Bombardier Did ‘A Bad Job’ Explaining Multimillion-Dollar Raises: CEO
Bombardier did “a bad job” explaining its decision to raise executive compensation, but the company has listened to the public and is now ready to turn the page, CEO Alain Bellemare says.
In an interview, Bellemare acknowledged that Bombardier underestimated the anger that would erupt over the pay hikes, which were to come as it was issuing pink slips to thousands of employees while receiving federal and provincial assistance.
“It’s all on us at Bombardier,” he said. “The message here is we did listen, we paid attention, we care.”
How Bombardier Inc suppresses information about how much government funding it receives
Bombardier Inc. has gone to great lengths to suppress the release of information about the government funding it receives, heading to court 10 times in nine years, often citing competitive concerns.
Court records and access-to-information documents obtained by the Financial Post show how difficult it is to glean the outcome of previous government support for the Montreal-based aerospace giant, even as Ottawa considers its request for another US$1 billion (about $1.3 billion) in aid.
These records are often redacted at Bombardier’s request, or appear incomplete, even in cases where the company’s industry peers allowed the same information to be released.
Last October, Quebec agreed to invest US$1 billion in Bombardier’s CSeries commercial jet program, which has been struggling to generate sales amid delays and cost overruns. The company now says it needs additional federal funding to help carry it through until the CSeries starts generating positive cash flow in 2020. That funding could be included in the Liberal government’s budget, set to be delivered on March 22.
Trudeau has allowed banks to seize your money if economy fails
Published on August 23, 2016
Did you see what Trudeau slipped into the federal budget?
Did you see what Justin Trudeau slipped into the budget this week, hidden away on page 223?
It’s called a bank “bail-in regime”.
That means if a Canadian bank starts to fail, it would be allowed to seize your bank account to pay its bills. Seriously.
It’s what they did in Cyprus three years ago, when bankers there made risky loans to Greece. In a back-room deal, politicians and bankers decided to pay off the bank debts by just seizing 10% of everyone’s deposits.
The country had a melt-down. Banks closed, ATM withdrawals were limited. It was a disaster. Of course, well-connected insiders got all of their cash out in time.
It’s all right there in black and white in Trudeau’s budget.