Armstrong Economics Blog/Canada
Re-Posted Nov 30, 2017 by Martin Armstrong
The Canadian Finance Minister Bill Morneau is refusing to say whether he sold millions of dollars worth of company stock just days before introducing tax changes that may have caused share prices to drop. This type of insider-trading is what politicians always manage to get away with no matter what the country. This dispute is rather interesting. Here the opposition is accusing him of selling the stock because he knew that raising taxes would cause the stock to drop. This is showing that the politicians were well aware of raising taxes would be bearish for the Canadian economy. That’s just OK as long as they get theirs.
Morneau has admitted selling the shares. What he is disputing is why he sold them. “I’m hearing that shares that I sold after I got into office, around the time I got into office, was somehow something inappropriate.