Beyond The Commons

Beyond The Commons

Aaron Wherry covers all the goings-on in and around Parliament Hill. Follow Aaron on Twitter: @aaronwherry

The Commons: Let's not jump to conclusions, for once

by Aaron Wherry on Thursday, November 25, 2010 6:25pm - 80 Comments

The Scene. However dark and dreary the capital can be in the late stages of November, there is Parliament Hill to warm the soul—the lights illuminating the Peace Tower, festive decorations lining Centre Block’s main hall, the impressive Christmas tree in the foyer and, of course, the flickering glow of alleged impropriety emanating from the House of Commons.

The bearer of good tidings this day was Mark Holland, he of the dramatic enunciation, youthful righteousness and nice taste in neckwear. ”Mr. Speaker, two weeks before the government made public a decision to block Taseko’s bid for a controversial mine, shares in the company mysteriously crashed. In a matter of hours, 30 million shares traded hands, 10 times normal. At one point, investors dumped 2.7 million shares in 40 seconds, obliterating hundreds of millions of dollars in the blink of an eye,” he reported.

The scene thus set, the Liberal tabled his interpretation of events. ”Someone somewhere in the Conservative government leaked,” he declared. “Insiders got wildly rich and investors got hammered. The government has known this for six weeks. Has it launched an investigation, called in the RCMP or done anything at all?”

Up came John Baird, well-armed with a confusing series of sentences.

“Mr. Speaker, here is what we do know,” he said. “A publicly available environmental assessment on this project stated quite clearly that it would cause irreparable harm to the environment. That document has been public for quite some time. People can speculate what they want. In fact, there was significant speculation that the government would approve the project, but we did not. We did the right thing for our environment.”

His chopped his hand assuredly on this last bit, perhaps to distract onlookers from the fact that he’d made no effort to address the question at hand.

Mr. Holland tried a second time. “Mr. Speaker, in one day, out of nowhere, with no news, the stock dropped 40%. That is no accident. This was a decision of the Conservative government, of its cabinet. When did the share prices into Taseko plunge? Around the same time the minister secretly met in cabinet to block the mine. While normal investors got wiped out, insiders leaked the information, shorted the stock and made millions,” he recounted. “What assurances do we have that Conservative insiders did not make out like bandits and why after six weeks has the RCMP not been called in?”

He audibly delighted in the word “insiders” each time.

Having failed to throw the Liberal terrier off the trail, Mr. Baird opted for admonishment. Shaking his head he deemed the member a peddler of “pure speculation.” “The member is making some pretty serious allegations,” he declared. “If he has any facts he would like to put on the table, he should table them in this place after Question Period.”

Mr. Holland was undaunted. “Mr. Speaker,” he said, “I just did table the facts and here they are again.” And indeed, he did then restate the story so far. “Has the government called in the security unit of PCO to investigate its cabinet?” he asked. “Has it done anything in the last six weeks, except to try to bury it and get away this leak?”

Having tried distraction and claimed besmirchment, Mr. Baird opted here for aspersion. ”Mr. Speaker, the member opposite makes so many false allegations,” he lamented. “We know the member and that he has had to apologize for his reckless actions in the past.”

This seemed a reference to Mr. Holland’s recent apology, under threat of lawsuit, to a former member of Mr. Baird’s staff. But then this seemed on odd time for Mr. Baird to be casting doubt on another’s righteousness: this being a week after a member of a Conservative backbencher’s staff was fired for releasing confidential information to various lobbyists and this being just the sort of story that the Prime Minister and his fellow Conservatives used to take quite seriously.

Perhaps all would be wise to recall that cautionary tale of Ralph Goodale. For sure, if politics has a golden rule it is this: what goes around, comes around (over and over and over again).

Indeed, as the opposition persisted, Mr. Baird seemed to plead for decency.

“Mr. Speaker, the member opposite wants to engage in slander, smearing reputations and character assassination,” he admonished in regard to Liberal Marcel Proulx. “If he has any information, he should table it before Parliament.”

“Mr. Speaker, even for this member that question is quite regrettable,” he lamented after a typically demure performance from the NDP’s Pat Martin.

“Mr. Speaker, the member opposite is making outrageous allegations,” he sighed of Thomas Mulcair.

No doubt that one way or another someone is going to end up regretting this.

The Stats. Ethics, nine questions. Poverty, eight questions. Infrastructure, four questions. Afghanistan and the environment, three questions each. Julian Fantino, arts funding, the disabled and foreign aid, two questions each. The military, the Quebec City arena, government spending, crime, food labeling and medical isotopes, one question each.

John Baird, 12 answers. Ed Komarnicki, eight answers. Stephen Harper, five answers.  Vic Toews, three answers. Chuck Strahl, James Moore, Tony Clement and Bev Oda, two answers each. Peter MacKay, Josee Verner, Stockwell Day, Jean-Pierre Blackburn and Leona Aglukkaq, one answer each.

Bookmark and Share
  • Orson Bean

    Hey Aaron, thanks for reminding us that Mark Holland is a douche.

    • MostlyCivil

      That's impressive. You've lost an argument in 12 words.

    • Chris

      If Mark Holland is a douche, what does that make John Baird?

  • Emily

    Distract, distort, obfuscate….the Cons excel at it.

    • West Newf

      "Distract, distort, obfuscate….the Liberals excel at it."………There, I fixed the error for you!

      • D.D.S

        I have been hovering here for over a year. I have noticed that unless you have something "real" to say, with facts,logic, and reason both the left and the right will be unappreciative of your …well…personal attack. Your comments might be more "appreciated" at the Globe where personal attacks have taken on a whole new sordidness(Not sure if that is a word..LOL)

    • Anon

      Someone's discovered an online thesaurus…

  • Jan

    Jamie Watt using this to argue for a single regulator. Whose side is he on, anyway?

    • Brian

      Jaime's?

  • Stan L

    You reap what you sow Baird…..suck it up sweatheart.

    • wellwell

      They're going to have to create a brand new concentric circle of hell for this minister.

  • LaxAtlDfwYow

    This is bloody serious stuff. A serious government would act to investigate immediately, not wait weeks until the media get the scent.

    It doesn't even strike me as good politics. Unless the government already knows where the leak originated (if there was one) and that someone in or close to the CPC is responsible, why would you play silly bugger like Baird today?

    Want to burnish your law and order cred? Then get off your CPC asses and launch a formal investigation. Have the RCMP work with the securities commissions. Waiting serves no purpose. The issue is either going to blow up in your face or it's not. At this point, having Baird do his moron impression in QP isn't going to change the outcome and serves only to make it seem there is more to the story.

    • JonnyBoy

      Umm, you have some pretty big assumptions there, namely, that the allegations are not false. On the other hand, if the allegations are false, and its just another example of the opposition persisting in accusing the government of things that have no basis in reality (see yesterday about the 5400 dollar coat), then there would seem to be some sense in the government not calling for an investigation. Of course, I get that optics is everything, every time a stock suspiciously falls the government really should investigate itself…..but I'm just not sure where all these thought experiments, like "unless the government already knows where the leak originated" come from.

      • LaxAtlDfwYow

        No assumptions whatsoever. The stock went crazy 19 days before the decision announcement. The BC securities commission is already investigating. The CBC reports that "federal officials" knew immediately there was something wrong.. Since it's related to a federal decision it's both reasonable and necessary that the Feds also investigate. Simple really. Facts.

        But here we are 6 weeks later and Baird is acting like this is the first he's ever heard of stock markets.

        The phrase you grabbed – oh so cleverly without the "(if there was one)" that followed it — was a speculation about why the government might play stupid in the face of the facts above. Can't see any political advantage to doing so unless they know something that is yet to become public. If you're not guilty, then don't act like you are. I'm assuming nothing.

        A small hint: in the future when you take a quote out of context, it's more likely to be effective if the original text is more than a few centimetres away.

        • burlivespipe

          Funny how Prentice couldn't wait for the stagecoach to get out of Dodge fast enough… Ol' Beard, er Baird will do his lather, foam, rinse routine and unfortunately doesn't have Judy-two-names to judiciously make indignant. Harper will just leave accountability and truth hanging in the wind, again… Maybe he's still trying to unravel Grewal's tape, or hide the bills from that bribe to a dying MP?

    • SamDavies

      "having Baird do his moron impression"

      You are mistaken. 'Tis not an impression…

      • LaxAtlDfwYow

        You know, I actually paused over the word "impression" and had a similar thought. I don't have any respect for the guy, but, to be fair, he plays more stupid than he is.

        • ColdStanding
        • Steve W

          baird is not stupid…harper wouldn't have someone handling his govt being the control freak his is if baird was stupid. he doesn't answer any questions and evades, rather smart i think. but i still don;'t like him

  • rufusrstasjonsonbrwn

    You have to be a political junkie to watch QP.It is pure BS partisan theatre.No meaningfull questions and less than meaningfull answers,which is then reported on by a media that is nothing more than activist opinions.I find it interesting that only 40% of Canadians do not vote given the garbage of QP and those who report it.

  • Jan

    You should try to find a hobby that doesn't make you so irritable.

    • Anon

      So should you.

  • Anon 001

    and on a day Harper met with Bonhomme.

    • tobyornotoby

      why is anyone giving a thumbs down for this? thumbs up anon, thumbs up!

  • Orson Bean

    I know it's unpopular to do anything but bash the Harper govt on this site, but I'm sorry . . . while Baird's answers were indeed rather silly and unhelpful, some of the things Holland said were extremely irresponsible and inappropriate. "Someone somewhere in the Conservative government leaked." Fact is, we don't KNOW that. We don't know how the information got out. It might have been a deliberate leak, it might not have. The information might have been stolen. Someone might have hacked into a computer. Someone may have broken into an office. Someone might have inadvertently left a document lying around where it shouldn't have been.

    I'm sorry, but Holland is a butthead for jumping to inflammatory conclusions like that.

    • Emily

      Then it behooves the Cons to stop fa*ting around and have an inquiry.

      • Orson Bean

        It's pretty damn clear from the BC Securities Commission's press release today that a securities regulatory investigation is well underway. Our securities regulators (who work in tandem with IMET, which includes the RCMP) are the people duly qualified to investigate these matters. That's what they're doing. This matter is being investigated.

        • Emily

          Then Harper should have said so.

          • Orson Bean

            Like I said, I agree that Baird's comments were rather silly and unhelpful.

            Did I mention that Mark Holland is a butthead as well? Oh yeah, I did.

          • Dot

            Q: Given that the questionable movement in the stock price happened a couple of weeks before Prentice's seemingly hasty announcement that the application was denied (and some reporters following the company noted this blip), should the gov't have gone ahead with the announcement, in your opinion?

          • Orson Bean

            I don't see what else the govt could have done. What good would have delaying the announcement done?

            Full disclosure: I had personally nothing to do with this matter, but I did follow the Prosperity Mine matter closely, because of what I do for a living.

            I take issue with your characterization of the announcement as "hasty". Far from it. Check out Taseko's public disclosure record. The cabinet decision was actually expected in September, then October. Finally it happened Nov 3. That's hardly "hasty". Quite the opposite.

          • Orson Bean

            In fact, now that I think further about this point, you could argue that the fact the govt took so long to make its decision might have led to the opportunity for the leak to happen. Obviously the longer you sit on a sensitive file like that, the greater the likelihood is that a leak will occur.

          • Dot

            Red flags should have gone up. What would due diligence have been faced with this reality? Carry on as usual? I don't know, frankly. Why I asked. Doing nothing seems on the surface to be questionable.

            I characterize it as hasty because it was by Prentice at a 4:20 scrum, on very short notice, a couple of days before his announcement to resign.

          • Orson Bean

            4:20 you say? Hmmm. Perhaps this leads the investigation in another direction altogether:
            http://en.wikipedia.org/wiki/420_(cannabis_cultur…

          • Dot

            Thx. I knew I was missing some hidden at the wit at the time:

            Jim Prentice is scrumming at 4:20! Despite the timing there is probably no marijuana connection. Probably the event will be panda-based.
            Tue Nov 02 2010 16:10:09 (Eastern Daylight Time) via TweetDeck

          • Richard Westgate

            But isn't this the government strategy? Simply obstruct everything, swear blind that there is "nothing here" even while doing the very thing critics are demanding. Quite the way to get the opposition all riled up, all the while doing exactly what they want! To what end, I wonder? Maybe just to keep them busy while they get on with doing whatever it is they're doing. Like their 'hidden agenda' maybe? Now what would be, I ask myself? Hmmm, perhaps working on making parliament even more irrelevant to government? Maybe creating the "Executive" in the minds of Canadians (notice how often Harper has started referring to "The Executive"?" Does this remind you in any way of another system of government further from the north pole than us? Well there is always Alaska, of course, standing by our allies in North Korea!

          • Orson Bean

            Yeah, that's it. This is all part of a massive conspiracy to turn us into the 51st state.

            I'm not making this up.

        • Jan

          I don't recall the Conservatives holding back from making wild accusations during Sponsorship or the Income Trust suspected leak. This is sauce for the gander time.

          • Emily

            And Cons hate sauce. LOL

          • Orson Bean

            Great, let's all act like buttheads. Got it.

          • Emily

            Oh enough with the personal animosity

          • Orson Bean

            As far as I'm concerned, when people act like squabbling, dyspeptic children in a sandbox, they're buttheads. That's the way people like Baird and Holland consistently act. They are precisely why it's painful for most of us to watch more than a few seconds of Question Period.

            "Sauce for the gander" — whatever. Sticking to the facts at hand, when Holland speaks of "conservative insiders" leaking information and making ill-gotten gains, he's making a conclusory statement that card-carrying members of the Conservative Party deliberately leaked information and profited from it. That is very far from proven, and it could very well prove to not be the case. For one thing — duh — not every employee of the federal govt is a member of the CPC, in case you didn't know. It's an incredibly irresponsible statement for a member of Parliament to make about a very serious matter. In calling him a "butthead" I'm actually exercising restraint here.

          • Emily

            Politics is a blood sport. And Cons love it.

            Cons are good at dishing it out too….but they can't take it.

            So let the politicians handle it, and stop taking everything so personally.

          • burlivespipe

            So you think they leaked it to card-carrying liberals? Boy, that harper's chess game really is amazing… so is the koolaid you're swilling. Apparently playing with your ding-aling isn't the only thing that makes you blind…

          • Jan

            Baird's a big boy, he's spent his career slinging mud. He'll be fine if he gets to taste a bit of his own back.

          • Jenn_

            No, you're right. In a parliament that wasn't all attack dogs all the time, one might ask the government to investigate what looks like a leak, without alleging the government did it on purpose. But Mark Holland wasn't named the Opposition House Leader, was he? If you're going to put your biggest attack dog in the position of the guy who controls the tone of the House, why wouldn't you expect the other parties to unleash their attack dogs?

            So yes, in spite of Chong's valiant efforts, they are all going to act like buttheads.

          • http://canadiansense.blogspot.com/ CanadianSense

            J.B is responding to questions. The opposition are free to ask the same question 400x.

            They are free to use props such as doorknobs, hand puppets during press a conference to boost their outrage.

            The theatre of the absurd in Ottawa is of limited value to regular Canadians.

        • tobyornotoby

          oooohh BC Securities Commission … woooooh!

          Cousin Larry will call cousin Bill and then find it's all a mystery … woooooo

          • Orson Bean

            For your information — just in case you're interested in "facts" — the BC Securities Commission is the responsible securities regulator for Taseko Mines Ltd., because its head office is in Vancouver.

          • wellwell

            The B.C.S.C. has not been particularly effective in the past when it comes to shady mining stock dealings.

          • Orson Bean

            The biggest mining-related fraud in Canadian history by a country mile was Bre-X, an Alberta-headquartered company listed on the TORONTO Stock Exchange.

            Nice try.

            Perhaps you should have replaced BCSC with OSC in your post.

          • wellwell

            You protest too much.

            We know about Bre-X. But in the fetid and fraudulent swamp of B.C. mining penny stocks, not everything came to light. The Vancouver exchange throughout its history was a regulatory embarassment.

            Nice try, bean-O.

    • gottabesaid

      I'm no fan of the Harper gov't, but I tend to agree. I have the same impression of the whole Christian Paradis affair. I do expect an investigation — if the gov't holds up an investigation, I'll be the first to holler about it — and I do expect wrongdoing to be punished, but chucking mud in QP hoping it sticks is counterproductive. Everybody ends up covered in crap.

    • burlivespipe

      What you seem to obfuscate in your trolling for CONs is that the government doesn't care, hasn't done anything to seek out that 'truth' on this issue, and prefers to lambast with wild accusations anyone who dares question them. That Holland is now your pet peeve is interesting, since he's the lone Liberal who seems to be applying the same standard form to the lame standard form of the CON ministers — who are the government, you know. Accountability, responsibility, those kinds of things? Oh, right, O-bean's crying 'Won't somebody think about the talking points!?'

      • Orson Bean

        You are completely off-base re me being a CON troll. I am repeatedly on record on these boards as opposing all kinds of things that this government has done: the GST cut, the census decision, Insite, their opposition to marijuana decriminalization, the list goes on and on and on.

        You have no idea what you are talking about.

        I have raised substantive points here about why Holland's accusations are irresponsible and off-base. Why don't you address them, instead of wrongly accusing me of being some sort of shill for the CPC?

  • Emily
  • ColdStanding

    A pump and dump of a resource stock? I am shocked, I tell you, SHOCKED!!

    Why wasn't the liberal mp up in arms about the 40% RISE in value just 30 days before? Find a stock chart on the net. It is back to trading in the range it was just 35 days before. Let's not forget that the stock was only valued at $6.50 at it's height. That doesn't make it a penny stock, but try to keep it in perspective.

    This sort of thing has been an intractable problem in the resource sector for a very long time. The number of people involved, especially at the level of the "players" is very small. Loose lips, and what not.

  • chet

    Another cry of scandal on this blog?

    Is it noon already?

    • Anon

      It's depressingly common. Unfortunately, the scandals are always 100% bullsh*t, so nothing ever comes of them.

  • West Newf

    Another Liberal smear campaign. Must be a new poll out with the Libs behind! How about some positive policies and ideas Liberals?

    • Emily

      No, same old poll we've had for 5 years…up, down, up, down, up, down, and nobody with a majority.

      How about governing Cons, instead of fantasizing?

  • SamDavies

    And that concludes this portion of "Two Minutes Hate". Thanks for coming out!

  • YYZ

    Whether one agrees with Mr. Holland's style of questioning or not (and for the record, I do not) there is enough evidence to warrant an investigation. Sounds like one is underway – good.

  • peter

    Given the volume traded and the speed the sells were placed it was almost certainly a hedge fund shorting the stock. The million dollar question is were the trades settled? The MO here looks like a classic naked shorting attack…with the benefit of potential political questions to obfuscate the crime.

    Should be easy to find out placed the sell orders. Did they have the stock or were they "counterfitting". For a detailed explanation and analysis of the crime of naked shorting see deepcapture.com.

  • ColdStanding

    http://www.theglobeandmail.com/globe-investor/mar…

    Look at the chart, people! Back in July of this year, it was down 66%!! Are they going to investigate that, too? This is investing, you know, purchasing a piece of a business. The government does provide all sorts of protections for investors, by way of disclosures. You had better get yourself well informed of the environment into which you seek to place your hard earn dollars, cause you'll get burned if you don't. Even if you do inform yourself, you'll be lucky to come out unscathed.

    This just simply isn't a scandal, save that the mine did not get approval. Now, that is a tragedy.

  • Out There

    Mr. Holland's accusations may be going too far. In which case, the Conservatives have an easy way to squelch him: prove that no Conservatives leaked any information. Will they do this?

    • Orson Bean

      The Conservatives don't have the expertise or the tools to do an insider trading investigation. The only people with that expertise and the proper investigatory tools are our securities commissions and IMET. Insider trading investigations are very complex matters. Does nobody here get that?

      • http://canadiansense.blogspot.com/ CanadianSense

        The Salem Trials have moved to Ottawa.

        Conservatives have been convicted already, details to follow or be fabricated.

        This is about keeping the allegations alive with the support of the media.

  • L S

    Most so called leakage come from a member of the opposition party
    who now works for the party in power. Most leakage is hypocritical.
    However if there is proven outright misdoings this is a must.

  • http://canadiansense.blogspot.com/ CanadianSense

    It would be easy to resolve this matter. The opposition MPs should REPEAT their statements outside parliament without the protection of parliamentary privilege.

    Reckless smears have been the modus operandi for years.

    Perhaps a Liberal MP can read an anonymous letter during QP on Monday.

    Making stuff up appears to become the default position in the cheap seats and the cheerleaders who frequent this blog with OCD of ABC.

  • frobisher

    If there's fire to this smoke, has a soon-to-be ex-minister's bonanza been salted?

  • Blue

    Thanks to Orson and Coldstanding for placing some expertise and perspective on this story.
    But really Wherry is the butthead for using such words as " dramatic " , " nice " and "righteousness " to describe the biggest jerk in Ottawa—Holland.
    For those of you who are unfamilar with the volatility of resource stocks, I would suggest you pull up a 10 year price graph on a few of the more well known companies, including one of the largest—-Teck Resources that went from a $50 stock to a $4 stock and now back to a $50 one.
    Holland is either displaying his stupidity or his jerkiness or maybe both.

  • Emily

    'At one point, investors dumped 2.7 million shares in 40 seconds'

    You guys don't even bother reading the items, you just type out the talking points

  • Jan

    What happened to Teck is not a mystery.

  • Jim

    Hey Blue, obviously you are an expert in intra-day trading and my 15 years in the industry trading securities for large firms didn't give me any insight into stock movements. Since you use the term "jerk" and "stupidity" obviously you are a genius.
    There are only 3 possible answers to the quick movement.
    1. Someone hit the wrong button on a program trade
    2. Front running on inside info.
    3. Incredibly good timing in the face of analyst recommendations to buy the stock.

    It's not hard to determine who placed the trade, why is more difficult.
    So, if Conservatives ( like you ) are so law and order, why try to block what is really an easy investigation to clear the air.

  • Blue

    Just go away

  • Emily

    Cons would like that, but no, it's not going away.

    So skip the ridiculous excuses.

  • Emily

    It's those mysterious 'market forces' I tell ya.

    And that 'invisible hand' that whacks you upside the head occasionally. LOL

  • Anon

    There's never fire to the smoke. That's the problem with this stupid scandal-mongering. It's all fake.

  • Blue

    Jim—so, if Liberals like you are serious about finding out why this particular resource stock seems to be acting like most other resource stocks maybe they should ask a 15 year expert like yourself why in just the past 7 months Taseko has gone from $6.00 in May, to $3.50 in July, to $6.50 in Oct., and now back to $4.60.
    So it`s 30% higher now than the July low and probably going much higher—-you may be questioning that recent sale—-no story here Jimmy—just another Liberal piece of dirty fishing.

From Macleans