We hope to have the text of the story available really soon.
Looks like it's going to be good!
CCWIPP and FSCO sittin' in a tree.....
Canadian Grocer came out today and the feature story is about our infamous pension plan--the CCWIPP.
Until the written word is available there's the front page image to enjoy. Do you suppose the picture of men standing together - large relevant signage in hand - is big biz's recognition of the value and power of protest or - do you think it's a not so subtle big-biz kick to the labour face while it's down? 
Is that magazine generally available in single issues on grocery store newstands or does one have to subscribe?
It's by subscription, but you may want to check your library. Some will have on-line access to the current feature within a week or so.
On another note, Benefits Canada in the Nov 2005 edition (Vol. 29, Iss. 11; pg. 9) reports that:
quote:
PENSION FUND PROBE
The Canadian Commercial Workers Industry Pension Plan's (CCWlPP) investment in a Hilton property in Kingston, Jamaica is being probed by the Financial Services Commission of Ontario (FSCO). Regulators are looking into whether CCWlPP may have breached regulations set out under Canadian law governing pensions. Specifically, regulators are probing into a series of arrangements CCWlPP made to acquire real estate properties in Jamaica and the Bahamas. FSCO's report states that "given the size of the plan's investment in the Caribbean development, FSCO is concerned that the quantitative limits set out in sections nine and ten of the federal regulation have been violated."
Here's the lead in to the Canadian Grocer story:
quote:
The story behind the story of the Canadian Commercial Workers Industry Pension Plan (CCWIPP) has all the intrigue of a John Grisham novel blended with the unreality of a Monty Python sketch. The cast includes an ex-priest; a group of union leaders whose mantra to anxious rank and file members in the face of numerous pension plan improprieties is, "Don't worry, be happy"; a provincial regulator reluctant to use its powers (be it demanding the surrender of key documents or issuing fines); and then there are the potential victims: The Canadian grocery store workers who are members of the United Food and Commercial Workers union and who pay contributions to CCWIPP, a pension plan many fear may be insolvent once they hit retirement age.
It gets better:
quote:
In some cases, large sums were invested in businesses in which pension trustees were directors and held stock options. Meanwhile, some money was invested in businesses controlled by CCWIPP advisors and other associates. In some instances, loans
from the pension plan actually exceeded the value of the properties they were used to purchase.
In addition, more than $40 million was poured into a couple of dubious business ventures - including a shrimp processing plant in Newfoundland and a potato-processing plant in Idaho - that were either bankrupt or on the verge of bankruptcy. In other cases, loans went unpaid, even though their accrued interest was recorded as additional "investment" (a bookkeeping practice now generally referred to as "Enron Accounting.")
Just got a chance to thoroughly read the Canadian Grocer CCWIPP article.
I'm sure I'll be on a field trip to FSCO at some point soon... but in the meantime the article's made me want to write a letter. It's in progress...
quote:
Dear Lynda,
You hypocritical bitch.
Dearest Lynda,
On behalf of victimized pension plan members across Canada, I'd like to thank you for the great concern you've shown CCWIPP members. Saving forensic audit costs is a noble gesture from the Fraud Cooperating Service of Ontario (pronounced fixo?).As is your competion with a) Bernie Christophe and b) the beach sand in Cliff Evan's ass-crack... for who da one with the highest IQ?
We here at MFD have been trying very hard (with success)to do what you chickenshit incompetents at FSCO just don't have the balls to doto help you help the members. Our time and work on their behalf is freeand we can honestly and publicly say that we haven't had our palms greased by greasy slimeballs. Continuing in this holiday spirit of giving, I will present you and FSCO staff (say hello to my newbie rep Julina Lyn - don't get scared yet Julina... I'm quite nice to most people) with the gift of another visit to your offices by myself and the work-for-free audit crew of my choice. My gift in a big $@%#$MFD#^$MFD#%^#MFD%#!MFD@$%#% wrapping paper box.
Merry Xmas... and let's all work together for a happy New Year.
It's still in progress. I might overhaul it before I fax it in to FSCO.
The CCWIPP house of cards may be nearing a partial or full collapse. As if the US $100 million suit against the CCWIPP, Evans and Fraser wasn't enough, now the New Providence Develompent Company has showed up in Bahamian Supreme Court to take back the South Ocean golf course and to collect a whack of dough from the CCWIPP in damages.
When New Providence grabs the golf course, Scotia Bank Bahamas will call its loans, possibly on the South Ocean and British Colonial.
In that event, the properties would most likely be sold for chump change.
That event would leave the CCWIPP badly gored, bleeding and gasping for breath.
Can Loblaws pack enough dough into the hole to stop the wound from bleeding the CCWIPP to death? Maybe, but what price would they exact from the UFCW for saving the pension plan?
These are big questions. The world is watching to see how far the CCWIPP has to sink before the FSCO steps in or calls for reinforcements.
I was getting all sentimental reading an old thread that I just linked to over in another thread. And I still wonder whatever happened to ISDU Potentate's old friend John Khing Shah at FSCO? The two never met up the day of Pot's visit and John hasn't been heard from since. But apparently there are still two hilarious answering machine messages left by John still available for once-in-awhile entertainment.
That old thread shows the salaries over $100,000 at FSCO for 2003. For this thread and for your MFD disgust, here are the 2004 figures...
quote:
Financial Services Commission ALLEN BETH Arbitrator $106,750.45 $176.55
Financial Services Commission BAYEFSKY EBAN Arbitrator $106,750.45 $176.55
Financial Services Commission BLACKMAN LAWRENCE Arbitrator $104,228.28 $176.55
Financial Services Commission BYTHELL ANN Ombudsman/Executive Director $142,012.26 $249.36
Financial Services Commission CAMPBELL MALCOLM Dir., Ombudsman Srvcs. $112,838.97 $194.91
Financial Services Commission CHAN DENNIS Chief Actuary, Insurance $125,041.08 $214.11
Financial Services Commission DAVIES BRYAN Superintendent/Chief Executive Officer $186,509.44 $10,184.35
Financial Services Commission DELLA ROCCA LINDA Exec. Dir., Corporate Services Division $119,347.04 $206.57
Financial Services Commission DRAPER DAVID Director, Arbitrations $155,241.80 $265.98
Financial Services Commission DUDZINSKI BARBARA Dir., Dispute Resolution Services Br. $112,838.97 $194.91
Financial Services Commission EVANS DAVID Appeals Officer $106,071.24 $181.83
Financial Services Commission FEALDMAN ISOBEL Dir., Strategic & Operational Plng. Br. $108,239.19 $188.60
Financial Services Commission GOLFETTO TOM Director, Pension Plans Branch $111,513.27 $193.06
Financial Services Commission GORDON DAVID Deputy Superintendent, Pensions $142,012.26 $249.36
Financial Services Commission HALL DARLENE Dir., Auto Insurance Services Branch $114,130.72 $195.42
Financial Services Commission JIWANI NUREZ Dir., Regulatory Coordination Br. $104,405.95 $182.09
Financial Services Commission KILLORAN JUDITH Arbitrator $104,228.28 $176.55
Financial Services Commission LEITCH DAVID Arbitrator (des) $106,750.45 $176.55
Financial Services Commission MA CHUN-MING Chief Actuary, Pensions $104,398.04 $214.11
Financial Services Commission MAKEPEACE NANCY Appeals Officer $109,940.70 $189.45
Financial Services Commission MARMAN JOHN Sr. Mgr., Bus. Solutions & Oper'l Supp. $103,516.03 $180.39
Financial Services Commission MILLER JOYCE Arbitrator $104,228.28 $176.55
Financial Services Commission RENAHAN WILLIAM Arbitrator $104,228.28 $176.55
Financial Services Commission SAPIN SUSAN Senior Arbitrator $107,040.47 $176.97
Financial Services Commission SEIFE ASFAW Senior Arbitrator $117,748.98 $191.16
Financial Services Commission SHIP MARTIN Dir., Corp. Policy & Public Affairs Br. $112,839.00 $194.91
Financial Services Commission SONE ANNE Arbitrator $104,228.28 $176.55
Financial Services Commission SWANSON GRANT Exec. Dir., Licensing & Mrkt. Conduct $118,887.38 $206.12
Financial Services Commission WILSON JOHN Arbitrator $104,228.28 $176.55
ALL I WANT TO KNOW FROM THE FOOLS AT FSCO...
WHO THE FUCK IS DAVID GORDON, WHAT THE FUCK DOES HE DO FOR HIS PAY, AND WHAT THE FUCK DID HE DO IN THE LAST COUPLE YEARS TO DESERVE A $13,000+ RAISE???
AND YES, I AM FUCKING YELLING!!!!
YOU FUCKS.
RIP Pot. We'll carry on. 
You're joking right press? We pay fsco dudes that much to do WHAT? Forget about where's david, where's the bang for the public buck.
Breaking news in the Bahamas. First CCWIPP gets sued for $100 million. Then if that isn't bad enough the CCWIPP is hauled into court and stands to lose $200 million more.
The $200 million is based on the Scotia Bank calling its loans on the South Ocean and British Colonial which may whack the Jamaican losers as well.
Speaking of losers, what might the folks at the FSCO be doing about this?
quote:
The Tribune understands that a major factor has been the sales price CCWIPP is seeking, with some sources saying it has been pegged around $60 million. South Ocean has been a poor financial performer historically, and informed observers believe its true value is currently closer to $10 million.
Isn't this the case with every CCWIPP asset? The book value is insanely inflated... and they can only sell to themselves or other massive idiots to cover the money-giveaway. It happened with the Mondo Condo and will happen again here.
I love hearing about that "$1.2 billion" pension plan. Ya right.
Firms sue Canadian union pension plan
quote:
Two U.S. investment companies are suing a major Canadian union pension plan for allegedly using them to "deflect" an investigation by Ontario financial regulators.
Case Financial Inc. and a related firm claim the Canadian Commercial Workers Industry Pension Plan and two senior officials induced them to sign letters of intent for the plan to sell them a controversial Caribbean resort that was under investigation here.
But the firms' lawsuit, which has not been proven in court, says the pension plan and the officials used the two letters earlier this year "in an attempt to deflect" the Financial Services Commission of Ontario probe.
Ultimately, Dalton McGuinty, his last two finance ministers and his whole damned government will be held accountable.
In the meantime, it's time to rub the FSCO idiots' noses in this shit and then throw them in a cell with the dirt bags that plundered the pension plan.
Gary Filmon once said:
quote:
The New Democrats may be beholden to the union bosses of this province because hundreds of thousands of dollars are transferred over to them. I remember when Bernie Christophe of the UFCW or Manitoba Food and Commercial Workers said on the night of the election of the member for Concordia (Mr. Doer) as the Leader of that party, "the machine works." His machine had made sure that they had in place the person whose strings they could pull so that they could do the things they want, and that is the kind of thing that fascinates New Democrats, Madam Speaker, but we believe that people of Manitoba who support us do so because they believe in good government.
Ah, yes, "The Machine." Bernie is such a Machinehead. What does Bernie the Machinehead have to say about the FSCO report?
quote:
UFCW national director Michael Fraser, meanwhile, deferred all CCWIPP queries to Winnipeg-based
Bernard Christophe, president of UFCW Local 832 and the pension plan's chairman. In an interview with Canadian Grocer, Christophe blasted the FSCO report as being "full of inaccuracies." Such as? "I couldn't begin to tell you what's wrong," he says. Christophe promised a more detailed response once he had access to his records. However, he later changed his mind. "I don't want to discuss the [FSCO] errors at this time," says Christophe. "It wouldn't be in the best interests to discuss it publicly."
Now Bernie the Machinehead would have us believe that the US $100 million lawsuit is without merit.
Bernie, Florida courts don't like Canadians. Bernie, Florida judgements treat $100 million as chump change. Even if you drag it out until Canadian money is at par, the $100 million could kick a huge dent in a lot of pension cheques.