00:01:28.660He's the high-profile former governor of the Bank of Canada, who then jet-setted across the pond to become the first-ever Canadian-born governor of the Bank of England.
00:01:37.540He's a mainstay in global power circles, serving the leadership role in the World Economic Forum, acting as the special envoy for climate change and finance at the United Nations,
00:01:48.120sitting on the board of a number of non-profits promoting the net-zero approach and the urgent need for climate change,
00:01:54.980and he's a wealthy and successful banker.
00:01:56.920Until recently, he was the chairman of one of Canada's largest companies, Brookfield Asset Management,
00:02:02.540which describes itself as a leading global investment firm with over $1 trillion in assets under management.
00:02:13.100Since the day Justin Trudeau announced his resignation, Mark Carney was a favourite to replace him.
00:02:19.980The favourite, depending on who you read.
00:02:22.020Rock star economist Mark Carney, a front-runner.
00:02:24.580The Liberal leadership is Mark Carney's to lose.
00:02:27.540What's interesting is that even before he announced, the world was already talking about him.
00:02:32.460Before he was trying to replace Justin Trudeau as the leader of the Liberal Party, Mark Carney was an economic record-breaker.
00:02:38.140He worked his way up through a middle-class upbringing to really the top of the financial world in Canada and then in London,
00:03:08.160Now, you're looking very, very dapper and very cool.
00:03:10.300Look, I mean, there's a bit of a love affair going on as well, let's be honest, right?
00:03:13.520I mean, maybe three great love affairs in history.
00:03:16.120Romeo and Juliet, Will and Kate, and the national media, and Mark Carney.
00:03:19.060I mean, the national media really likes this guy.
00:03:21.500They've known him for a long time, and they're giving him a free pass so far.
00:03:24.440Now, if you listen to the legacy media, they'll tell you that he's the man to turn to during a crisis.
00:03:29.680That he was there, behind the scenes, with his sleeves rolled up, fixing the greatest problems we've faced in the last 30 years.
00:03:35.860Be it helping restructure Canada's finances and avoiding bankruptcy with Paul Martin and the Liberal government back in the 1990s,
00:03:42.620to steering the ship and navigating Canada through rough waters during the 2008 financial crisis with Stephen Harper and the Conservatives,
00:03:50.160hopping on over to do the same thing in the United Kingdom as the Governor of the Bank of England,
00:03:54.420or advising Prime Minister Justin Trudeau on the best course of action during the COVID-19 pandemic
00:04:00.040and resulting economic calamity of runaway inflation and the cost-of-living crisis we face today.
00:04:06.500There's only one problem with this narrative.
00:05:24.840Second, the decision, the formal decision of the board, happened after I ceased to be on the board.
00:05:32.440I do not have a connection with Bloomberg Asset, or Brookfield Asset Management.
00:05:36.380No longer have a role, obviously, as I resigned in the middle of January.
00:05:39.580However, a letter signed by Mr. Carney on December 1st, 2024, tells a different story.
00:05:46.760The letter reveals that Mark Carney, on behalf of the board at Brookfield, urged chair holders to support moving the headquarters to New York City and said that the board, which he was chairing, unanimously approved the arrangement.
00:06:00.480Conservative MP Michael Barrett provided this letter, signed by Mark Carney, as evidence.
00:06:07.400Last night, Mark Carney lied to Canadians.
00:06:10.320He lied to Canadians, saying that his company, Brookfield Asset Management, only moved their headquarters from Canada to Donald Trump's hometown of New York City, after he had resigned from the board.
00:06:26.880Now, we all know that Brookfield made that announcement on October 31st, proving that Mr. Carney was lying to Canadians.
00:06:38.420But this morning, we can share with you a letter, signed by Mark Carney, on December 1st.
00:06:48.680Now, this is days after, just days after, Donald Trump had threatened Canada, for the first time, with unjustified tariffs.
00:06:59.100Now, this letter says that the decision by the board, of which Mark Carney at that time was chair, was unanimous.
00:07:08.420To move the headquarters and Canadian jobs to Donald Trump's hometown of New York City.
00:07:15.940And the letter implores shareholders, urges them to support the move.
00:07:23.640We believe, however, that there is more we can do to broaden our shareholder base and gain access to the deepest pools of capital.
00:07:31.560The most common feedback that we hear from investors encourages us to position Brookfield Asset Management for inclusion in some of the most widely followed global large cap stock indices, including in the U.S.
00:07:45.700The board, based on, among other things, the recommendation of the GNCC, unanimously determined that the arrangement is in the best interests of Brookfield Asset Management and unanimously approved the arrangement.
00:07:59.900Accordingly, the board unanimously recommends that shareholders vote for the arrangement resolution at the meeting.
00:08:08.660So, one more time, let's go through the timeline.
00:08:11.520On October 31st, 2024, Brookfield first announced that it would be leaving Canada.
00:08:17.620November 5th, 2024, President Donald Trump is re-elected.
00:08:22.500November 25th, President-elect Donald Trump threatens the 25% tariffs on Canada.
00:08:28.520December 1st, Mark Carney writes this letter to shareholders explaining the New York City move.
00:08:34.720December 20th was the shareholder vote, but get this, it was not finalized until January 27th, due in part because of the Canada Post strike that was happening.
00:08:48.260On January 16th, Mark Carney resigned from Brookfield Asset Management so that he could announce his leadership for the Liberal Party of Canada.
00:08:57.440And then on February 25th, Carney stated that he was not involved in the decision to move out of Canada.
00:09:05.380So, as you can see, he got caught doing a political sleight of hand.
00:09:09.920And so, at a campaign event in Oakville, Ontario, Mark Carney said that he needed to be more precise when commenting about his involvement in Brookfield Asset Management and their decision to move to New York.
00:09:22.600There are several elements to the transaction, and I shouldn't have been more precise when I answered it.
00:09:28.340Basically, we will move to the plan of arrangement, and the plan of arrangement, and the agreement of all that, which is not simply a combination of cooperation with the end-acombed behavior chapter after what it actually was.
00:09:42.280I think the core of it is, what are we actually talking about?
00:09:46.320We're talking about maybe a technical change to where we had all this.
00:09:51.000Not a great start for our new and unelected prime minister.
00:09:55.220So, here at Juno News, we decided to find out what else he's been misleading Canadians about.
00:10:00.800While he says he's a respectable banker and a steady hand for the economy, his own words and actions contradict these very claims.
00:10:09.120Let's go back through the timeline and see what else he's been fibbing about.
00:10:12.480Here's Mark Carney during the English language leadership debate for the Liberal Party on Tuesday, February 25th, saying that it was his privilege to work with Paul Martin when he balanced the books and kept the books balanced.
00:10:27.620Well, it was my privilege to work with Paul Martin when he balanced the books and kept the books balanced.
00:10:35.840And one of the lessons of that is the need for government to continue to focus on how effective it is spending precious taxpayers' dollars.
00:10:55.520Martin famously charted out a new course for Canada to finally get its books in order after reckless and runaway spending and ballooning deficits created by Prime Minister Pierre Trudeau in the late 1960s and onwards.
00:11:09.800The problems compounded and were dumped at the feet of this Liberal government in the 1990s.
00:11:15.600They had to drastically cut the size of government and began a program review to look at each and every government program to determine if it was worth keeping.
00:11:24.900Believe it or not, the Liberals in Canada were doing doge 30 years before Elon Musk started this initiative in the U.S.
00:11:33.200The Liberals didn't do this because they wanted to. They did it because they had no choice.
00:11:38.140Canada was going bankrupt. No one wanted to buy our bonds and we came very close to defaulting on our debt.
00:11:44.340The budget that changed everything, as the right-leaning Fraser Institute described it, was introduced in 1995.
00:12:59.740Paul Martin went on to become prime minister from 2004 to 2006.
00:13:04.460And Carney was hired to work as a civil servant in the Ministry of Finance in late 2004.
00:13:10.420He was a mid-level bureaucrat, pushing papers around his desk, taking credit for the political decisions made by the prime minister of Canada.
00:14:59.760Carney's experience is not the day-to-day management of Canada's economy during the global financial crisis.
00:15:05.320I have listened with increasing disbelief to Mark Carney's attempts to take credit for things he had little or nothing to do with back then.
00:15:14.180He has been doing this at the expense of the late Jim Flaherty,
00:15:17.240among the greatest finance ministers in Canada's history, who sadly is not here to defend his record.
00:15:23.160But let me be very clear, the hard calls made during the 2008-2009 global financial crisis were made by Jim.
00:15:32.660Prime Minister Stephen Harper typically stays out of the political fray these days,
00:15:37.120so for him to issue that letter on Monday, March 3rd, he clearly felt the need to step in and correct the record.
00:15:44.040Let's move on to the next claim about Mark Carney, which is that he skillfully governed the Bank of England,
00:15:49.680and that he was revered and applauded for his role that he played.
00:15:53.620From no job to one of England's top jobs, Mark Carney, Canada's top banker, is jumping ship.
00:15:59.300Though Carney said for months it wasn't a job he wanted,
00:16:02.180today he announced he is taking over as head of the Bank of England.
00:16:05.820After repeatedly saying he didn't want the job,
00:16:08.380Mark Carney says the decision to move across the pond next summer was the result of soul-searching.
00:16:14.040He gets a hero's welcome in Canada for his role with Stephen Harper and Jim Flaherty during the 2008-2009 financial crash.
00:16:23.100He doesn't have the same stellar reputation with everyone in Britain, does he?
00:16:28.440Well, Juneau News' Kian Bexty caught up with former British Prime Minister Liz Truss,