Mulroney Behaviour "Inappropriate" says Oliphant

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Hoss Cents Free Money Magazine is not surprised that Justice Jeffrey Oliphant found that former Canadian Prime Minister Brian Mulroney “failed to live up to the standard of conduct that he himself adopted in the 1985 ethics code.” and that he acted in an inappropriate way when he accepted a cash payment reported to be either $225,000 or $300,000 depending on whose version you choose to believe.

Oliphant made it very clear that Mulroney's conducted himself in a manner that was consistent with a person who was trying to hide the fact that an transaction occurred between him and lobbyist Karlheinz Schreiber. There was no contract, or any documentation to confirm an agreement between the two parties. All evidence suggests Mr. Mulroney was trying to conceal that he received money from Mr. Schreiber.

On tree separate occasions Mr. Mulroney received envelopes stuffed with cash and he did not record these monies, deposit them or when given the opportunity disclose that these events took place. Oliphant specifically referred to the testimony Mulroney gave under oath in 1996 in connection with his lawsuit against the federal government as an example of Mulroney's failure to disclose these transactions.

It is estimated that the Canadian taxpayer is on the hook for $16 million, (the estimated cost of the inquiry). This figure includes $1.8 million for Mulroney’s lawyers.

Now that it has been shown Mr. Mulroney was less than honest, the question is, what happens to the $2.1 million Mulroney received as a settlement of his libel suit against the federal government? Opposition members of the Canadian Parliament have called for the Government to take steps to recover the $2.1 million.

The Hoss agrees with Mr. Oliphant conclusions that at the very least Mr. Mulroney acted in an inappropriate manner.

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Hoss's Best Bet Mutual Funds: Bond Funds

PH&N High Yield Bond Fund

Starting with today's edition, Money Magazine Hoss will begin a series of posts in which he reviews his best bet mutual funds.

Fixed income Bond Funds are the first category of mutual funds Money Magazine Hoss has selected for review.

The Hoss and Mrs. Hoss have included the PH&N High Yield Bond Fund, in their stable of mutual funds.

When the Government of Canada introduced the tax free savings account in 2009, The Hoss and Mrs. Hoss invested the maximum permissible amount in The PH&N High Yield Bond Fund. How has this fund performed? Since their initial investment on January 26, 2009, The Hoss and Mrs. Hoss have realized a return of over 14%.

The PH&N High Yield Bond Fund investment objectives are to provide a high level of income and the opportunity for capital appreciation by investing primarily in a well-diversified portfolio of fixed income securities issued by Canadian corporations.

To achieve the fund's investment objectives, the manager invests primarily in medium quality Canadian corporate bonds and preferred shares and government bonds issued or traded in Canadian and U.S. dollars. The average term to maturity of the portfolio is managed within strict guidelines, typically between three and ten years.

If you are an investor with low or moderate risk looking for a bond fund with high levels of current interest income, this fund may be of interest to you.

As with all Mutual Funds there is some risk with the purchase of this fund. The principal risks associated with an investment in this fund are market, interest rate, credit and liquidity risks.

For more information see PH&N High Yield Bond Fund.

Stay on track,

The Hoss
Next Hoss Cents Free Financial Money Magazine Post: Oct.11, 2009
Return to previous post from Hoss's Best Bet Mutual Funds: Bond Funds

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