Maybe my headline is a little too strong -- and maybe not. A financial expert by the name of Mark McQueen has strong feelings about the running of our Canada Pension Plan (CPP). His feelings are not good.
I started thinking about how the CPP is managed after hearing some comments made on the CBC morning news show with Heather Hiscox. The comments seemed to be throw-away filler and not thoughtful insights.
I've followed McQueen online as well as on BNN and he makes a good case for concern. I decided to see if he has published anything recently on the CPP. I found an online post from February of this year (2014): CPP Investment Board’s External Private Equity Managers Continue to Drag Returns.
McQueen tells us: "The CPP Investment Board reports that our hand-picked team produced $1.8 billion of negative value add over four fiscal years . . . " Go to McQueen's post on his Wellington Financial blog for the whole story or at least as much of the story as McQueen is able to report. You see the CPP Investment Board is terribly secretive about its investments and returns. Much of the financial date provided to the Canadian public is intentionally useless, according to McQueen.
CBC's Hiscox needs to widen her reach when it comes to connecting with folk in the business world and in the financial arena. She should stop with the almost daily fawning over Kevin O'Leary and move on. I nominate Mark McQueen as an on-air financial expert willing, and more than able, to point the news organization in the direction of some newsworthy stuff.