Photo of the Week

“ALL CANADIANS DESERVE PENSION INCOME” the sign reads.
Not before their big business creditor pals, or their ongoing bonuses it seems.

Employee severances and pensions are a nuisance liability when further salivating over the cash to loot the corpse.

After the largest fraud settlement in Canada, that they also tanked with downplayed revisions, before their $20 buying opportunities the green CEO who promoted his pal led by example, always claiming they didn't know any more than the fraud red flags whether at the crime scene or not, reiterating 3 to 5 year fixes in hype to contradictions for so long only to downplay folding, trading options with a board member's firm defending Dunn, and holding so many hostage this long, it was endless…

These liars were even forced to attend a government inquiry (forced by subpoena!) as to why executive bonuses were paid while they cut employee severances.

Forced to take the hot seat only to liquidate but fast the very following day.

All Canadians deserve protection from their life savings being robbed in the markets without the risk of fraud for bonuses too.

Good to at least see some one bravely protest to the grave injustice. Maybe some one will do something about it, although I doubt it with their enormous legal and political clout with open season on the investor, employee, and now creditor. Perhaps even buyers as they seek to unload units and quickly depart.

Nortel is bad news. bad.

This and LTD are something that I can't wrap my head around. Why was NT allowed to not keep the plan up to date. I can understand the fluctuations based on market conditions, but not on the basis of contribution shortcomings. Also, there should have been better protection for the plan … may be some type of insurance, etc. to cover shortfall up to certain level.

It makes me physically sick to my stomach to see images like this.

There is something fundamentally wrong with our system when hardworking people who have devoted 10, 20, 30+ years of their career to a company, doing an honest's days work each day, can get completely screwed over like this. Meanwhile, a complete a$$clown like Zafirovski and he his band of criminal friends can literally come in for a few years and rob the company blind.

Where's the equity? Where's the justice? Where's the retribution for the crimes of Mike Z and others like him?

I support the fundamentals of which capitalism was built, but this morphed system of crony capitalism in which the super elite can reward their own failures by leaching onto the the blood, sweat and tears of the masses is a disgrace to modern, developed and civilized humanity.

What an absolute disaster we have created.

As Yes4appl said, we should look for a class-action law case to be launched as soon as possible against those who resposible for the damage.

I completely agree with you that there should be laws in place for individual rights protection. Can't believe that someone worked for 30 years and retired with a pension, which he/she sees going down 'cos of someone's incompetency and negligence… and nothing could be done!

As of capitalism…. I think people are better protected under a capitalistic system 'cos it's the system that values individual rights and contribution. One can sue others if they violated his one's rights. Capitalism also doesn't reward mediocrity. Note that Canada is less capitalistic than USA, and has less individual level protection. “Pension” issue being one scenario.

We often relate greed with capitalism. Greed will always be there no matter what system we follow. There should be proper laws to protect individuals from unwarranted violations.

Stan and Barbara are at a distinct disadvantage.
They are white and no doubt christian or agnostic.
They don't count in current day canuckistan.
They lived here for generations. Likely raised a family.
They contributed to society and paid their taxes for decades
funding the illiterate, the special interest groups, the visible minorities,
the multiculturalists, official bilingualism, refugees, criminals, terrorists and welfare.
Stan and Barbara simply don't count. Especially in Ontario.
If you want to see just how the canadian government thinks and acts with
people like Bob Rae just read the truth and the facts about Bill C-428.
They don't take care of their own.
They don't take care of true contributing Canadians.
Look it up yourself. Bill C-428.

Thank you, Carey Miller, who drew our attention to Bill C-428. We knew nothing of this bill and feel we are among 99 per cent of Canadians. As is pointed out, this change allows someone to move to Canada at age 62 and, in three years, be eligible for OAS as well as all the free medical. They will pay no income tax at all in that time as they will be kept very well in the meantime as an immigrant.
I might add that when someone does come to Canada, they are treated royally and receive all kinds of financial aid that would never be available to any of us Canadians at any age.
This is more than an insult to all lifetime taxpayers. If there is so much money for OAS, why don't they give more to the lifetime taxpayers?
Only in Canada does the government care more for other people than its own citizens. All we are to them is tax dollars so they can help out others in order to gain votes in the future. This is absolutely a self-serving bill that was brought to Parliament.
No doubt there are many lifelong senior citizens living near poverty that could use more assistance and Liberal MPs Ruby Dhalla and Bob Rae are worried about burdening us with people from other countries. Every taxpayer should be contacting their MP about this serious issue

I feel so sorry for pensioners like this. Nothing to do with them, yet they're impacted. I can't pretend to understand the Nth American pension system, it seems so flawed from afar. The other thing I can't understand is, how come Directors in these systems are not held personally liable? I understand they can take “excess” gains out of these funds (pocket them), and likewise “top up” in busts. Many of the big busts in Nth Am seem to involve unfunded pension liabilities.
In my own country, it's all in my name from day one, contributions fully paid as I work. Yeah means I wear the market falls personally, but also keep the gains personally.. I control it. Whatever happens, it simply cannot just dissapear like this.

To all the all the laid off employees and Pensioners, go watch Michael Moore's movie – “Capitalism: A Love Story”. Hopefully the movie will inspire you to keep up the fight for your rights.

Good luck

Boy, I wish the government would cover my RRSP losses. In today's age, folks are lucky to even have a corporate pension.
I made the mistake a buying a lot of Nortel share for my self-directed RRSP … the decision was based on Mike Z's show boating on how good Nortel was doing.

The americans take care of ex nortel employees drawing pensions.
So do the quebecers.
The rest of the world does the same.
Where's McGuinty. Nowhere to be found.
Too be busy fundraising or giving away money to another special
interest, minority or refugee group.
George Smitherman will likely be the next ontario premier after
doing such a wonderful job with the ehealth scandal.
Woe Ontario.
Get out while you can because the government is not
interested in you if you've been contributing to society longer
than one 5 years, and especially if you held a job and paid taxes.

Didn't know it was that wide-spread. Thanks for sharing.

<<Nortel® – Customer Update
Reliable Support • Proven Products.
Learn About the New Nortel. >>

…any believers?

I haven't read C-428, but I see liberalism as a perversion. It isn't good for anyone in the long run. Big government or Govt. deciding almost everything for people is a bad proposition in the first place. An individual typically know how to take care of himself/herself, better than Govt. … unless the individual happens to be lazy, incompetent and one that finds it easy to grow via sucking rather contributing. Govt. typically provides safe heaven to such types of people. The ones that are on the “Contributive” side end up paying for others! (as you have pointed here) Govt. role should be to ensure proper laws, law and order, protection for individual rights and security – national and individual.

I don't think Canada is attractive for professional immigrants. Immigrants typically know one language – English or French. So, they are out-of-luck when it comes to Govt. or Govt. related opportunities. As for the technology companies, we are loosing them one by one. There are many qualified people unemployed … so there is no room for immigrants. I do know that our immigration system for a long time was geared towards non-professional immigrants, refugees, etc.

Multi-culturalism – It's neither good for the immigrants nor canadians. I would rather see everyone as Canadian first than Swedish first. Why maintain two identities to the extent that Canadian identity is you second identity?

From Michael Moore movie….interesting reading.

Citigroup 2006: America – A Modern Day Plutonomy

http://www.ibtimes.com/articles/20090907/citigr…

The latest Survey of Consumer Finances, for 2004, has been released by the
Federal Reserve. It shows the rich continue to account for a disproportionately
large share of income and wealth in the US economy: the richest 10% of
Americans account for 43% of income, and 57% of net worth. The net worth to
income ratio for the richest 10% of Americans increased from 7.4x in 2001, to
8.4x in the 2004 survey. The rich are in great shape, financially.

It is 31% at the moment, but the deficit hasn't been revalued yet. At the end, I expect it will be closer to 50%.

High CEO pays should ideally reflect their company's profitability. I'm okay with them making 12M so long as their decisions make company do well. In Mike Z's case, the money was given/promised to him regardless … before he joined … without proving anything! It's as if he was entitled to it like Obama to Nobel peace prize! Also, I doubt that the people who hired him really cared about company's profitability. So, this isn't capitalism. I would have rather liked to see a reasonable base salary + $$ based on company's performance. CISCO is a good example. Many other US organizations are good examples. I know ORACLE CEO makes tonnes of money, but his company has done very well. Most of these folks who earn based on contributions also end up investing their money, which typically results in good ventures and more jobs. Don't think all their money really stays locked into some locker.

Higher University degrees don't really matter. It's the contribution and positive impact of the contributions that's the bottom line.

I completely agree with you that this is unfair. Nortel was run by incompetent management and board, which could only bring bad luck to the employees. As for us little guys, we should work for the company that values contribution and hard work. There are good companies and good people around. I'm worried about them seen as bad, which is what is happening more and more with liberalism taking hold as time goes by. Nortel had a very liberal work culture … nothing close to being business-like.

While we are on this topic, one other thing that pissed me was Govt putting billions to bail out GM and Chrystler, while letting NT go bankrupt. I'm not in favor of Govt bailouts at all, but this isn't good if you look into it a bit personally. My tax money goes to GM while my own company (and job) is jeopardized! Do people who work for Nortel not subjected to good treatment 'cos they are perceived to make good money and aren't as many as GM in number?

you're not alone. I m as one of many many ex Nortel lost so much money – inside outside RRSP… Who would have thought … who would have known…. Nortel is gone.

Aye. Lights off in the crappers, vending machines and overhead lightbulbs removed were valuable as exercises in discipline and modesty, but how the hell were they supposed to boost stock even 1/1000th of a cent?

Just wanted to say that I have read some of your posts, including your response to one of mine, and you, my friend, are bang on the money!

Nice to see I'm not the only enlightened one out there

Thanks Resigned_From_NT! Glad to see the appreciation.

“I don't think Canada is attractive for professional immigrants. Immigrants typically know one language – English or French. So, they are out-of-luck when it comes to Govt. or Govt. related opportunities”.

You are right in that Canada is not attractive for professional immigrants. It is however very attractive to the “non-professional immigrant”. It is extremely attractive for the terrorists, refugee scammers, welfare abuser/recipients, special interest groups, muslim fanaticism, and sharia law to name a few.
Many of these immigrants typically have control of a few languages but in many cases broken english or french. But that does not matter when gunning and getting a government job. They have visible minority hiring quotas and extreme leftist liberal ideologies to ensure they get jobs for votes and perception. In fact these very people are the ones getting the government jobs. Only in Canada.
Trudeaumania.

You are half right.
Yes bilingualism or being able to speak french and only broken english is the number one qualification for gov't jobs. And yes in many cases they are vastly underqualified but the french variable
allows them to trump all else.
After that there are visible hiring minority agendas.
Just walk into a government building and look at the nationalities.
That should satisfy your curiosity.

Thanks Resigned_From_NT! Glad to see the appreciation.

“I don't think Canada is attractive for professional immigrants. Immigrants typically know one language – English or French. So, they are out-of-luck when it comes to Govt. or Govt. related opportunities”.

You are right in that Canada is not attractive for professional immigrants. It is however very attractive to the “non-professional immigrant”. It is extremely attractive for the terrorists, refugee scammers, welfare abuser/recipients, special interest groups, muslim fanaticism, and sharia law to name a few.
Many of these immigrants typically have control of a few languages but in many cases broken english or french. But that does not matter when gunning and getting a government job. They have visible minority hiring quotas and extreme leftist liberal ideologies to ensure they get jobs for votes and perception. In fact these very people are the ones getting the government jobs. Only in Canada.
Trudeaumania.