Using bookmaker arbitrage, McConnell claims that CAI special investors directed spot fixed winnings for the Boston Marathon to TIAA-CREF pension fund members at the University of Massachusetts whose fused, patsied pressure-cooker bomb delivered a body count above that estimated for a drill and that CAI directed spot fixed winnings for the BC legislature to RCMP pension-fund members in B.C. whose defused, patsied pressure-cooker bomb delivered a body count below that estimated for an attack.
Prequel 1:
#1598: Marine Links Haig Pig-Farm Pension Spot-Fix Key to CAI Patsy Pressure Cookers, Fused by RCMP
Prequel 2:
#1403 Marine Links Cheney ‘s Serco, Lockheed and Observatory Clocks to BBC WTC7 Packet-Switched Bomb
Prequel 3:
C2CSI- Broadcast and Transcript-July 5, 2013
“The Public Sector Pension Investment Board (PSP Investments) is a Canadian crown corporation established by an act of parliament in September 1999. Its mandate is "to manage employer and employee contributions made after April 1, 2000 to the federal Public Service, the Canadian Forces and the Royal Canadian Mounted Police pension funds". It is also responsible for contributions made after March 1, 2007 to the Reserve Force Pension Fund. The board's head office is located in Ottawa, Ontario and its chief business office is located in Montreal, Quebec.[1]”
“RCMP scandal deepens
Officers allege highest levels of force involved in coverup of pension fraud
Kady O'Malley and Chris Selley | Mar 29, 2007 | 19:58:30
In this article: The followup | The story | Background
The followup:
It's not quite the full judicial inquiry that opposition MPs have been demanding, but it's a start. Following the previous day's incendiary allegations of fraud, theft and corruption within the most senior ranks of the RCMP, Public Safety Minister Stockwell Day announcedThursday that he would be appointing an independent investigator "to determine once and for all what actually happened."
Day was not ready to provide much in the way of details, including the name of the individual he hopes to appoint. But he assured reporters that he would have the confidence of both the public and the government.
As for the decision not to establish a full judicial inquiry, Day pointed out that such probes generally take months or even years to report back. "We want information immediately," he said.
Meanwhile, in a unanimous vote that might have had as much to do with partisan bluffery as all-party solidarity, the Public Accounts Committee voted to continue its investigation - an outcome that may have taken the government by surprise, given the announcement just hours before that it would be appointing an independent investigator to look into the affair.
The various investigations could see two former Liberal cabinet ministers and a senior security advisor to Stephen Harper questioned about what they knew about the pension scandal and when they knew it.
According to Sgt. Ron Lewis, former public safety minister Anne McLellan and former Treasury Board president Reg Alcock were informed of concerns over a coverup that allegedly involved senior officials - including former RCMP Commissioner Giuliiano Zaccardelli - in February 2004, but did nothing.
Lewis says he provided the ministers with a 60-page document that gave "the whole story, basically." That, he says, includes "the inaction, the lies, the obstruction, the delays and the actual allegations of what they were, how much money's involved." He says that he asked the ministers to pass the information on to the Auditor General - who ultimately concluded that the matter lay outside the scope of her audit. - but that there "was no response from them."
In fact, he said, when questioned in the House of Commons about the matter, McLellan replied that there was "no reason" to investigate the RCMP Commissioner.
During Thursday's Question Period, Public Safety Minister Stockwell Day blamed his Liberal predecessors - going so far as to suggest the current Liberal caucus is attempting to stonewall further investigation into the case.
But the current government may not be untouched by the controversy, either. According to Lewis' testimony, he also tried unsuccessfully to get a response from McLellan's deputy, Margaret Bloodworth - since appointed National Security Advisor by Harper.”
Lewis says he provided the ministers with a 60-page document that gave "the whole story, basically." That, he says, includes "the inaction, the lies, the obstruction, the delays and the actual allegations of what they were, how much money's involved." He says that he asked the ministers to pass the information on to the Auditor General - who ultimately concluded that the matter lay outside the scope of her audit. - but that there "was no response from them."
In fact, he said, when questioned in the House of Commons about the matter, McLellan replied that there was "no reason" to investigate the RCMP Commissioner.
During Thursday's Question Period, Public Safety Minister Stockwell Day blamed his Liberal predecessors - going so far as to suggest the current Liberal caucus is attempting to stonewall further investigation into the case.
But the current government may not be untouched by the controversy, either. According to Lewis' testimony, he also tried unsuccessfully to get a response from McLellan's deputy, Margaret Bloodworth - since appointed National Security Advisor by Harper.”
“Of CAI's two funds, the $150-million Fund One is now closed. Fund Two has about half its $200 million invested and more target companies are being sought. The original seven partners supplied about $14 million for Fund Two and another 35 individuals kicked in a similar amount. For them, the usual due diligence is almost unnecessary; 12 institutional investors have provided the remaining $170 million. Patient money flows from pension funds for the provinces of British Columbia and Alberta as well as Ontario Teachers' Pension Plan Board, corporate pension funds at Bank of Nova Scotia, Canada Life and Clarica Life, and U.S. funds such as GE Capital Equity Holdings and U.S. Steel Carnegie Pension Fund.
Getting powerful people matters as much as the commitments for cash. "We're a real alternative to mutual fund investing, which is quarter-to-quarter," says Restler. "When we ask people if they want to become investors, we've had very few say 'no.'" Individual investors include such luminaries as Peter Bentley, chairman of Canfor Corp., Paul Cantor, chairman of Russell Reynolds Associates [CAI special investor and , Lynton Wilson, chairman of BCE Inc., Raymond Garneau, chairman and CEO of Industrial-Alliance Life Insurance Co., General Alexander Haig, secretary of state in the Ronald Reagan administration, John McArthur, former dean of the Harvard Graduate School of Business, and Guy Saint-Pierre, chairman of SNC-Lavalin Group Inc., former Noranda Forest Inc. chairman, Adam Zimmerman and Michel Fortier, senior vice-president and director, Merrill Lynch Canada Inc. Networking goes well beyond the inner circle. CAI sponsors a dinner every two months for investors and local business leaders. In April, John Roth, president and CEO of Nortel Networks Corp. addressed the seven principals, 20 of CAI's investors and 30 of Toronto's business elite.
Mr. Cantor is Senior Advisor at Bennett Jones LLP. He is Chair of the York University Board of Governors, and serves on the Boards of Intact Financial Corporation and of ING Bank of Canada, where he is Chair of the Risk Oversight and Investment Committee. Mr. Cantor previously served as Chair & CEO of National Trust Company; President & CEO of Confederation Life; President, Investment Bank, CIBC; and Managing Partner of Russell Reynolds Associates Canada. Mr. Cantor was the founding Executive Director of the International Leadership Centre for Financial Sector Supervision. Earlier, he worked for the Government of Canada Department of Finance, Polysar Limited and World University Service of Canada. Mr. Cantor is a former Chair of the Canadian Bankers Association’s Taxation Committee and acted as Chair of the ICD Commission on the Governance of Executive Compensation. He also served on the Federal Reserve Bank of New York’s International Capital Markets Committee; on Revenue Canada Taxation’s Advisory Committee; and on the Ontario Premier’s Council on Economic Renewal.
Mr. Cantor holds a BA from the University of Alberta, an LLB from the University of Alberta, an LLB from the University of Toronto and is a Fellow of the Institute of Canadian Bankers (Ryerson University).”
“Loral was on the verge of bankruptcy in 1972 before it was acquired by Bernard L. Schwartz, who over the course of the next two decades built it into a major player in the global aerospace and defense industry, acquiring 16 other defense and aerospace companies. In 1995, Loral had $5.5 billion in revenue. In 1996 Loral sold its defense electronics and system integration businesses to Lockheed Martin; its remaining units became Loral Space & Communications. The following year, several of those former Loral units were spun off by Lockheed Martin to become the core of L-3 Communications. Loral was accused of transferring technology to China in 1996. The incident arose as a result of an investigation into the launch failure of Intelsat 708, a Space Systems/Loral–built satellite. [Allegedly sabotaged by Haig’s CAI special investors using Entrust PKI and Serco clock to disrupt network time protocols] In a 2002 agreement with the State Department and Department of Justice the company agreed to pay $20 million in fines to settle the matter and to improve its compliance procedures. In the agreement Loral officials neither admitted nor denied the government's charges, but Loral executives acknowledged "the nature and seriousness of the offenses alleged by the department in the draft charging letter, including the risk of harm to the security and foreign policy interests of the United States", and stated that they wished to make amends through the payment of restitution. Schwartz subsequently released a statement accepting "full responsibility for the matter" and portrayed the incident as an error by a single Loral employee.”
“LORAL AND PSP INVESTMENTS AGREE TO ACQUIRE TELESAT CANADA
Loral Skynet and Telesat Will Combine To Create Premier Global FSS Provider With US $4.9 Billion of Backlog
Total Value of Telesat Acquisition is US $2.96 Billion, Including Assumed Debt
Total Value of Telesat Acquisition is US $2.96 Billion, Including Assumed Debt
NEW YORK and MONTREAL - December 18, 2006 - Loral Space & Communications Inc. (NASDAQ: LORL) today announced that it and its Canadian partner, the Public Sector Pension Investment Board (PSP Investments), have entered into a definitive agreement with BCE Inc. (TSX/NYSE: BCE) pursuant to which a joint venture company formed by PSP Investments and Loral will acquire 100 percent of the stock of Telesat Canada from BCE for approximately US $2.8 billion (CAD 3.25 billion), plus the assumption of US $148 million (CAD 172 million) of debt.
In connection with this transaction, Loral will transfer the fixed satellite services and network services assets of Loral Skynet to a new Canadian company, to be known as Telesat, based in Ottawa formed by Loral and PSP Investments. This new company will be one of the world's largest operators of telecommunications satellites, with a combined fleet of eleven satellites and four additional satellites to be launched over the next three years. The new company will have combined trailing 12 months revenue for the period ended September 30, 2006 of approximately US $568 million (CAD 658 million) and US $4.9 billion (CAD 5.6 billion) of backlog, generating combined trailing 12 months Adjusted EBITDA for the period ended September 30, 2006 of approximately US $295 million (CAD 341 million).
The new company will feature a management team to be drawn from both Telesat and Loral Skynet and Daniel Goldberg will continue to serve as chief executive officer. Loral and PSP Investments will hold a 64 percent and 36 percent economic interest, respectively, in the new company. Consistent with Canadian law, Loral's total voting equity will be 33.3 percent, with PSP Investments and other Canadian investors having 66.7 percent.
The combined Telesat-Loral Skynet company will offer its customers expanded satellite and terrestrial coverage, enhanced back-up advantages and an unparalleled level of customer service. Loral's satellite fleet provides an array of video and data services primarily outside of North America, and complements Telesat's North American fleet, which hosts strong video and data distribution services across North America, as well as Canada's two premier direct-to-home video services.
The boards of directors of PSP Investments, Loral and BCE have each approved the transaction, which is subject to customary closing conditions, including approvals of the relevant Canadian and U.S. government authorities. The transaction is expected to close by mid-2007.”
In connection with this transaction, Loral will transfer the fixed satellite services and network services assets of Loral Skynet to a new Canadian company, to be known as Telesat, based in Ottawa formed by Loral and PSP Investments. This new company will be one of the world's largest operators of telecommunications satellites, with a combined fleet of eleven satellites and four additional satellites to be launched over the next three years. The new company will have combined trailing 12 months revenue for the period ended September 30, 2006 of approximately US $568 million (CAD 658 million) and US $4.9 billion (CAD 5.6 billion) of backlog, generating combined trailing 12 months Adjusted EBITDA for the period ended September 30, 2006 of approximately US $295 million (CAD 341 million).
The new company will feature a management team to be drawn from both Telesat and Loral Skynet and Daniel Goldberg will continue to serve as chief executive officer. Loral and PSP Investments will hold a 64 percent and 36 percent economic interest, respectively, in the new company. Consistent with Canadian law, Loral's total voting equity will be 33.3 percent, with PSP Investments and other Canadian investors having 66.7 percent.
The combined Telesat-Loral Skynet company will offer its customers expanded satellite and terrestrial coverage, enhanced back-up advantages and an unparalleled level of customer service. Loral's satellite fleet provides an array of video and data services primarily outside of North America, and complements Telesat's North American fleet, which hosts strong video and data distribution services across North America, as well as Canada's two premier direct-to-home video services.
The boards of directors of PSP Investments, Loral and BCE have each approved the transaction, which is subject to customary closing conditions, including approvals of the relevant Canadian and U.S. government authorities. The transaction is expected to close by mid-2007.”
“LORAL AND PSP INVESTMENTS AGREE TO ACQUIRE TELESAT CANADA
Loral Skynet and Telesat Will Combine To Create Premier Global FSS Provider With US $4.9 Billion of Backlog
Total Value of Telesat Acquisition is US $2.96 Billion, Including Assumed Debt
Total Value of Telesat Acquisition is US $2.96 Billion, Including Assumed Debt
NEW YORK and MONTREAL - December 18, 2006 - Loral Space & Communications Inc. (NASDAQ: LORL) today announced that it and its Canadian partner, the Public Sector Pension Investment Board (PSP Investments), have entered into a definitive agreement with BCE Inc. (TSX/NYSE: BCE) pursuant to which a joint venture company formed by PSP Investments and Loral will acquire 100 percent of the stock of Telesat Canada from BCE for approximately US $2.8 billion (CAD 3.25 billion), plus the assumption of US $148 million (CAD 172 million) of debt.
In connection with this transaction, Loral will transfer the fixed satellite services and network services assets of Loral Skynet to a new Canadian company, to be known as Telesat, based in Ottawa formed by Loral and PSP Investments. This new company will be one of the world's largest operators of telecommunications satellites, with a combined fleet of eleven satellites and four additional satellites to be launched over the next three years. The new company will have combined trailing 12 months revenue for the period ended September 30, 2006 of approximately US $568 million (CAD 658 million) and US $4.9 billion (CAD 5.6 billion) of backlog, generating combined trailing 12 months Adjusted EBITDA for the period ended September 30, 2006 of approximately US $295 million (CAD 341 million).
The new company will feature a management team to be drawn from both Telesat and Loral Skynet and Daniel Goldberg will continue to serve as chief executive officer. Loral and PSP Investments will hold a 64 percent and 36 percent economic interest, respectively, in the new company. Consistent with Canadian law, Loral's total voting equity will be 33.3 percent, with PSP Investments and other Canadian investors having 66.7 percent.
The combined Telesat-Loral Skynet company will offer its customers expanded satellite and terrestrial coverage, enhanced back-up advantages and an unparalleled level of customer service. Loral's satellite fleet provides an array of video and data services primarily outside of North America, and complements Telesat's North American fleet, which hosts strong video and data distribution services across North America, as well as Canada's two premier direct-to-home video services.
The boards of directors of PSP Investments, Loral and BCE have each approved the transaction, which is subject to customary closing conditions, including approvals of the relevant Canadian and U.S. government authorities. The transaction is expected to close by mid-2007.”
In connection with this transaction, Loral will transfer the fixed satellite services and network services assets of Loral Skynet to a new Canadian company, to be known as Telesat, based in Ottawa formed by Loral and PSP Investments. This new company will be one of the world's largest operators of telecommunications satellites, with a combined fleet of eleven satellites and four additional satellites to be launched over the next three years. The new company will have combined trailing 12 months revenue for the period ended September 30, 2006 of approximately US $568 million (CAD 658 million) and US $4.9 billion (CAD 5.6 billion) of backlog, generating combined trailing 12 months Adjusted EBITDA for the period ended September 30, 2006 of approximately US $295 million (CAD 341 million).
The new company will feature a management team to be drawn from both Telesat and Loral Skynet and Daniel Goldberg will continue to serve as chief executive officer. Loral and PSP Investments will hold a 64 percent and 36 percent economic interest, respectively, in the new company. Consistent with Canadian law, Loral's total voting equity will be 33.3 percent, with PSP Investments and other Canadian investors having 66.7 percent.
The combined Telesat-Loral Skynet company will offer its customers expanded satellite and terrestrial coverage, enhanced back-up advantages and an unparalleled level of customer service. Loral's satellite fleet provides an array of video and data services primarily outside of North America, and complements Telesat's North American fleet, which hosts strong video and data distribution services across North America, as well as Canada's two premier direct-to-home video services.
The boards of directors of PSP Investments, Loral and BCE have each approved the transaction, which is subject to customary closing conditions, including approvals of the relevant Canadian and U.S. government authorities. The transaction is expected to close by mid-2007.”
“Speaking Notes
Paul Cantor, Chair, Board of Directors
Annual Public Meeting
Public Sector Pension Investment Board
October 28, 2010
Sussex Room
Government Conference Centre
2, Rideau Street
Ottawa, Ontario
Check against delivery
Good afternoon ladies and gentlemen. My name is Paul Cantor [and I am not telling you about my role in the spot-fixed bookmaking operations of the CAI Private Equity Group with the late General Alexander Haig and my client pension fund associates in the RCMP].
I would like to welcome you to the Annual Public Meeting of the Public Sector Pension Investment Board, which carries on business under the name PSP Investments. We are pleased to have you in attendance today. Also on hand are several of my colleagues who sit on the Board of Directors (Lynn Haight, Mike Mueller….). PSP Investments is a crown corporation established by Parliament by the Public Sector Pension Investment Board Act. Its mandate is to invest the proceeds of the net contributions received from the government since April 1, 2000 for the pension plans of the federal Public Service, the Canadian Forces and the Royal Canadian Mounted Police, and since March 1, 2007 for the pension plan of the Reserve Force.Annual net contributions to these pension funds — that is the extent to which contributions exceed pension liabilities — are approximately $4 billion, and net contributions are expected to remain positive for the next 20 plus years. PSP Investments’ head office is here in Ottawa. Its principal business office is located in Montreal.
10th Anniversary This year, we marked the 10th anniversary of PSP Investments’ founding. Both Bob Baldwin and I have been privileged to sit on the Board since its inception on March 28, 2000.”
Happy Googling
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