Canada Infrastructure Bank policy being set by massive global wealth fund BlackRock
The Trudeau government is bringing in a new Canada Infrastructure Bank. The bank would be a $35 billion fund, backed by taxpayer money. It would be designed to attractive private investment for infrastructure programs.
However, the government is putting itself in a potential serious conflict-of-interest by letting a global wealth fund have massive influence over how the infrastructure bank works.
As reported by the Globe & Mail, BlackRock – the world’s largest wealth fund – was part of a top-level government group designing the “pitch” to possible investors in the fund.
However, this wasn’t just one session about sharing ideas – the working group spent months together, and BlackRock was part of the group the entire time. Government documents show that BlackRock had the power to not only comment, but also “review” what the government would say to investors. We can be certain BlackRock was also allowed to make changes – which means they were writing government policy.
Let’s put it this way: BlackRock wasn’t in that room for months just to check the spelling.
The opposition parties are deeply disturbed by what the Trudeau government is doing:
As Conservative MP Pierre Poilievre said “The government seems to have given extraordinary control over a $35-billion infrastructure bank funded by taxpayers to the very people who may profit off of that money.”
The NDP is also concerned, with Finance Critic Alexandre Boulerice saying, “The Liberal government has become the instrument of certain very powerful corporations that are in the midst of creating an entity that corresponds to their interests. And when I say their interests, it’s their financial interests first and foremost. If this isn’t a major conflict of interest, I don’t know what else you could call it.”
The head of Democracy Watch – Duff Conacher – has said he will ask the Conflict of Interest and Ethics Commissioner to investigate whether the Trudeau government is violating the Conflict of Interest Act by giving BlackRock such influence over government policy.
Yet another conflict-of-interest problem for Trudeau.
Not a surprise that Trudeau would sell-out Canada’s interests
It’s no real surprise that Trudeau would let a global investment bank write Canadian policy.
As we think back over Trudeau’s time in office so far, we can see a clear pattern where he either forgets, or never even considers that he is not supposed to be the servant of the elites.
He always puts the interests of those who already have tremendous wealth and power ahead of the interests of the Canadian people.
This has serious consequences.
As we saw just yesterday in a Stats Canada report, our economy is struggling. Wage growth is at a 20 year low, and more people have given up on finding a job. At the same time, banks are making record profits.
That’s no coincidence.
So long as Canada is led by Trudeau, only the elites will benefit. The rest of us are paying the price.