18 Apr 2012

Jim Doak can't see the ground
from his lofty tower on Bay Street

The way Toronto financial analyst Jim Doak sees it, Ontario NDP leader Andrea Horwath and groups such as the Campaign to build ‘One Big Campaign’ (CBOBC) are, well, pretty much evil!

Howarth outraged Doak and his privileged, elite friends on Bay Street last week by proposing a two percentage point increase in provincial income tax for people earning more than $500,000, as a way to help close Ontario’s budget deficit.

Income disparity is also one of the major issues that CBOBC believes should be tackled by the proposed huge campaigning network that would include hundreds of activist groups and progressive unions.

“It’s nasty,” Doak said during a debate on CTV. “It’s ethnic cleansing. She’s defining a group not by culture or language, but my how much money they make, and she wants to get rid of them.”

Jim Doak,
President and Managing Director
Megantic Asset Management
Doak was appearing in a debate against Armine Yalnizyan, senior economist for the Centre for Canadian Policy Alternatives. Yalnizyan later tweeted: “As an Armenian it was a stunning comment to hear as his opening defence, and incredibly challenging to avoid commenting on.”

Doak claimed that the two per cent tax increase will drive the super-rich out of Ontario and the financial community will have to follow – the kind of fear mongering that the rich always offer up when they are faced with the prospect of paying a little more.


I’ll bet he didn’t know that his self-serving and misinformed comment would go viral, allowing hundreds of thousands to see his ridiculous comments on the Internet and Twitter!

The top 100 Canadian CEOs were paid an average of $8.4 million in 2010, a 27 per cent increase over the previous year, said a report published  by the Canadian Centre for Policy Alternatives says.

In comparison, the average Canadian earned $44,366 that year, or 1.1 per cent more than in 2009.

So who is Jim Doak? Sadly, the man with this kind of opinions is one of the top dogs on Bay Street.

According to Bloomberg Businessweek, the 56-year-old Doak is connected to 28 boards in five different organizations across eight different industries.

Strange that Bloomberg lists his “Total Calculated Compensation” at $75,250. Hmmm! I would have thought his income would be more than that – like, into the millions a year. I’d be curious to see how many tax loop holes he’s been able to take advantage of.

Jim Doak, like all of the rich folks on Bay Street, gives back to his community. He has played a leading role for years at Alliance Française de Toronto and he gives to the Hospital for Sick Children.

Given his outrage over the possible paying of a few more dollars in taxes, he seems to be typical of the Jekyll and Hyde kind of men that have been allowed to inbreed and develop on Bay Street.

The Bay Street crowd doesn’t want to understand the income disparity issue that Andrea Horwath and CBOBC are worried about. They feel they are totally entitled to earn as many millions as they can. The towers are so high on Bay Street that they cannot see the ground.

Frankly, they need to have their mothers take them by the ear and give them a good talking to.

It is disturbing that these kinds of people, through their symbiotic relationship with the Harper regime, have so much power and control over the lives of millions of ordinary Canadians.  They continue to disregard their world counter parts, groups such as the International Monetary Fund, that clearly states  that continuing on the road to even greater income disparity is not the way to end the economic crisis.

Perhaps folks would like to personally tell Jim Doak what they think about his comments.

None of the businesses he is closely involved with seems to list an email address on their websites. However, Doak is a proud past-president of the Toronto Society of Financial Analysts, and I am sure they would be pleased to forward any comments left for him on their email form.

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34 comments:

  1. I think one of the problems of the human condition is that people's spending rises to always exceed their income so they always believe they need to earn more money.

    Similarly they always believe they cannot afford to pay more taxes.

    Now Doak talks about a flight from Ontario if the millionaires are taxed another 2%. Well I wonder where they would fly to. They are working in Toronto because that is where they can make the most money. I doubt if many will fly to Montreal, Vancouver or Calgary because of a 2% tax increase.

    I realize that some rich people are philanthropic and give back to their community, but it does bother me that some people have no sense of responsibility for helping others who are less fortunate.

    One reason I will not defend the CBC against budget cuts is that they keep Kevin O'Leary on the payroll. He is irresponsible and greedy and should not be paid with public funds.

    ReplyDelete
  2. Hi Mike, thanks for the comment, but I can't agree with you on the CBC. Yes, O'Leary is an undesirable, but going against the CBC because of one person is what Harper loves to see. The CBC has the problem that the folks running the place put the likes of O'Leary and Don Cherry on thre air because they boost ratings and bring in ad revenues. We need to try to forcve this terrible government to leave CBC-TV alone until we hopefully get a more enlightened bunch in Ottawa.

    ReplyDelete
    Replies
    1. I would like to see the CBC and many "private" media oulets replaced by NGOs.

      Delete
  3. If Doak is making $75,250, he's got nothing to worry about anyway! LOL. The problem with millionaire philanthropists is that they pick and choose what projects are worthy of funding and according to their own agenda, not necessarily funding what the public most needs. Linda McQuaig's The Trouble With Billionaires is good on this topic.

    ReplyDelete
  4. I love how the very wealthy, particularly Bay Street guys--the ones who are so smart with money--don't seem to understand our tax system. See, it isn't an extra 2% of your income. It's an extra 2% over the portion over $500,000 in income. The under $500,000 is taxed the same as it was before! If an extra 2% on that is large enough to cause you to move, sell everything and start all over again, you are making WAY too much money.

    Also, perhaps there should be a regulation limiting the number of boards a person can be a director of. I mean, if he's only earning $75,000 in his job, those directorships are paying handsomely (as they would with 27 of them!) How's about we make it 3?

    ReplyDelete
  5. Great post Nick. What's really shocking is how over the top Mr Doak's comment really was. To compare a slight tax increase with ethnic cleansing and the eradication of an entire cultural group is appalling. Mr Doak needs to take a history lesson before he cranks up the vitriol.

    ReplyDelete
  6. Great article. This klown was on CBC again today crying like a baby and invoking the work "nazi" in reference to this 2% surtax.

    Please post his email address. I have some kind words for him.

    ReplyDelete
  7. Great article. This klown was on CBC again today crying like a baby and invoking the work "nazi" in reference to this 2% surtax.

    Please post his email address. I have some kind words for him.

    ReplyDelete
  8. Problem is that the intellect on Bay Street is disproportionate to the compensation received there. I have listened to Jim Doak on BNN on many occasions, and while he can make sense, there is an obvious elitist and condescending mentality that permeates in many of his monologues. Whether it is the local skilled trades folks who are paid better than their Chinese counterparts, the people who will not leave their fishing villages to go where employment exists, or the socially responsible who make efforts at creating a just society, this man's views primarily support the perpetuation of rich people getting richer, elimination of the middle class, and poor people getting poorer. The man is truly short sighted.

    If we don't like his view, let's start lobbying BCE to have him removed from his engagement on BNN.

    John F Kennedy once said "If a free society cannot help the many who are poor, it cannot save the few who are rich."

    Our lower and middle classes are responsible for creating approximately 70% of our Gross Domestic Product. If we continue this "race to the bottom" which Jim and his like-minded colleagues seem to support, there won't be enough rich folks to support a future for companies like Megantic Asset Management. I suggest Mr. Doak and his colleagues think about that.

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