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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European Union To The Rescue

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Like a knight in shining armor the European Union rode in with a loan package that with the support of the International Monetary Fund could reach one trillion dollars or if you prefer 750 billion euro's. This loan package is further supported by the European Central Bank wish indicated they would buy both government and private debt bonds.

World markets rose sharply with the news of this rescue package and most currencies either stabilized or showed marked increases.

Now for the bad news, Money Magazine Hoss questions the wisdom of loaning more money to already cash poor countries as a way to make that country or countries more solvent. Only a change in financial philosophy can accomplish this. For example Greece has about one third of there citizens on the government payroll. It is time for this to stop. The Governments of the weaker economic countries must implement strong and realistic cutbacks or this bailout plan will eventually fail.

Money Magazine Hoss and millions of other families around the world manage to successfully create household budgets that enable them to survive in tough economic times, why can't governments do the same?

However, maybe this crisis will wake people up to the fact that there is no free ride, we must all contribute as best we can, so that all our societies can survive and prosper.

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Euro Hits a Fourteen Month Low
European Financial Crisis Deepens

Euro Hits a Fourteen Month Low

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Despite assurances from European Central Bank President Jean-Claude Trichet, Greece's continuing financial crisis has sparked fears that they just might be forced to default on their sovereign debt.

In order to obtain 110 billion euros in loans over three years from eurozone countries and the International Monetary Fund the Greek government agreed to increase taxes and cut spending.

In Athens protesters rioted over some of the Government's announced measures which included cuts to civil servants and retirees 13th and 14th month bonus pay; an additional three years for pension contributions; and the retirement age for women will be raised to 65.

At the Marfin bank police reported that two women and one man died when the bank caught fire after rioters threw Molotov cocktails inside. More were injured and taken to safety and treated for their injuries.

President Carolos Papoulias insistence that the measures were necessary for Greece's survival did not stop the unions from holding a general strike and protests.

World markets did not take kindly to this unrest as virtually all the major markets lost ground.

While The Hoss supports a persons or groups right to protest they must do so peacefully. The killing of innocent people is not acceptable.

These incidents in Greece should not be taken lightly similar instances could occur in the other areas under financial stress such as Spain not to mention a possible spread to North America and Asia. Let's hope that world leaders unite and solve this world economic mess before it is too late.

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Canadian Coup d'état

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In what amounts to a legal Coup d'état, Canadian opposition parties are forming a coalition to over throw the Canadian Government of Prime Minister Stephen Harper. Hoss Cents Free Financial Money Magazine discusses this unprecedented grab for power by Liberal leader Stéphane Dion.




The Canadian Parliamentary system requires that the governing party have the confidence of the House of Commons. If the Government is defeated, The Governor General essentially has two options: dissolving Parliament and sending Canadians to the polls, or finding a new government that does have the confidence of the House.

The makeup of the Canadian House of Commons following the recent election is as follows:
The Conservatives have 143 seats, Liberals 77, NDP 37, Bloc Québécois 49.

The Liberals and NDP do not have enough seats in the House of Commons to form a coalition, so what do they do? Why they invite the Bloc Québécois (the party whose only purpose for existence is to separate from Canada) to join their coalition. This gives the coalition a total of 163 votes and enough to pass legislation. One wonders what concessions have been made to the Bloc in order to gain their co-operation.

Who do they choose to lead this coalition? The leader who, just seven weeks ago, led his party to its lowest share of votes ever and is scheduled to be replaced by his own party in the spring. Yes, Stéphane Dion, will be Canada's next Prime Minister. Who do we have to thank for this dubious honour? Jack Layton of the tax and spend NDP party and Quebec's Separatist party the Bloc Québécois .

The Hoss does not believe this is what the Canadian voters had in mind when they cast their ballots in the last election. The news of this unlikely coalition appears to have spooked the Canadian stock market, which suffered its largest single day drop ever.
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