Discussion · Government Orders
Dane Lloyd Conservative
“Maritime Launch Services was a penny stock before the government gave it hundreds of millions of tax dollars. The market showed this company was very risky. The government is bad at investing in private businesses. How can anyone be sure taxpayers will ever get their money back?”
“Madam Speaker, before the government announced this sweetheart deal with Maritime Launch Services, the stock for this company was trading at around four cents a share. Following this government announcement, it went up to 60¢, and today it is at about 46¢. What that tells me is that this was an extremely risky proposition the company was putting forward, and the market did not ascribe a lot of value to it. How can the government be so confident that it knows better than the free market how to allocate scarce financial resources, when a company that is essentially a penny stock is getting hundreds of millions of dollars in taxpayer funding? The current government does not have a good record of investing money in the private sector. How can the member be confident this penny stock is going to get a return for Canadian taxpayers?”
Madam Speaker, before the government announced this sweetheart deal with Maritime Launch Services, the stock for this company was trading at around four cents a share. Following this government announcement, it went up to 60¢, and today it is at about 46¢. What that tells me is that this was an extremely risky proposition the company was putting forward, and the market did not ascribe a lot of value to it. How can the government be so confident that it knows better than the free market how to allocate scarce financial resources, when a company that is essentially a penny stock is getting hundreds of millions of dollars in taxpayer funding? The current government does not have a good record of investing money in the private sector. How can the member be confident this penny stock is going to get a return for Canadian taxpayers?