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The Canada Infrastructure Bank Policy, which is being set up by the BlackRock global wealth fund is going to bring in a new era of banking in Canada. The bank is expected to be a $35 billion fund, which will be backed by taxpayer money. It will attract private investment for infrastructure programs, and is going to put the government in a serious conflict-of-interest situation, where the global wealth fund will enjoy substantial influence over the workings of this infrastructure bank.
Government documents show that BlackRock will have significant power over how the bank is run, and will also be reviewing the proposals that the government is going to offer to investors. They will also be able to make changes, which mean that they also have a hand in writing government policy. This has caused great concern for opposition parties, since they don’t like the way the Trudeau government is functioning, because it has handed over extraordinary power to a $35 billion infrastructure bank that is funded by taxpayers, but will not profit any taxpayer.
The NDP has accused the Liberal government of becoming an instrument for powerful corporations, and claimed that they are putting their own financial interests ahead of the interests of the Canadian people. There is also the matter of conflict-of-interest and ethics, and the Trudeau government is already under investigation for violating the Conflict of Interest Act, when they gave BlackRock the authority over government policy.
This comes as no surprise to anyone that has followed Justin Trudeau that he would gladly sell-out Canada’s interests, which is the reason Trudeau has handed over reigns to a global investment bank to write Canadian policy. Trudeau has a history of placing the interests of the wealthy and powerful ahead of the interests of the Canadian people, and he isn’t going to change.
This story H/T here.