Quebec Moves to Save Pensions

Where's McGuinea?
He's hiding with Waldo figuring out how many more immigrants he can bring
in as refugees, asylum or welfare seekers to garner more votes for the libs.
Shame on MorOntario.
Quebec takes care of their own and they don't forget about their own
culture, tradition, heritage and values. They don't appease the minority at
the expense of the majority. You play by their rules or you don't play.
Say what you want about the bloc, duceppes or separatists but the
way they take care of their own in that province is admirable, loyal and impressive.
The rest of the country could learn from it. Especially MorOntario.
All the lame policies and discriminatory practices in Ontario result in an ever
increasing record debt, higher taxes, higher auto insurance premiums and unemployment. On the positive side the province continues to bring in immigrants at record rates even though there are no real jobs for them. But the money is there so they are well fed, clothed and housed. Free health care, social assistance and Barbara Hall at the HRC. What a sham of a province.
Too bad the americans or french didn't take it centuries ago.
The Brits have let it get all messed up.
But look at Britain. Are they not having a similar problem these days.
I guess all the pieces fall into the puzzle when you look at it that way.

Is this really necessarily a good thing ? So they would take over the existing pool of pensioners and manage the remaining funds in hope of growth. In the meantime are they paying out pensions at full rate ? What if they do not achieve any growth ? They will have depleted what ever is left even faster than a 69% immediate payout ? What would they do then after 5 years ?

It is good to see some gov't activity, I'm just not sure what would be achieved if they are not going after further pension fund top ups form Nortel.

I'd rather see all levels of Canadian govts go after the f**kers.

How could Nortel run a business when our own governments can't govern, same flock of ducks in Eagles clothing it seems.

Ontario and the federal government take but don't give (like ins. co. claims) , they take GST/casino revenues/ taxes on steroids /etc but won't pay UIC surpluses /social programs /fix severance laws /while adgates /airbusgates /ehealth, /Montreal contractors /OSC corruption/etc…run rampant (and that's just what we know about given perfect crimes are unsolved)

An elite of polite hypocrites and tyrants amid the circles of our most trusted and respected members to ream the rude masses a new orifice every time, even it means driving them into a tree or mailbox out of road rage which seems gets the better of the best of them doing what ever they want.

Crassly copulate this compassion, at least Quebec has a heart, once then they didn't slaughter the English for their land!

I am so disappointed in the policies that at least our better governments of only today (like stupid gun registry laws) are trying to repair while distancing themselves from corruption from the cheeky Bells on with an answer to every query and always no flies on them.

This makes Quebec look like it has a heart, the rest of Canada look like it is cheap and corrupt to the core. The people vested their lives into the employees to grow with them in patriotism, and this is how their pensions are addressed by these cheap bastards who can't even manage a 2nd rate health care white elephant

What bozos I tell ya…clowns. Keystone fat cats!

You are right. The only thing the Quebec gvt is doing is taking the remaining pension assets of the Nortel employees of Quebec and manage it for 5 years as they do with the RRQ(Quebec pension plan). So not a dime is added. The plan will stay unfunded and if like you say they still payout 100 % to pensionners this would just postponed the tragedy. Nothing to chear about. The way Quebec screw up recently in managing the RRQ is not encouraging also !

It isn't the government's job to bail private sector failures but they do to minimize the impact on the public sector.

Not only GM but banks, and Nortel was no where near the size of these failed monsters, let alone after creating the largest fraud in Canada and already wiping out so many people with a $300 billion market cap loss.

Government already extended enormous liberties and Nortel's own board agreed that the final plan was full of contingencies, it was unacceptable, and declined to feed it even more money after they already printing so many billions. So Nortel went on to pay bonuses while cutting severances to burden UIC.

Another contributing factor to Nortel's demise was due to its evolving from a culture of innovation to one of financial innovation and bonuses. Who there had a telecom background ? Many high profilers in their back pockets, financial and government contacts, hoping to do what our government does, coast to recovery with complacency and inaction while fearing the much needed radical change. Bonuses anyway.

Sad thing is bank bonuses were also criticized in the news to this very day:
http://www.thestar.com/business/bank/article/71…

As new jobless claims rise 8.2%
http://www.theglobeandmail.com/report-on-busine…

Remember banks/ins co/government record surplus/profits as people ran record debt/low savings. Remember jobless recovery where only big players rebound and jobless seeing nothing. No more small business ads flooding vertical publications since this well over decade old new economy, only large manufacturers.

Now things are tight and even these big players are feeling the pinch when there is nothing more to leach from, given small business makes up for most of our economy, as the government introduced GST, casinos, etc., Who voted for this or these clowns? Scary thing is, the harder times get, the greater tyranny increases to further thwart recovery!

It is total mismanagement and lax system of regulation that casts business into anarchy when neglecting the compassion for the people who really drive industry and jobs.

Governments bail the public sector (through UIC /perhaps pensions as in Stelco deal) after the private sector fails. This only further catalyzes the aggregate of resources we require to sustain injections for recovery in a mass downturn. Banks are cheap, governments are cheap, and people are in the streets contrary to what you read in the news!

We don't need companies like Nortel. It costs by far less to bail people than this crooked tanked empire who already cost so many too much already through greed and mismanagement. Greed increases as times get tougher, look at the fraud levels during the 1930's recession and again with high tech post bubble companies to see what awaits us yet.

Would you want the province of Quebec managing your pensions?

The QPP lost billions of dollars by investing in non-bank asset-backed commercial paper backed by US subprime mortgages, the biggest bagholder in the ABCP scandal in Canada.

You got it.
Probably some moron from ontario disputing the facts.

Moron yourself dude !

Moron yourself dude !