As Moneybags Morneau scrambles to salvage his political career from growing scandals, more details are emerging about his potential “Conflict of Ethics.”
Global News is reporting that Moneybags gets dividend cheques worth at least $65K per month from Morneau-Shepell (MSI).
“Morneau on Thursday said he holds “about a million shares” in Morneau Shepell Inc. (MSI) which means his Hallowe’en treat from the firm which bears his name will be worth $65,000.”
Reportedly, the cheques could even have been as big as $150K in some months, and the 6.5% October dividend is just one of 25 dividend payments Morneau has received since taking office totaling over $1.6 million.
The problem here is that because he didn’t put his shares in a blind trust, he was in charge of regulating the same company giving him dividend cheques, giving him both the potential opportunity, and potential incentive to take actions that could have benefited his personal financial situation, rather than serving the country. While it is not yet definitely known if he did that, his support of Bill C-27 has raised serious concerns about it.
As noted by Global, “All of this has the opposition parties crying foul because, all the while that Morneau has been receiving dividend cheques from MSI, he’s been pushing a bill through Parliament, Bill C-27, that would improve business opportunities for firms like Morneau Shepell. Indeed, MSI is believed to be one of just four firms in the country which will benefit from new pension administration rules if C-27 becomes law.”
The cheques will apparently stop, as Morneau is claiming that he will divest his shares and put all his assets into a blind trust, but at this point, there’s no reason to believe him until there is iron-clad proof.
The fact that Moneybags Morneau makes more money in a month than most Canadians do in a year – yet he still wanted to retain control of his assets (meaning he could potentially make even more), is outrageous, and will only deepen public opposition towards him. Canada now has a finance minister that nobody trusts, and a government losing more and more credibility every second.
Photos – Twitter/YouTube
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