The Louisiana Purchase….Eight Years Is Nothin’!

What’sTheIndemnityGordon?

TaxCreditVille

The BC Rail Legislature Raids occurred in December of 2003.

Which, if I’m doing the math right, is almost 8 years ago.

Which means that RailGate is old news and that it’s way, way too late for justice, right?

Wrong.

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In the comments yesterday, an eagle-eyed reader brought of an interesting little tid-bit in Thursday’s Globe to our attention that was written by their retrospective man, Brennan Clark:

15 YEARS AGO… (Aug. 28 – Sept. 3, 1996)

Former premier found guilty of insider trading

The B.C. Securities Commission this week found former B.C. premier Bill Bennett and his brother Russell guilty of insider trading during Oregon-based Louisiana-Pacific’s unsuccessful attempt to take over Doman Industries eight years ago.

In a long-awaited ruling, the BCSC concluded that Vancouver Island lumber baron Herb Doman tipped off the Bennett brothers just before Louisiana Pacific withdrew a bid to pay $12 a share for Mr. Doman’s company early in November, 1988.

The Bennetts sold more than half a million shares in Doman Industries at $11 a share before the close of trading on Friday, Nov. 4, netting an estimated $2-million profit, the commission said. Doman shares reopened for trading the next Monday at $7.75….

{snippety doo-dah}

The three men were acquitted of criminal charges in the case in 1989.

Flash forward: In 1999, after unsuccessfully appealing the ruling, the Bennetts and Mr. Doman agreed to abide by the BCSC’s sanctions and pay more than $1-million to cover the cost of the investigation.

Did you catch that?

Premier and family member initially dodged bullet…Then, finally, they admitted their wrongdoing and were fully held to account for their actions 11 years later….

Remind you of anyone and/or anything?

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Regarding the ‘tax credit indemnity’ thing mentioned in the gazee-o-tropic sub-header, please see this.

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By RossK