We doubt very much he intended to do this. You could call it inadvertent, unintended. But in fact there is no mistake.Crocus drum-beater Tom Brodbeque's piece today proves the government's case -- that the government had no indication of valuation problems at Crocus before selling was halted.
Valuation of Crocus investments, of course, was the root problem that led to the collapse of the fund.
Our Tom details contents of an email leaked to him concerning Crocus between a senior Finance official, Steve Watson, and minister Greg Selinger, expressing concerns about pacing and liquidity that go back to 2000 and before. The email, incidentally, dates to after the September write-down of the fund.
We will repeat the point that frothing media and the opposition like to purposefully confuse -- liquidity and pacing issues were concerns since the Filmon days, and they were inconviences that Crocus officials raised repeatedly, yet these were not crises. And they had nothing to do with why Crocus ultimately failed.
Crocus failed due to the over-valuation of its investments. This debacle is the subject of legal action and we will see how that turns out.
(It's important to note, though, that Bernie Belan's gang pulled the government out of their main lawsuit as it was compromising their case. And a letter to the premier from Belan essentially saying 'if you settle with us I'll go away -- if not I'll run for the Liberals to make our issue as political as possible' is currently under investigation by Elections Manitoba.)
But back to the email in question. Tom Blowback highlights the discussion of the old liquidity and pacing complaints discussed in the email and tries to paint as this part of an extending "paper trail" of malfeasance.
Buried in his column, he casually mentions that "Watson goes on to write that government has no evidence the fund has been inflating its share price."
It's only the most important issue regarding Crocus. Why would Tom focus on it? No reason at all, because it doesn't help his case, that's why.
So, by Bunkbeck's own reluctant admission, shortly before Crocus goes belly up, Greg Selinger was advised by his senior officials that there is no evidence the fund was monkeying with its value.
Of course, this is what the government has been saying all along. Thanks to a leaker and Bunckbeque, the proof is now public.
Thanks, buddy.