Monday, May 30, 2005

Labour Sponsored Fund On Fire!

It's the biggest scandal to hit Manitoba. Crocus Investment Fund, a labour-sponsored venture capital fund (LSVC) has come under fire from Manitoba's Auditor General (AG's).
The Auditor tracks irresponsible spending by the CIO and lack of accountability from the CEO and the board. Over 33,000 Manitobans have invested their hard earned money into the fund, but it doesn't end there, ALL taxpayers are on the hook for this boondoggle as there is a 30% tax credit from both the provincial and federal governments. An inquiry must be held and the CTF supports the Auditor's recommendation to review this as a criminal matter.

Check out the Ag's report

2 comments:

Anonymous said...
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Shawn said...

Excellent post on this matter at www.blackrod.blogspot.com (assuming his/her facts are all correct.) Not really that suprising, given their apparent investment strategy of abhorring capitalism and investing in failing companies. How uniquely socialist an idea (kind of like Medicare :-) )

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