probe International’s Patricia Adams for the National Post.
DPAs were virtually unheard of in business settings prior to 2004, but their growing popularity in the U.S. is now being felt in Canada with SNC-Lavalin lobbying the Liberal government to have its fate determined by a DPA, rather than the criminal trial the Harper government pursued.
Ex-Im is one of dozens of corporate welfare programs that should end. The Overseas Private Investment Corporation (OPIC), like Ex-Im, hurts domestic competitors, privileges big lenders and is also known to fund questionable projects. Reason.com reports.
Things are looking less sour for graft-tainted engineering giant SNC-Lavalin, which received a boost Monday when an analyst upgraded his rating and price estimate for the company’s stock following changes to the federal government’s procurement policy, announced in last week’s budget.
Media sources in India are following the Canadian government’s investigation of SNC-Lavalin with great interest.
Canadian aerospace giant Bombardier accused by South Korean prosecutors of making gifts to local officials in relation to a multibillion dollar metro elevated train project described as “more like a bus” in reality, a bus expected to cost Yongin taxpayers $3.5 billion over the next 30 years, including maintenance. CBC reports.
(April 16, 2014) Working Canadians are placing a bet on the Chinese real estate market thanks to the Canada Pension Plan Investment Board that invests their obligatory pension contributions globally.
(March 10, 2014) Export Development Canada says it needs nearly a year to sort through a mountain of documents regarding its involvement in Libya.
(November 5, 2013) The alleged “culture of corruption” by SNC-Lavalin and others was encouraged by the government’s willingness to turn a blind eye.
(October 23, 2013) Don’t count on any government in Canada to hold SNC-Lavalin’s feet to the fire. Blinders on and taxpayers’ cash in hand, they’re willing to reward allegations of corruption with big, fat contracts, says Huffington Post’s Daniel Tencer.
(September 25, 2013) Lawmakers in Trinidad and Tobago tell the Canadian government SNC-Lavalin is a company too tainted by corruption to risk awarding a multi-million-dollar hospital contract to.
(September 25, 2013) Canadian economist Patricia Adams questions why the Canadian Commercial Corporation has been trying to get the Trinidad and Tobago government to sign a deal with SNC-Lavalin.