BNN Bloomberg is a reasonably sober business news organization, so when it reports as it did yesterday that Alberta’s United Conservative Party Government wants to make Stephen Harper chair of the Alberta Investment Management Corp. board, you have to take it seriously.
This is true even if inserting a controversial former prime minister with deep ties to the fossil fuel industry and partisan links to the UCP into a leadership position at a Crown-owned company responsible for managing provincial retirement savings is just about the worst financial management idea you’ve ever heard.
It’s another example of how, with the UCP in power, just when you think things couldn’t get any weirder, they get weirder!
The Bloomberg report, which appeared around 1 p.m. yesterday in Alberta, came five days after Alberta Finance Minister Nate Horner sacked the company’s CEO, Evan Siddall, and its entire board of directors, claiming it had to be done to “restore confidence in Alberta’s investment agency.”
Well, it’s true, AIMCo, as the company is popularly known, has had serious performance issues that have been particularly troubling since it was known to be the UCP’s planned vessel for the Canada Pension Plan investment funds Premier Danielle Smith and her advisors desperately want to grab to establish an Alberta pension that could then be used to prop up the fossil fuel industry, which is rapidly approaching its best-before date.
But just about all of political Alberta, and most of the investment industry as well, were scratching their heads at the seemingly inexplicable timing of the move, when just days before everything had appeared to be copacetic at the Crown-owned company as far as the government was concerned.
Bloomberg’s startling revelation yesterday suggests an explanation.
There are three bylines on the Bloomberg story, so we can assume that at least three reporters have been making calls trying to pin down for the record what they’d heard from what the story refers to as “people familiar with the matter.”
If this is so – I’m just speculating here, although in an informed way – when the government realized the Harper story was about to break, it may have felt it had better get rid of the board and the CEO before they started throwing roadblocks in the way of a potentially catastrophically bad business decision.
It also sounds to me as if Bloomberg decided to proceed without a named source when Mr. Horner’s sudden firing spree provoked a brouhaha in the investment industry about his interference in what was claimed to be an arm’s length investor of pension funds, insulated from political interference.
Anyway, according to Bloomberg, “Harper’s name has been circulating as a potential chair for Alberta Investment Management Corp. for a number of months.” That would certainly be on brand for the UCP, which for obvious reasons holds Mr. Harper in high regard.
There would be a certain irony if the former PM were to be given the chair of the AIMCo board, since he was one of the six signatories of the notorious Firewall Letter, the 2001 Alberta sovereignty-association manifesto that called for the province to quit the CPP, create a provincial pension plan, and adopt several other measures that would amount to a half-step out of Confederation.
Of course, this was before Mr. Harper had glimpsed the full potential of grabbing the brass ring that had the key to the Prime Minister’s Office on it. Naturally, nothing was heard of Mr. Harper’s past separatist inclinations during the gloomy years from 2006 to 2015 when he occupied the PMO.
Since then, Mr. Harper has been busy running the Munich-based Neoliberal Internationale, officially known nowadays as the International Democracy Union, and finding clients for Harper & Associates, a consulting firm that trades heavily on his political connections. As the Bloomberg report put it, with energy industry companies among its clients, H&A “touts access to Harper’s global network and his experience as a former Group of Seven leader.”
As for Mr. Siddall, he has updated his LinkedIn resume to note he is in a state of “career transition.” For the time being, at least, he says he will be tying up loose ends and smelling wildflowers. It is to be hoped, although not expected, that those loose ends don’t involve a non-disclosure agreement.
So as I thought, firing the AIMCO Board WAS indeed a preemptive knee jerk reaction to the next thing the UCP wants to ram down Albertans throats. Harper.
AIMCO operated @ length huh?
Just when you thought things couldn’t get any weirder, it seems like our government is being run by a Duffy Duck.
No doubt many politicians like Harper have a healthy ego, but I would like to think he is level headed enough to know to steer clear of this mess. Unless he is getting really bored waiting for Orban or whomever to call, I feel he probably will.
I don’t doubt BNN’s reliability here, even though it does not make any sense to appoint the most high profile former conservative politician in the country to run a supposedly independent pension body. If he does accept, I feel it will be the biggest political mistake since the former Governor General led an inquiry into foreign election interference or another former PM took bags of cash in a New York hotel. And I doubt that after being a big fish in a big pond the former PM Harper really feels as strongly about firewalls as he once did.
So for Harper’s sake and reputation, I hope he will as another conservative personality once famously said,” just say no”.
I’m sure there aren’t that many jobs around for retired Canadian P.M.s which pay a lot so Harper will take the job and the money. He won’t say NO. He isn’t that smart. Lets not forget this is a P.M. who was told 9 pieces of legislation he wanted to pass violated the Canadian constitution. Did he listen, not so much. What did he and his puppet do? Passed the legislation and then a nice lawyer in Toronto and other people took the Cons to the Supreme Court of Canada and all those pieces of Legislation were over turned. Trust me this boy is not bright and neither is his protege, PP
Hello DJC and fellow commenters,
A terrible decision indeed,, if ?when? it transpires.
Not seeing S Harper in Canada and meddling perhaps less in various things was so nice while it lasted. It seems, though, that he is a continuous meddler and there is no way to prevent that.
What expertise doe S Harper have in operating a pension investment organization? All the better to privatize it, I suppose.
Perhaps leaving Alberta is the only way to, at least partially, escape him.
These pensions were supposed to be at arms length from political interference, and here we are smith yielding her authoritarian self on the public sector again . From forced wage suppression to stealing their pensions . This government deserves an all province strike until smith learns to leave well enough alone
Perhaps sensing a return of the Conservatives to office in the next federal election, Harper would like to be close to PP and “assist” him and of course be able to direct federal dollars to the coffers of the maga wanna be in Alberta, Smith. What could go wrong there? When Harper left office I do believe he left a deficit, a few billion here and there. Yes, from a conservative point of view, they’ll think he is perfect for the job, after all they elected Smith.
That’s a big no from me. Harper sucked. That’s why we gave him the boot
There is no happiness left in the world. The monetizing machine wants everything. It’s our time now!
It is becoming increasingly clear that the Smith government is planning to use pension funds to prop up the dying fossil fuel industry. This is outrageous and scary. If they succeed in stacking the Aimco board with UCP stooges, teachers, firefighters, nurses and others can say goodbye to their hard-earned pensions. How is this theft even possible?
not theft if its the government, duly elected. And it certainly isn’t theft if its taken from government workers especially if they are retired. They were on the gravey train for far too long as it is. This is how the good tax payers of Alberta can get their money back or some such thing.
former federal worker.
Ladies and gentlemen: the Conservative Party of Canada. Resentful criminals, one and all.
I couldn’t agree more
Would putting Albertans’ pension eggs in one basket under Stephen Harper include a plan to invest in facial recognition software used by Israel in Gaza and in other countries with atrocious human rights records? Not just for university endowment funds anymore?
https://www.cbc.ca/news/politics/harper-united-arab-emirates-surveillance-technology-1.6192281 DJC
What could possibly go wrong here, if Stephen Harper did sit on the board of AIMCo? I still don’t trust him. The loss of people’s life savings to the tune of $35 billion in the income trust fund blunder is a turn off.
https://financialpost.com/diane-francis/tories-must-correct-income-trust-blunder DJC
Yes some of them were conservative relatives of mine and they haven’t voted conservative ever since.
Alan K. Spiller: There are people who are giving accolades to Danielle Smith. They aren’t seniors, and others are. Wait until these phony Conservatives and Reformers rob them of their pensions. How much more bad mouthing will they do to people who disagree with the UCP? They were warned, but they refused to listen.
With a little help from my friends, play it again Mr Harper, gather the band and bring Ben
Had to cancel a planned home renovation today. Contractor wondered why, and I explained that the future of our lapp and ATA pensions very recently become uncertain because the UCP had just stolen control of our pension investments and would likely make very poor short-sighted high risk investments. I likened it to having the Federal Government take over control of his RRSP investments.
Fun facts/ pure coincidence/or mere speculation???
Marlaina cancels plans to sell booze in your local 7 Eleven.
Doug Ford, who already had the ball rolling, pays out for early exit (taxpayers money).
Stephen Harper named to board of Couche Tard/ Circle K, whose parent company is going to profit greatly from Ford’s push to sell alcohol at the expense of taxpayers money at an announcement in May,just 2mths after Harper joined the board. As of June 21 the AGCO has issued 1875 convenience store & 21 grocery store licences.
Calgary Herald-Mar 20 2020
Varcoe: former PM Harper on Alberta’s new economic recovery council. The 12 member panel, led by Jack Mintz ,will be advising Kenny on issues surrounding the province’s economic recovery….
As far as I’m aware, he’s still on the payroll as a “consultant” to Scott Moe’s Sask.Party .
The G&M April 24 2018 -From the Archives ..
The Spectacular rise and tragic…In 2008 George Gosbee helped establish AIMCO. A year later, then prime minister Stephen Harper….
I’m surprised (not) that Mr Harper has time for Alberta Pensions with all the different boards he sits on.
And let’s not forget that when Harper was PM he had wanted to get rid of the OAS .
———-‐—————————
And just for fun, didn’t Nate Horner have to walk back the whole Green Line fiasco— the last time ‘Boss Lady ‘ was out of town? Where is she now? Having great meetings in Dubai and Azerbaijan.
Did someone take himself to seriously again– jump the gun looking for accolades and that’s why everyone is so surprised.
《Check out Gil McGowan & the Breakdown 》 for more thoughts.
Way too much information, I need coffee…..
IMHO, If I was Nate, I’d be staying away from transit. Just saying.
Like Ralph Klein filling the pockets of his MLAs who were defeated in elections these Reformers continue to do just that. They are far more important than looking after the well-being of the people.
Alan K. Spiller: The UCP makes sure their Reformer friends are well taken care of, that’s for sure. Surprisingly enough, Danielle Smith rewards politicians who helped her get defeated, or fired, such as Preston Manning, and Lyle Oberg. Preston Manning was given $253,000, along with a $2 million expense account to fabricate a Covid-19 pandemic report, which was utter garbage and exonerated the UCP of any wrongdoing. Many seniors in Alberta struggle to get by, and here is an 82 year old former failed politician, with a massive political pension getting this. Lyle Oberg fired Danielle Smith when she was a public school trustee. What is she paying him to mess with the public healthcare system in Alberta? Where’s the sense in that?
The Bloomberg headline should read:
“Ex Imperial Oil MailBoy Harper makes good! AIMCo funds will ensure Carbon Capture and Storage projects go ahead.”
Meanwhile….
The neighbors are having a party…
“Freaking at the Freakers Ball y’all ”
POGO– knock,knock, knock
An extra long listen for you then! https://youtu.be/R8M8R835Ck4?t=8
Does Alberta really have to step up and make Ontario’s government seem sane? Is Dani the Noem of Canada? I’m lost now. The only solace at this point, is a tune for us wretched. https://youtu.be/00VkP7v-VaM
Hello DJC,
I thought that the caption below the photo was very funny. I am wondering, though, who was leading whom “down a garden path”.
Thank you, Christina. That’s a good question, I guess. DJC
At least it took your mind off of the maga shit storm south of us.
Doubt if he is being hired because he is some investing wiz. I’d suggest they’ve selected him because he needs the job. watch how large his salary is going to be.
According to the information on the computer his net worth is $7M. That is a large sum of money but it is also what a nice house will cost you in Vancouver. Not a great house, a nice house. Seven Million dollars just isn’t what it used to be. He is also 65. If he wants to retire any time soon, he is going to need one more kick at the public trough. A town house in South Surrey will run you a million these days, so $7M is not enough to retire on even if he will receive a pension from his days in Parliament.
7 million seems like an awfully small sum for Papa Steve’s net worth, I’m guessing there’s a rather large chunk of change stashed somewhere well away from prying eyes.
7M will by at least two nice houses in Vancouver, more like 3 if you’re downsizing. Unless by ‘nice’ you mean “mansion on Marine Drive”. Why do you feel the need to exaggerate?
I don’t think he’s exaggerating. Do you think ol’ Steve-O would settle for a shack amongst common schlubs like us? Nothing but the best for the Great Right Hope and future saviour of Canada! (yes, sarcasm intended)
Marine Dr. in Vancouver, well there is the poor side of the street and then the rich side of the street which goes down to the river. There is a bit of a difference in price.
A new house in Nanaimo is a million and change, lots are about 33 by 128 and its just a basic builders special. In Vancouver a friend’s house, over a hundred years old is over $3M. Well they say the house is worth $35 and the rest is the land it sits on.
No I don’t mean nice to be a mansion on Marine Drive. I mean simply a house where working families lived not that long ago. Houses on the east side of Vancouver go for about $2M if the lot is a tad larger. apartments can go for up to $10M if you check A.D. some houses in Vancouver have dropped in price but still they are over $2M.
This can never be fixed because it is the result of the financialization of everything, and that is the result of 40 years of neoliberalism. It can never be fixed because we have no political parties in Canada that don’t believe in neoliberal economic doctrine. DJC
You maybe on to something there.
Every one was happy when they sold their homes and made enough to move to the Fraser Valley or Kelowna and had enough money to retire on. then their kids and grandkids wanted to purchase a home and it wasn’t possible. Add in a little money laundering, the drug trade and you have a housing shortage.
“no political parties in Canada that don’t believe in neoliberal economic doctrine.” I’d say that was correct because everyone in the real estate game has a lot to loose if things change.
If you’re an aging baby boomer or the in the group after us, you most likely own your home free and clear. You don’t want changes, even if you are left or far left, because you want to leave that to your grandkids or enjoy your own life like you were a millionaire in some other country.
According to a podcast I just listened to – CBC Calgary’s “West of Centre” – he lives in a posh neighbourhood in Calgary (I forget the name), where house prices are nowhere near as crazy as in Vancouver.
Jerry: I thought he had a place at Bragg Creek. https://cochranenow.com/articles/bragg-creeks-stephen-harper-receiving-albertas-highest-honour Surely he can’t have TWO houses? DJC
OK. You want to deny the challenges we face? Fine. You want to believe in fairy chem-trails? Fine. You think it’s a great idea that citizens tax and pension dollars should pay to clean up after companies that have been banking profits and shipping billions in dividends off shore? Wow! That’s a new level of stupid! Here’s song for you! https://youtu.be/00VkP7v-VaM?t=1
@djc (or anyone who is knowledgeable):
I literally submitted my application for CPP 2 weeks ago. If Smith’s dystopian APP nightmare actually comes to pass, if I move out of the province, does my money move with me?
I don’t think I will have to, after all, even her pet seals at the Clown party’s stage managed town halls on stealing the CPP refused to bark her tune.
But due diligence requires me to determine what my options are.
Gerald– Alberta is/was my home province. I’ve also lived and worked in 2 others. Retired & moved back to BC ,and am currently getting my meager CPP .
I still believe that Marlaina’s plans for getting even a portion of the CPP are out of whack.
What is her definition of an “Albertan” ? I would assume that technically it was someone who was born in Alberta. Anyone else would be an ‘immigrant ‘ to the province; just because you worked in Alberta for a specified length of time, it doesn’t make you a local.
It’s one of the reasons it’s the “Canada Pension Plan “, you can live and work anywhere in Canada (exception-Quebec), and retire anywhere in Canada and collect your CPP.
What the policies for private company pensions are, I’m not sure of.
Again, she hasn’t considered the CAF into the equation. When the military personnel move around Canada, they get automatic compensation/benefits (?) for said province, while the spouse (me) had to spend a year before I qualified as a resident.
—So military personnel are Canadian residents, but if there spouses are working in (ie) Alberta, they are temporary residents paying into CPP.
Which to me also applies to all the out-of-province O&G workers who have homes in other provinces.
I’m not sure of all the intricacies of the legalities, but it seems to me that the compensation that Alberta would be entitled to, would be only for the actual time employed in Alberta; and the time & cost of going through every single individual’s tax records for the last, how many years? If she still insists on going forward, I’ll gladly be the first test case– being a Gypsy at heart– and given the constraints of the CRA, we’ll see if I can make another computer overload. The poor lady at Service Can…..I’m still not sure if she was amused or bemused. Four appointments later we got through the basic requirements. When I had to go back…..
Anyway, IMHO, it’s just another wild idea with alot of murcan influence (like the pardons) that someone thought was a great idea; but didn’t put in the time or effort to figure out the legalities of this plan, before jumping in with both c’aboy boots. Wild west style- we’re just gonna go in there, round up that critter and put “our” brand on it, possession is 9 tenths of the law. What do you mean that’s not how it works. This is all JT’S fault or if we have to go back, then add in PET as well. It’s not like this was the first time the Con’s tried to put through “ideas” that got dismissed by the courts.
Thanks. Good thing I am an “immigrant” (birth certificate is from Saskatchewan), even though all my working life has been in Alberta.
I think an APP shall never come to pass; Smith’s base at the stage managed town halls told her to back off; Skippy Pollieve won’t touch it for same reason; and the rest of the country has already said f*** NO.
I note the year is almost over, the parliamentary budget office is yet to release their number, and Ditzy Dani, even fresh from leadership review, is saying boo …
Off topic, but a wee dram of medicine: especially POGO
For those old enough to remember, to the tune of a chocolate turtle ad….
> Onions, onions, rah rah, rah
Ummm, I love onions….<
KARMA!
I really do as commanded. In your case? Three knocks? They’re preferred! Enjoy Some real deal my dear! https://youtu.be/tJDMaAb1gsc?t=2 We’re in this mess together!
A bigger lesson that Canadian will soon learn is that the power of a Premier or Prime Minister with a majority government is effectively unlimited. The CPC and UCP are on course to show us just what that means when “unlimited power” is combined with “deranged, ruthless, and entirely without scruple, conscience or any manner of restraint.”
If the APP goes to a referendum I hope that anyone who has ever worked in AB gets to vote as they will also be impacted by this idea. This also includes anyone who has now retired outside of the province. I know a hand full who are now back in NFLD and another hand full in the interior of BC. Most are not impressed with the UCP.
PS: This is an important point. While we don’t know what the divorce agreement would look like, I cannot see the Canada Pension Plan Investment Board agreeing to keep on anyone who spent most of their pensionable years working in Alberta as a liability of the CPP. Not, at least, unless the opting-out formula ensured that the appropriate amount of money remained in the CPP fund, which would decrease the size of the already unrealistic grubstake the UCP claims it is entitled to purloin away from Canadians. DJC
Trump wants an alleged statutory rapist for Attorney General, an anti-vaxxer 5g conspiracy theorist to run health. Not to be outdone, Dani reaches out for Harper.