Conservatives demand Carney reveals his multi-million dollar stock options to the public
Episode Stats
Words per minute
147.55844
Summary
Conservatives are asking Prime Minister Mark Carney to publicly release information on all of his multi-million dollar stock options. Prime Minister Carney has claimed that he canceled the carbon tax, but in reality the federal carbon pricing law remains in effect. Canada, the United States and Mexico are all facing negative economic consequences due to Donald Trump s tariffs, while China is benefiting.
Transcript
00:00:00.000
conservatives are asking mark carney to publicly release information on all of his multi-million
00:00:10.160
dollar stock options prime minister mark carney has claimed that he canceled the carbon tax but
00:00:15.760
in reality the federal carbon pricing law remains in effect canada the united states and mexico are
00:00:22.160
all facing negative economic consequences due to u.s president donald trump's tariffs
00:00:27.520
while china is benefiting hello candidates wednesday march 19th and this is the true north
00:00:33.120
daily brief i'm cosmon georgia and i'm clayton domain we've got you covered with all the news
00:00:38.320
you need to know let's discuss the top stories of the day and the true north exclusives you won't hear
00:00:43.760
anywhere else conservatives are demanding transparency from prime minister mark carney
00:00:51.760
as questions swirl over his potential multi-million dollar stock options from his time at brookfield
00:00:58.240
asset management opposition ethics critic michael barrett renewed calls on tuesday for carney to
00:01:03.840
disclose his assets claiming that the newly sworn in pm is likely raking in millions from his former
00:01:10.560
asset firm barrett said these assets could place carney in a conflict of interest as he implements
00:01:16.800
federal policy as first reported by bloomberg carney held 6.8 million dollars in brookfield stock options
00:01:24.560
before quitting the company to run in the liberal leadership race however the company's annual
00:01:30.000
filings do not indicate how much of that money has been paid out to him barrett noted that he is likely
00:01:35.920
still owed money for these stock options and that his dealings as prime minister could influence the value
00:01:41.600
of those assets potentially remaining hidden before the end of the next general election additionally
00:01:47.680
brookfield has invested billions into green energy projects and infrastructure something carney's
00:01:53.440
policies including carbon taxes and negotiations with foreign countries are likely to influence during
00:02:00.080
a press conference in the uk on monday carney lashed out after reporters grilled him on his potential
00:02:05.840
conflicts of interest he interrupted one reporter saying quote what possible conflict would i have
00:02:13.280
and outright denied that he had any conflicts of interest carney also rejected requests for him to
00:02:19.440
disclose what assets went into his blind trust accusing reporters of quote trying to invent new rules
00:02:26.320
that would have him disclose those assets before the 120 day requirement he has to do so so clayton what laws
00:02:33.760
are on the books in canada when it comes to financial disclosure for elected officials and are they different
00:02:41.440
from the united states where i know politicians are required to disclose the exact value of all their
00:02:47.840
assets yeah they are different so the u.s uh you have to disclose a range of assets while canadian
00:02:55.600
politicians are required to disclose their assets liabilities income sources and certain financial
00:03:02.240
activities but they don't have to disclose the exact dollar value as their american counterparts as
00:03:08.320
you said they do have to include those numbers however to the conflict of interest and ethics commissioner
00:03:14.960
who then advises the elected official on what needs to be divested from and disclosed to the public
00:03:21.040
the commissioner publishes a summary of the confidential disclosure statement detailing those assets and
00:03:26.400
liabilities but they won't include the amount the official has invested they also have to disclose the
00:03:33.840
financial interests of their spouses and dependent children but again the value of those in interests
00:03:40.400
aren't revealed to the public and only the ethics commissioner sees that in the u.s they have to disclose
00:03:47.280
any transactions that are greater than a thousand dollars and a blind trust is recommended but not always
00:03:53.680
that is required for those key positions like in canada but even knowing what carney is invested in
00:04:00.720
let alone the value of those investments could shed a light onto any potential conflicts of interest
00:04:07.520
he has while dealing with other nations or setting public policy if he remains invested in esg or
00:04:14.880
environmental social governance evaluation companies for example as he's worked in before and then changes or
00:04:21.840
enhances policies requiring companies to use those assessment organization services that would be a
00:04:35.280
by minister mark carney's claim to cancel the consumer portion of the carbon tax is misleading
00:04:41.600
as a federal carbon pricing scheme law requires on the books carney's announcement on friday was based on
00:04:48.720
an order in council to lower the cost of the consumer portion of the tax to zero in reality the federal
00:04:55.680
carbon tax legally known as the greenhouse gas pollution pricing act remains in effect across canada
00:05:02.960
and can only be axed by a majority vote in parliament since this isn't a repeal of the law currently in
00:05:09.280
place there is nothing that could stop the tax from being imposed again at will or even further increase
00:05:16.160
carney announced an end to the consumer carbon price during a signing ceremony at his inaugural
00:05:21.440
cabinet meeting friday which was attended by members of the press it was an unusual display for
00:05:28.240
canadian politics and more akin to u.s president donald trump's regular public signings of executive orders
00:05:35.840
from the oval office canadian prime ministers do not wield the same unilateral executive powers
00:05:41.680
as u.s president carney posted the order in council to x on saturday which said it set all quote applicable
00:05:50.160
fuel charge rates for all types of fuel and combustible waste to zero after march 31st 2025.
00:05:58.240
conservatives responded by cautioning canadians that this does not amount to repealing its legislation
00:06:04.400
as parliament would have to first reconvene before it could be voted on the conservatives claim that this
00:06:10.320
was done by design to allow the liberals to later reignite the contentious carbon tax once it becomes
00:06:16.560
more politically convenient to do so this order also provides the carney government with the ability
00:06:22.560
to further raise it with the liberals latest increase previously being scheduled for april 1st before the
00:06:29.680
document was signed though cosmet he's lowered the carbon price to zero for consumers are there any other
00:06:38.160
federal climate policies that remain in place which are negatively contributing to the cost of living
00:06:44.320
prices yeah but just to uh touch more on the carbon pricing law itself what he did was lower the flat rate
00:06:53.200
that canadian consumers were facing and i think it's 80 dollars per ton and they intended it to go up to
00:07:00.720
like 170 dollars eventually but he lowered that portion to zero but the output based pricing system
00:07:08.880
in that law which is what uh industry emitters have to pay that remains in effect and of course these things
00:07:17.680
have ripple effects on the cost of gas home heating and even groceries anything that's transported with a
00:07:25.680
truck or something that requires fossil fuels but there are other regulations too that still remain
00:07:31.760
so there's the clean fuel regulations trudeau has introduced the electric vehicle mandates uh there's
00:07:38.160
also the oil and gas emission cap which is currently in the works and he's also introduced the net zero
00:07:45.440
electricity regulations and all of these things contribute to raising costs for average people they make it
00:07:55.040
harder to power your home and more expensive and canadians need to realize that all of these laws are
00:08:06.160
the escalating tariff war between the united states and its trading partners is hitting north america
00:08:11.600
the hardest with canada mexico and the u.s seeing slowed economic growth meanwhile china stands to benefit
00:08:18.240
from a boost to gdp and lower inflation according to recent data the organization for economic
00:08:24.800
cooperation and development's latest interim economic outlook released on monday revised its
00:08:31.040
projections for north america u.s economic growth is expected to slow from 2.2 percent in 2025 to 1.6
00:08:39.440
in 2026 canada's economy is forecast to grow just 0.7 percent in both years mexico is expected to
00:08:48.160
contract by 1.3 percent in 2025 and 0.6 percent in 2026 canada's inflation rate is projected to be 3.1
00:09:00.160
in 2025 placing it between mexico and the united states and in the middle of the pack of oecd
00:09:07.040
countries china will see the lowest inflation rate at 0.6 percent and 1.4 percent in 2025 and 2026
00:09:16.400
respectively meanwhile china's real gdp is projected to grow 4.8 percent in 2025 before slowing to 4.4
00:09:24.960
percent in 2026 the oecd report highlighted that the proliferation of tariffs would hurt global
00:09:31.920
business investment and drive inflation higher forcing central banks to maintain elevated interest
00:09:37.840
rates longer than previously anticipated the organization warned that an additional 10 percentage
00:09:43.760
point rise in bilateral tariffs could cut global gdp by 0.3 percent within three years and drive
00:09:50.720
inflation up by 0.4 percentage points annually the oecd warned that this could worsen amid an escalated
00:09:57.680
trade war retaliation to new u.s tariffs on canadian steel and aluminum the liberal government imposed
00:10:03.760
25 percent tariffs on an additional 29.8 billion dollars worth of u.s imports bringing the total amount of
00:10:10.880
counter tariffs to nearly 60 billion dollars so clayton what has the bank of canada said about
00:10:16.240
the tariffs and their impact on the canadian economy well unsurprisingly much like the oecd
00:10:22.480
the bank of canada is warning that this tariff spat is already negatively affecting canada and is
00:10:27.920
expected to do so if the tariff spat continues the bank of canada also warned that the tariff war is
00:10:34.560
expected to increase inflation in canada for months canada's inflation rate has been floating around
00:10:40.080
the two percent target that the bank has set out but it warned that inflation is expected to climb to
00:10:46.160
2.5 percent in march it said a protracted tariff war will lead to poor gdp growth and inflation and warned
00:10:54.800
that the conflict will likely slow first quarter gdp growth and disrupt the recovery of canada's job
00:11:01.120
markets the uncertainty that comes with on and off tariffs have already pushed up short-term inflation
00:11:08.080
expectations and the canadian dollar still sits at a value of under 70 cents u.s which is how low it was
00:11:16.400
when the lockdowns were first announced in 2020 making it a dollar 44 per american dollar the bank
00:11:23.600
also cut policy rates to 2.75 percent in the face of tariffs last week the bank of canada governor said
00:11:31.040
that the bank's rate changes are part of a continuous focus on attempting to maintain price stability in
00:11:37.280
canada and he said that at the end of 2024 canada was on a solid economic footing but that the
00:11:44.400
tariffs pose a crisis for the canadian economy and have already harmed business investment and consumer
00:11:51.200
confidence that's it for today folks thanks for tuning in you can stay on top of new episodes every
00:12:00.000
weekday by subscribing to the daily brief on itunes and spotify also while you're at it make sure to hit us
00:12:06.080
with a five-star rating and please leave a review