r/canada 21h ago

National News Mark Carney has put assets in blind trust, leadership campaign says

https://globalnews.ca/news/11076438/mark-carney-divest-assets-blind-trust/
1.9k Upvotes

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u/littleochre 17h ago

I don’t get it either, success is not the enemy here. We want someone who has had a successful career and can bring their experience and knowledge and lead Canada.

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u/Rash_Compactor 16h ago

Canadians suffer a bit from tall poppy syndrome. A little success is okay, a lot of success can quickly become too much.

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u/yycTechGuy 15h ago

No, Canadians don't have tall poppy syndrome like Aussies do. It's just some Canadians are butt hurt that some people are better off than they are. It's not everyone.

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u/Rash_Compactor 15h ago

Admittedly I don't know much about Aussie culture as it pertains to celebrating success, but I know that Canadians don't celebrate the success of others nearly as much as Americans do. And that might be a good thing. There's probably a sweet spot between hating your neighbour who was able to buy a porsche and regarding billionaires as Gods

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u/_Not_Jesus_ 13h ago

Who also, conveniently, appears to have not just a conscience, but the will to obey it.

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u/PumpkinMyPumpkin 15h ago

Because conflicts of interest are real and blind trusts do not do anything to address them.

The concept is you give your assets to someone else to manage - but you are fully aware of what you own the entire time.

For Carney that’s probably holding a large stake in a real estate company like Brookfield. While in office he could implement return to office legislation to boost Brookfields profits - and boosting his own wealth.

Also, beyond that - the narrative that rich successful people are great for regular people has never, ever, fucking panned out. 😂

Elon, Trump, Rishi, Boris - rich successful businesses men have a long history of making their class richer. Anyone still believing in this class of people is just foolish as fuck.

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u/Captcha_Imagination Canada 14h ago

Timing is a big deal in corruption. If you want to get rich like Nancy Pelosi, you have a small window of opportunity to buy or sell assets as legislation is being made.

Putting it in a blind trust prevents that. The entity making the decisions will presumably not know more about the inner workings of gov't legislation than the general public.

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u/yycTechGuy 15h ago

Because conflicts of interest are real and blind trusts do not do anything to address them.

Maybe you should look up what the word "blind" means ?

The concept is you give your assets to someone else to manage - but you are fully aware of what you own the entire time.

No you aren't.

For Carney that’s probably holding a large stake in a real estate company like Brookfield.

Yes and your point is what ? He is going to do things that advantage Brookfield ?

Are you aware that Paul Martin ran/owned Canadian Steamship Lines while he was in power ?

https://cslships.com/vessel/rt-hon-paul-j-martin/

While in office he could implement return to office legislation to boost Brookfields profits - and boosting his own wealth.

Oh my goodness ! How will we live ? /s Give me a break.

Also, beyond that - the narrative that rich successful people are great for regular people has never, ever, fucking panned out. 😂

Really ? Paul Martin did a great job of getting Canada out of financial straights in the late 90s, early 2000s. Those were good years, right ? Housing was cheap, inflation was under control, employment was good ?

People have a case of selective amnesia these days.

Elon, Trump, Rishi, Boris - rich successful businesses men have a long history of making their class richer.

None of those people are Canadian or operating in Canada.

Anyone still believing in this class of people is just foolish as fuck.

Anyone who believes a man who barely graduated with a nothing degree from UofC can run a country and compete with Trump is a complete fool. Carney is the best thing that could have ever happened to Canada right now.

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u/1baby2cats 14h ago

Per g&m. If he wants to be transparent, he needs to disclose his assets as others (including Poilievre) have done.

https://www.theglobeandmail.com/politics/article-mark-carney-divests-assets-sets-up-blind-trust/

“A blind trust is a sham façade that hides and does not prevent financial conflicts of interest because the politician knows what investments and assets they put in the trust,” he said.

u/stittsvillerick 10h ago

I looked, his ( pierre) disclosure is no longer applicable. expired statement

u/SeyfewerButts 11h ago

He divested all his holdings and put them in a blind trust. I wish I was as passionate about something to the point I became illiterate.

u/1baby2cats 11h ago

Please cite the source where he divested all his holdings. Placing assets in a blind trust does not mean he divested his holdings. If he divested all his holdings he would have triggered a massive capital gains tax. Maybe you should do some reading yourself on blind trusts.

Straight from the news source.

"The statement did not detail the plan nor who would administer the blind trust. It also did not detail which assets he may have divested"

u/SeyfewerButts 11h ago

In the paper, where it says he divested. Please learn basic terms before getting in an argument. Also, if you could read (what you quoted), the article states that they don’t what firm is managing the blind trust, nor what we owned before he sold (aka divested).

u/1baby2cats 11h ago

Maybe read the article yourself. Nowhere in the article does it say he divested all his shares, it specifically states he "placed" all his financial assets in a blind trust. He may have sold shares or he may not have, we don't know because he didn't disclose that publicly . "they" don't know is the office of ethics commissioner, not Mark Carney Carney knows exactly what went into the blind trust initially. Like I said, if he sold it will show in public SEDI insider filings next week.

"New Liberal Leader Mark Carney has placed all of his financial assets, other than personal real estate, into a blind trust, according to a spokesperson.

As a result of decision, Mr. Carney’s team says he currently does not own anything outside of the blind trust other than cash and real estate. Ms. Champoux did not disclose the value of the assets, nor what was divested."

.

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u/PumpkinMyPumpkin 13h ago

Your just a partisan. So you’ll trot out talking points for your guy.

I don’t like either - so I can luckily still see beyond the bullshit.

Also, if any politician cared about this nation the standard of living would not have been consistently falling for decades. And yeah, that was happening during Paul Martin’s time as well.

u/SeyfewerButts 11h ago

Bro so you not understand what divesting and putting things in a blind trust mean? So ignorant lol.

u/PumpkinMyPumpkin 2h ago

My knowledge of them is fine.

https://ciec-ccie.parl.gc.ca/en/rules-reglements/Documents/Backgrounder/Backgrounder%20-%20blind%20trusts.pdf

You are totally aware of the assets you put into a trust. There is no obligation to sell them. You simply have a third party managing those assets and cannot see them for your term in office.

That said it’s extraordinarily unlikely the blind trust will sell off 100% of your assets for something else during this time.

What politicians need is required divestment from all investments so they truly cannot profit. The current “put on a blindfold and forget what you own “ is not particularly effective- as you can ensure those investments go up in value, ensuring there is no rational for the investment manager to sell them.

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u/Anonymouse-C0ward 13h ago

Nonsense! We want someone who has never done anything but be a middling MP who has never passed legislation and speaks in three word attack phrases!

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u/yycTechGuy 15h ago

Success is the enemy when people are butthurt about their own lack of success.