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Taseko Mines Ltd. Message Board

  • jrpalladin jrpalladin Nov 9, 2010 6:36 PM Flag

    Jim Prentice approached by CIBC in Sept. 2010

    CIBC had plenty of opportunity to find out Prentice position on prosperity mine. Wonder who dumped 3 million shares in 1 minute - flash crash?

    During CIBC talks, Prentice says he didn’t talk banking inside government
    by John Geddes on Thursday, November 4, 2010 4:31pm - 74 Comments
    [UPDATED BELOW]

    An obvious question arises from Environment Minister Jim Prentice’s surprise announcement this afternoon that he’s leaving to join CIBC as vice-chairman: During the period when Prentice was in talks with bank about the job, did he recuse himself from federal cabinet talks on financial institutions issues?

    I put the question to Prentice through a media spokesman, who provided this answer: ”Jim Prentice has not participated in or had any discussions in cabinet or elsewhere in government pertaining to CIBC in particular or financial institutions in general since initially being contacted by the bank.”

    Since Prentice was, up until this afternoon, chairing the cabinet’s powerful operations committee, where all sorts of government business has to be discussed, it seems surprising that absolutely nothing related to banking was on the agenda. I asked about that.

    “It did not come up,” said Prentice’s spokesman. “We’re talking about a very short time period.”

    Interesting. Sounds like a whirlwind courtship. I’ve asked how long ago CIBC approached Prentice, and will update this post if I hear back.

    UPDATE:

    The same spokesman tells me Prentice was first approached by the CIBC about a month and a half ago. He talked to the Conflict of Interest and Ethics Comissioner then for guidance on how to do his political job while negotiating with the bank.

    On the point that absolutely nothing about financial institutions came up for cabinet consideration during those weeks, I note that Prentice was not on the Cabinet Committee on Economic Growth and Long-term Prosperity, so it’s possible something banking-related could have come up there and he just wasn’t in the room.

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    • John Geddes article is found in MACLEANSCA.

      Ok. Prentice negotitates with CIBC starting 9/10. Goes to ethics commissioner on 11/4/10.
      Obvious conflict of interet. Given this, I believe commissioner immediately forced Prentice to resign. Completely unacceptable.

      Given this, I believe that Hallbauer should vigorously protest the decision made by Prentice.
      It's tainted and stinks to high heaven.


      Hallbauer should demand that Stephen Harper objectively re-evaluate the prosperity project. The economic benefits clearly outweigh the environmental considerations.

      Lastly, I believe Hallbauer should also request the Canadian regulators to investigate CIBC/Prentice/Flash Crash.
      Someone sold 3 million shares or $20 million in 60 seconds. Only a few traders/investors including cibc capable of such a large transaction.

      Maybe Prentice was innocent of any potential wrongdoing but if he told cibc how he was leaning on prosperity, it could explain the flash crash.

    • Why don't we report to TGB about these and let them find out real story ???

 
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