Sunday, December 11, 2005

The corrupt Liberal's insider trading scandal

Edward Morrissey: Insider trading scandal deepens for Martin


Canadian Prime Minister Paul Martin may face more questions about personal ethics in the exploding scandal surrounding the alleged insider trading involving the Finance Minister's office and the announcement of monetary policy two weeks ago. Blogger MK Braaten has done some investigative reporting on the winners the day the policy got announced -- and found out that one of the biggest traded its shares at 3400% its normal volume in the hours prior to the announcement:

According to STOCKTRENDS.ca, the day before the Goodale income trust announcement, the trading volume of Medisys Income Trust was 226,500, with a value of $2,604,750, average trade was $37,750, and a total of 68 transactions. According to StockTrends.ca, this stock was listed as trading at “Unusual Volumes“.


M.K. Braaten: Martin linked Medisys Income Trust stock volume increased 3400% the day before Goodale trust announcement


Its said that Paul Martins personal doctor started a medical company called Medisys Income Trust, a chain of private health care clinics located across Canada.

The day before the Goodale income trust announcement, the volume of Medisys shares traded for the day went from 5,714 on November 21, to 203,953 on Novemeber 22. On November 23, the shares traded dropped back down to 6,220.


Angry In The Great White North: Another curious example of income trust trading, hitting close to home


By the way, who owns Medisys? Well, when they converted into an income trust in November 2004, 45% of the issued and outstanding shares were owned by directors and senior management at Medisys.

Who are these people? One is former Liberal Senator Leo Kolber. Leo Kolber has donated nearly $60,000 to the Liberals since 1993, including $17,500 in 2002 through his company 87215 Canada Ltd.

Ironically, in his autobiography Leo, A Life this member of the pro-business wing of the Liberal Party speaks of his disappointment at the decline in business ethics.

I guess he must still be disappointed.


Eric Beauchesne, National Post: Renewed call for income trust probe


OTTAWA - Finance Minister Ralph Goodale had an hour-long meeting with senior representatives of Canada's investment community at which the issue of income trusts were discussed only hours before his decision on the issue was announced, CanWest News Service has learned.

An official in Goodale's office confirmed Friday that the previously undisclosed meeting with the executive committee of the Investment Dealers Association of Canada took place but said those who attended left the morning meeting ``no wiser'' about the decision that was announced later that day after markets closed.

A spike in trading volumes and prices for income trusts and dividend rich stocks just hours before Goodale revealed the government would cut the tax on dividends and not impose a new tax on income trusts has raised highly publicized suspicions that some investors may have acted on advance knowledge of the decision.
Previous articles about: Liberal Party (Canada)
US reacts to Paul Martin’s electioneering anti-Americanism

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