[torian]

Income-trust probe looks at Brison e-mail to bank
SINCLAIR STEWART , STEVEN CHASE and BRIAN LAGHI

TORONTO, OTTAWA -- The Canadian Imperial Bank of Commerce has turned over an e-mail received from Liberal MP Scott Brison to police and regulators as part of a probe into the income-trust controversy that dogged the Liberals in the recent election campaign, The Globe and Mail has learned.

Sources said the former public works minister, a potential contender for the Liberal leadership, sent an e-mail to one of CIBC's employees the day before Ottawa announced its much-anticipated policy on income trusts last November, in which he suggested the recipient would likely be pleased by the decision.

The bank did not learn of the e-mail until after the federal election campaign began, but when it did, it launched an internal review of its trading activity in the lead-up to Ottawa's announcement. The sources said the review did not turn up anything unusual, but CIBC still decided to bring its report to the attention of the RCMP and the Ontario Securities Commission.

Trading of income trusts spiked considerably on Nov. 23, the day former finance minister Ralph Goodale unveiled his policy on the booming sector, prompting speculation that there may have been a leak from the federal government.

Soon after, the Mounties launched a criminal investigation into whether news of Ottawa's plans had somehow found its way into the stock markets and fuelled improper trading.

Sources said Mr. Brison sent his e-mail on Nov. 22, the day before the decision.

The e-mail was part of a longer, general communication in which the former minister's remarks about income trusts were a small part, sources said.

Mr. Brison said in an interview yesterday that neither he nor his office sent out an e-mail about how the issue would be decided.

"No. That would be totally false," he said. "We were only aware when it was, in fact, the thing was made."

Mr. Brison said his advance knowledge of the decision was only what he read in the newspapers.

"I'm unequivocal on that there was absolutely no information that I had," he said.

"I was not part of a cabinet discussion or decision-making process on that issue."

When asked later whether he personally had a communication in which he might have speculated on the outcome without firm knowledge, Mr. Brison said "No," adding, "You're asking me something in terms of communication that I don't remember. I don't recall anything."

Mr. Brison also would not say whether he had been questioned by police.

"I'm not going to comment," he said.

The RCMP's financial-crime investigation unit is still probing the matter, and a spokesman for the force refused to comment yesterday. "Because the investigation is ongoing, it would be inappropriate to provide any details of that investigation," Staff Sergeant Paul Marsh said.

Spokespersons for the both the Securities Commission and the CIBC declined to comment. However, sources said other banks have been contacted by the RCMP as part of the investigation.

The announcement of the investigation was seen among many Liberals as the turning point of the campaign. The RCMP made the announcement during Christmas week, when the Liberals were still leading in the polls. The probe, along with a horrific shooting in downtown Toronto, preceded the slide in Liberal fortunes.

Many investors feared the Liberals would try to curb the growth of trusts by slapping them with a punitive tax, but the government opted not to meddle with the sector, choosing instead to lower the effective tax rate on dividends. After losing billions of dollars worth of market value because of the uncertainty clouding their future, trusts suddenly roared higher on the stock markets, erasing their losses.

The former Liberal government insisted that details of its Nov. 23 plans for income trusts were tightly held and that its staff kept details secret until the announcement was made.

Mr. Goodale disclosed during the election campaign that two other cabinet ministers knew in advance about the Nov. 23 announcement: former revenue minister John McCallum and then-House leader Tony Valeri. The campaign began Nov. 29.

Mr. Goodale also said that three of the then-prime minister's senior aides were aware of the substance of the income-trust announcement in advance, but he didn't name them.

Former Liberal prime minister Paul Martin refused to say during the campaign which staff members in his office or in the Privy Council Office knew in advance about the announcement. During the campaign, Mr. Martin said members of his staff and the PCO take oaths to keep such information secret.

"I am satisfied that every single person in my office honoured those oaths," Mr. Martin said in January.



Interestingly enough, the globe has pulled this story off the front page and has buried it...and the other papers have not picked up the story.

Whaddya think? Shapiro inquiry into Emerson trying to take the heat off Brison?

[OnTheIce]

torian torian:

Income-trust probe looks at Brison e-mail to bank
SINCLAIR STEWART , STEVEN CHASE and BRIAN LAGHI

TORONTO, OTTAWA -- The Canadian Imperial Bank of Commerce has turned over an e-mail received from Liberal MP Scott Brison to police and regulators as part of a probe into the income-trust controversy that dogged the Liberals in the recent election campaign, The Globe and Mail has learned.

Sources said the former public works minister, a potential contender for the Liberal leadership, sent an e-mail to one of CIBC's employees the day before Ottawa announced its much-anticipated policy on income trusts last November, in which he suggested the recipient would likely be pleased by the decision.

The bank did not learn of the e-mail until after the federal election campaign began, but when it did, it launched an internal review of its trading activity in the lead-up to Ottawa's announcement. The sources said the review did not turn up anything unusual, but CIBC still decided to bring its report to the attention of the RCMP and the Ontario Securities Commission.

Trading of income trusts spiked considerably on Nov. 23, the day former finance minister Ralph Goodale unveiled his policy on the booming sector, prompting speculation that there may have been a leak from the federal government.

Soon after, the Mounties launched a criminal investigation into whether news of Ottawa's plans had somehow found its way into the stock markets and fuelled improper trading.

Sources said Mr. Brison sent his e-mail on Nov. 22, the day before the decision.

The e-mail was part of a longer, general communication in which the former minister's remarks about income trusts were a small part, sources said.

Mr. Brison said in an interview yesterday that neither he nor his office sent out an e-mail about how the issue would be decided.

"No. That would be totally false," he said. "We were only aware when it was, in fact, the thing was made."

Mr. Brison said his advance knowledge of the decision was only what he read in the newspapers.

"I'm unequivocal on that there was absolutely no information that I had," he said.

"I was not part of a cabinet discussion or decision-making process on that issue."

When asked later whether he personally had a communication in which he might have speculated on the outcome without firm knowledge, Mr. Brison said "No," adding, "You're asking me something in terms of communication that I don't remember. I don't recall anything."

Mr. Brison also would not say whether he had been questioned by police.

"I'm not going to comment," he said.

The RCMP's financial-crime investigation unit is still probing the matter, and a spokesman for the force refused to comment yesterday. "Because the investigation is ongoing, it would be inappropriate to provide any details of that investigation," Staff Sergeant Paul Marsh said.

Spokespersons for the both the Securities Commission and the CIBC declined to comment. However, sources said other banks have been contacted by the RCMP as part of the investigation.

The announcement of the investigation was seen among many Liberals as the turning point of the campaign. The RCMP made the announcement during Christmas week, when the Liberals were still leading in the polls. The probe, along with a horrific shooting in downtown Toronto, preceded the slide in Liberal fortunes.

Many investors feared the Liberals would try to curb the growth of trusts by slapping them with a punitive tax, but the government opted not to meddle with the sector, choosing instead to lower the effective tax rate on dividends. After losing billions of dollars worth of market value because of the uncertainty clouding their future, trusts suddenly roared higher on the stock markets, erasing their losses.

The former Liberal government insisted that details of its Nov. 23 plans for income trusts were tightly held and that its staff kept details secret until the announcement was made.

Mr. Goodale disclosed during the election campaign that two other cabinet ministers knew in advance about the Nov. 23 announcement: former revenue minister John McCallum and then-House leader Tony Valeri. The campaign began Nov. 29.

Mr. Goodale also said that three of the then-prime minister's senior aides were aware of the substance of the income-trust announcement in advance, but he didn't name them.

Former Liberal prime minister Paul Martin refused to say during the campaign which staff members in his office or in the Privy Council Office knew in advance about the announcement. During the campaign, Mr. Martin said members of his staff and the PCO take oaths to keep such information secret.

"I am satisfied that every single person in my office honoured those oaths," Mr. Martin said in January.



Interestingly enough, the globe has pulled this story off the front page and has buried it...and the other papers have not picked up the story.

Whaddya think? Shapiro inquiry into Emerson trying to take the heat off Brison?

I love the Liberals......"I had no idea"

The damn CIBC must have it in for Brison

[ridenrain]

Classic Liberal.

[Scape]

ridenrain ridenrain:

Classic Liberal.

YOUR ALIVE!!!

[ridenrain]

Yes. I've been away, but now am back.

[PluggyRug]

ridenrain ridenrain:

Yes. I've been away, but now am back.

Welcome back sir, us Cons have missed you.

[fatbasturd]

ridenrain ridenrain:

Classic Liberal.

This would be a Classic Liberal

[ridenrain]

fatbasturd fatbasturd:

ridenrain ridenrain:

Classic Liberal.

This would be a Classic Liberal

.and we were all trying so hard to forget him.

[fatbasturd]

ridenrain ridenrain:

fatbasturd fatbasturd:

ridenrain ridenrain:

Classic Liberal.

This would be a Classic Liberal

.and we were all trying so hard to forget him.

we all have our crosses to bear... no matter how hard I try I can not forget this.

[Tory_canuck]

Coming soon to a news story near you!
Librano$-The series.

Watch more Librano scandals unfold and old ones in the amazing RCMP investigation adventures, even though the ol' Librano gang is sitting in the opposition benches now.

Martini is gone, Goodale is running in circles over the IT scandal, Beam me up Scotty Brison is now in the middle of the IT scandal.Watch him squirm Brokeback style as the Mounties probe him after CIBC comes out of the closet and reveals everything.

[karra]

A case of Brokeback Blackberry if ever there was one - no doubt he'll fall on someone's sword as he continues to wiggle and squiggle a la Svend with excuses only the CeeBeeSea will accept - well, CeeBeeSea, Svend and Billy Graham. . . .

Where's your Max Rivard when you need him Scooter - busy fingering his jewel(s) perhaps?

[ShepherdsDog]

fatbasturd fatbasturd:

ridenrain ridenrain:

Classic Liberal.

This would be a Classic Liberal

No, that is a classic autocrat or intellectual elitist. This is a classic liberal



and this is what a contemporary Liberal looks like as of January 23, 2006

[fatbasturd]

[Toro]

Good Lord, I cannot believe Brison would be that stupid.

But of course, this is Canada, and he'll probably get two weeks in Club Fed, then a Senate appointment some time in the future...

[hwacker]

$1:

"two weeks in Club Fed"

He might never leave.