Is The Canada Infrastructure Bank Being Used To Fund Liberal Insiders?
In a recent parliamentary session, concerns were raised by Members of Parliament regarding the allocation of funds by the Canada Infrastructure Bank (CIB). The debate ignited as Calgary Centre MP Greg McLean condemned what he described as a pattern of channeling taxpayer money into the pockets of Liberal insiders through hefty bonuses.
“Because the return doesn’t come at the end of the day with these funds. What it is is a transfer of wealth from all these Canadians into the pockets of insiders,” McLean contested.
McLean’s remarks came amidst a backdrop of scrutiny over the CIB’s financial practices. The bank, established with a $35 billion budget, has allegedly been prioritizing salaries and bonuses for its staff rather than investing substantially in much-needed infrastructure projects across the country.
“They’ve got insiders here, and despite the fact that they hardly invested any money from this Canada Infrastructure Bank, they’ve collected, in the last couple of years: 2020-2021, almost $7 million in bonuses. Every employee of this boondoggle infrastructure bank actually gets bonuses despite the fact that at one point in time, they only had one investment,” he said.
Drawing attention to the bank’s annual reports, McLean highlighted staggering figures indicating a disproportionate allocation of funds towards salaries and overhead expenses. He cited instances where millions of dollars were disbursed as bonuses to CIB employees despite limited investments in tangible infrastructure initiatives.
“But then in 2021-2022, again, $7.7 million in bonuses to these Liberal insiders that they’ve appointed over there, transferring money again from Canadians to their friends. It’s a boondoggle of the highest order,” he added.
This comes after fellow MP Dr. Leslyn Lewis underscored in an earlier parliamentary session the same disparity between the bank’s expenditure on personnel and its purported mandate of infrastructure development.
“Last year, the $35 billion Canada Infrastructure bank spent 20 times more on salaries & bonuses than on actual infrastructure,” Lewis wrote on X.
Lewis directed her inquiries to Ehren Cory, CEO of the Canada Infrastructure Bank, seeking clarification on the rationale behind the bank’s spending practices. Cory defended the bank’s approach, emphasizing transparency in financial reporting and justifying the expenditure as essential for recruiting and retaining talent to execute infrastructure projects effectively.
However, Lewis challenged Cory’s assertions, questioning the profitability of the bank’s investments and highlighting the substantial bonuses distributed to its executives. She raised doubts about the long-term sustainability of the CIB’s financial model, particularly its reliance on taxpayer funds for operational expenses.
Cory responded by clarifying that the CIB’s investments primarily consist of loans, which are expected to yield returns over an extended period through interest payments. He reiterated the bank’s commitment to utilizing taxpayer dollars responsibly to deliver public benefits, despite criticisms regarding its expenditure priorities.
Information for this briefing was found via X and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
