Matt Stewart

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BCE and the Rule of Law

Mr. Seaton seems more angry about his phone card than anything else. Notwithstanding the obvious axe you have to grind, it would seem to me that the BCE deal - and whether or not you favour it - is ideological.

Either you believe in regulated free market capitalism (This deal went through all kinds of regulatory hurdles to get cleared) - or you don't...

As far as your retirement fund goes, rest assured Mr. Leech knows exactly what he is doing. BCE spins off tremendous quarterly cashflow. Over time, the leverage will be reduced. As a private company BCE will not have to pay a dividend so this cashflow will be used to pay tax-deductible interest expense. And at the end of the trade, Ontario's teachers will end-up with a highly valued equity account funded at a cost of borrowing that is unlikely to be seen again in yours or my lifetime.

You are griping about potentially owning one of Canada's finest utility assets in a private fund that benefits you exclusively on a go forward basis. Perhaps you should rethink your position.

As a final comment...I own shares in the hopes that I will make a profit.

Q. Isn't that the entire point of owning shares in a company? Isn't the premise behind investing that you set aside funds today so they will be worth more in the future.

Not exactly sure how that makes one greedy...but again - you seem a bit enraged by your phone bill.

Best advice for you sir would be to switch sides. If you are reliant on a Teachers pension - the best thing that could happen for you would be to have this deal close. As a reminder - you already owned 5% of BCE before this deal was struck...in for a penny - in for a pound.