THE CLAIRE FOSS JOURNAL


RIPPING-OFF THE CANADA PENSION PLAN


Should we pity or loathe that public servant and private investor John McNaughton, the President and CEO of the Canadian Pension Plan Investment Board. It is a shame that Mr. McNaughton couldn’t lend the Midas touch fingerprinted over his personal investments to the humbling record of the Board he directs.
In February of 2001, the CPPIB reported a colossal loss of 453 million on its investments in the fiscal third quarter of 2000.

Ottawa television station CJOH, reported that between August Ist and November 28th 2000, the public spirited McNaughton, who also sits on the private-sector Board of JDS-Uniphase, cashed in his personal shares for $13,608,453......His timing was simply impeccable, given the terrible drubbing JDS shares have incurred since those trades.

This does not bode well for the future of Canada Pension Plan. It may also be asked, just what is our government doing speculating with the people’s money on that most risky gambling casino, the stockmarket.

WAKE UP YOU FEDERAL POLITICIANS........before you end up causing a national disaster of enormous consequence.

Editor:........Claire Foss

** Thanks to TV station "CJOH" and "Bourque Newswatch" from which much of the above information was gleaned.