News Flash - Opposition Politicians Don't Have Clue About Business!

From an article today by:

John Ivison, National Post

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• Stephane Dion proposes government impose an immediate three-month moratorium on foreign takeovers of Canadian companies until a panel of experts can be convened to make recommendations on changes to the Investment Canada Act.

• NDP leader Jack Layton, in a display of hand-wringing market hysteria, called on the government to hold emergency hearings into the "rash" of foreign takeovers.

• Voters have forgotten? When PM, Paul Martin was so fond of takeovers he even encouraged a state-owned Chinese company to bid for Noranda?
  

"Everyday Canadians are becoming worried that their country is slipping away," fear-mongered Mr. Layton, citing the 11,500 Canadian firms that have been taken over by foreigners in the past 22 years.

"Cynical sleight of hand doesn't even tell half the story since Canadian companies are not passive victims of foreign takeovers. "

• Investment firm Crosbie and Co. suggest that Canadian firms are more often predators than prey. Between 2003-2006, foreigners spent $210-billion in Canada--money that often went straight into the pockets of grateful Canadian shareholders.

• In that same period, Canadian companies spent $225-billion overseas. Even this year, Canadians have spent $7-billion more abroad than has been spent here.

Canada is a roaring business success story. Canadian companies posted record operating profits of $64-billion in the first three months of the year. Fourteen Canadian companies are in the Fortune 500 list of largest companies -- more than other similarly sized countries!

OMMAG