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Bruce Dowbiggin

How Retirement Money Now Funds The Radical Movement

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The middle class has reportedly never been so educated, so informed. At the same time, the same middle class has never been so blissfully ignorant. Case in point: Much of this adult cohort have their retirement savings invested in IRAs, Registered Retirement Savings Plans, mutual funds and other institutional vehicles.

Where, as shareholders, they earn a consistent return from, among other things, dividends, stock increases and share splits. The Rule of 70 says that a few decades of growth will double your money and will render enough money upon which to retire.

This process is all overseen by benevolent CEOs, boards of directors and investment experts boosting shareholder value. So why should anyone lose sleep or attend shareholder meetings? After all, Bank of Montreal has only missed issuing a dividend twice since its founding in 1817.

Actually there is real cause for urgency. Shareholder value, the bedrock of these investments, is now a piggy bank being robbed by outside players who use ESG, DEI and other nefarious acronyms to intimidate said CEOs, boards of directors and investment experts into doing their bidding.

That bidding is portraying the traditional shareholder model as evil capitalism despoiling society. So now we see corporations such as Disney, Amazon, Coca-Cola, Starbucks and Alphabet (among many) diverting funds from shareholders to causes obsessed by racism, sexism, climate change and a host of other grievance issues.

For many in the middle-class this all seems like a corporate bun fight, a diversion for the Scrooge McDucks of Wall Street and Bay Streets. Even as the Left bleed shareholder value from the RRSPs and IRAs of citizens, deluded citizens cheer on the progressives who are impoverishing them— as if this were an episode of The West Wing instead of The Big Short burning through their savings.

They see hedge fund BlackRock as Robin Hood, redistributing the unseemly wealth of elites to the poor and downtrodden. Little understanding that they are funding this klepto-progressivism. If it wasn’t so sad it might be funny. But the wine moms and the Boy Scout liberals seem clued out on the real agenda.

What’s ironic is that corporate wealth has long resisted the impatient demands of bad actors. It was their resistance in the 1960s that ultimately stopped the revolutionary fervour of the Left from toppling the system. Well, those fanatical forces are back again, but this time they’ve found the keys to the vault.

Here’s how: Liberals and their far-left allies have always been thwarted in their glorious dreams of class revolution by the inconvenience of the electorate. Voters consistently have denied radicals such as AOC or Bernie Sanders the levers of power to activate their pet grievance issues. So they aligned with media and culture industries who portrayed the cruelty of them being denied ultimate power. Class warfare became a Hollywood staple— even as Tinseltown became a blank cheque for radicals.

In Canada and the U.S. the social-credit gambit also meant working the game through sympathetic Supreme Courts who’ve sought to make whole what the citizens want no part of. But the transformation of SCOTUS under Donald Trump scuttled this game. Suddenly the door to legitimizing unlimited abortion, admission quotas, election changes and student-loan forgiveness was slammed shut.

What to do? The solution for the politicians on the Left was to employ large money fund managers such as BlackRock, Vanguard and others to do what the electorate refuses to allow them. Going around the democratic process, these companies created social-credit scores such as ESG and DEI, ranking corporations on their wokeness. The rankings are used to judge their response on every progressive grievance aired by NPR, MSNBC, the Washington Post, CBC and the Toronto Star.

A bad social-credit score from Larry Fink at BlackRock has become a death sentence for executives or boards who balked. Employing their trillions in investments to buy up shares, the hedge funds then used shareholder meetings to whip boards and CEOs into line on the proper mix of social-media expenditures and political propriety. Next thing we saw CEOs saying that maybe shareholder value wasn’t the prime purpose of corporations.

Thus, Disney Corporation, once a bedrock of capitalist certainty under its founder and his family, transformed into trashing its history and brands to satisfy far-left agitators. See: the current iteration of Snow White in which the heroine is brown, the dwarfs look like car jackers and the prince is a ponce.

There is hope that some of these middle-class people have awoken from their coma and are using the market to slow this trend. Anheuser Busch’s disastrous foray into trans politics, celebrating a flamboyant influencer on 365 days as a trans woman, collapsed the mighty Bud Light brand and sunk the stock price. Target, too, blundered in its cloying response to pressure for progressives. Its brand and share price are in free-fall.

Meanwhile, Disney has admitted that tangling with Florida governor Ron DeSantis over Disneyworld was a losing proposition. It has replaced its CEO and fired a number of Woke executives responsible for Snow White. This may also have produced an unintentional outcome. Comedian Dave Chappelle’s prediction last November that Donald Trump was far from dead is suddenly looking prescient, as #orangemanbad leads the GOP polling by 30 points.

For now, however, the middle class snoozes along, content in its self-image as a caring, enabling society. While the investment managers drain their savings to fund windmills in the sky. Politicians are silent, reluctant to challenge the giant. And the media divert attention to shiny objects like Clarence Thomas’ friends. It’s go along to get along. And say bye to your savings.

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Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Inexact Science: The Six Most Compelling Draft Years In NHL History, his new book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via http://brucedowbigginbooks.ca/book-personalaccount.aspx

 

BRUCE DOWBIGGIN Award-winning Author and Broadcaster Bruce Dowbiggin's career is unmatched in Canada for its diversity and breadth of experience . He is currently the editor and publisher of Not The Public Broadcaster website and is also a contributor to SiriusXM Canada Talks. His new book Cap In Hand was released in the fall of 2018. Bruce's career has included successful stints in television, radio and print. A two-time winner of the Gemini Award as Canada's top television sports broadcaster for his work with CBC-TV, Mr. Dowbiggin is also the best-selling author of "Money Players" (finalist for the 2004 National Business Book Award) and two new books-- Ice Storm: The Rise and Fall of the Greatest Vancouver Canucks Team Ever for Greystone Press and Grant Fuhr: Portrait of a Champion for Random House. His ground-breaking investigations into the life and times of Alan Eagleson led to his selection as the winner of the Gemini for Canada's top sportscaster in 1993 and again in 1996. This work earned him the reputation as one of Canada's top investigative journalists in any field. He was a featured columnist for the Calgary Herald (1998-2009) and the Globe & Mail (2009-2013) where his incisive style and wit on sports media and business won him many readers.

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Bruce Dowbiggin

Coyotes Ugly: The Sad Obsession Of Gary Bettman

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It came to this. Playing in the 6,000 seat Mullet Arena on the campus of Arizona State. Owned by a luckless guy who eschewed the public spotlight. Out of the playoffs, their bags packed for who knows where, the Arizona (née Phoenix) Coyotes gave an appreciative wave to the tiny crowd gathered to say  Thanks For The Memories.

With that they were history. Although NHL commissioner-for-life Gary Bettman has promised the last in a set of hapless owners that he can revive the franchise for a cool billion should he build the rink that no one was willing to build for the Yotes the past 20 years.

The Arizona Republic said good riddance. “Metro Phoenix lost the Coyotes because we are an oversaturated professional and college sports market with an endless supply of sunshine and recreational choices. Arizona may have dodged a slapshot:

We have the NFL Cardinals, the MLB Diamondbacks, the NBA Suns, MLB spring training, the WM Phoenix Open, the Phoenix Rising, the WNBA Mercury, the Indoor Football League Rattlers and the Arizona State Sun Devils. There hasn’t been a household name on the Coyotes since Shane Doan, and half of Phoenix probably doesn’t know who he was”.

Likely they’ll be a financial success in Salt Lake City where there’s a viable owner, lots of money and a will to make it work. They’ll need a will because— stop me if you’ve heard this before about the Coyotes—  the rink they’ll play in this fall has only 12,500 unobstructed views for hockey.

Watching this farce we recalled getting a call from Blackberry co-founder Jim Balsillie in 2008, shortly after our book Money Players was a finalist for the Canadian Business Book of The Year. We’d written a fair bit about the Coyotes in our work and someone had told Balsillie we might be the ones to talk to about a plan he was concocting to buy the bankrupt Coyotes and eventually move them to Hamilton.

Balsillie was salty over the way he’d been used as a stalking horse in the financial troubles of the Pittsburgh Penguins in 1990s. Flush with money from the huge success of RIM, Balsillie offered to buy the Pens, with an eye to moving them to southern Ontario if Pittsburgh didn’t help build a new arena for the team.

In time, Balsillie saw that Bettman was only trying to protect the investment Mario Lemieux and others had in the Pens. Balsillie was the black hat who eventually spooked Pittsburgh into giving the current owners what they wanted. At the end of the day, Mario got his money and Balsillie was given a “thanks for trying”: parting gift of nebulous promises.

Still smarting, Balsille vowed not to be used again. in his desire to bring the NHL to southern Ontario. So when the Coyotes owner Jerry Moyes threw the keys to the team on Bettman’s desk, he saw an opening in the bankruptcy that followed. Seeing Bettman as the impediment, Balsillie decided to buy the team out of bankruptcy, a process the NHL could not legally prevent.

What Balsillie wanted to know was “What then? How would Bettman fight back?” We told him that no one flouts Bettman’s authority within the NHL. (All the current owners since 1993 have come aboard on his watch.)  And that he’d have to get the Board of Governors to approve his purchase. Odds: Nil.

That’s what happened. Rather than admit that the Valley of the Sun was poisoned for hockey, Bettman found another series of undercapitalized marks to front the franchise while the league quietly propped up the operation. No longer was the Coyotes’  failure about the fans of Arizona. It was about Gary Bettman’s pride.

Protestors stand outside a press conference in Tempe featuring Arizona Coyotes executives discussing propositions related to a new arena and entertainment district. (Photo by Brooklyn Hall/ Cronkite News)

Where he had meekly let Atlanta move to Winnipeg he fought like hell to save Arizona. And his power. (His obstinacy on U.S. network TV is another story.)

Fast forward to last week and the abject failure of that process. The Arizona Republic naively fawned on Bettman for his many attempts to save the team. In fact, they were just attempts to buttress his grip on the league. While the Coyotes may have been a mess, Bettman has succeeded in preserving the investments of most of the business people who bought his NHL business prospectus.

Sometimes it meant riding into Calgary to chastise the locals for their parsimony in not giving the Flames a new rink. Ditto for Edmonton. Ditto for Winnipeg  and other cities. Other times it was to shore up weak partners to protect the equity of other prosperous cities.  Sometimes it was to tell Quebec City, “Not gonna’ happen.”

For his loyalty to the owners and through some luck— Gretzky to the Kings— Bettman has made the NHL work in places no one might’ve imagined. Nashville. Raleigh. Tampa. Las Vegas. Dallas. Not at the level of the NFL, NBA or MLB, but at a comfortable equity-affirming status. Nothing happens without his say-so in the NHL. Or without him getting credit. Secondary NHL execs who wanted credit for their innovations were quietly punted.

When Houston finally gets a franchise from Gary they’ll part with $1.5 billion for the honour. While the commissioner has played down new franchises and expanded playoffs, you can bet your last dollar that he’s told owners they’re in line for more expansion cash— cash they don’t have to split with players in collective bargaining.

One more certainty. As long as Bettman rules the NHL you won’t see an NHL team back in Arizona.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Inexact Science: The Six Most Compelling Draft Years In NHL History, his new book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

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Bruce Dowbiggin

Come For The Graduate Studies, Stay For The Revolution

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Just In: The Trudeau government intervenes at last minute to save a convicted climate agitator from deportation. The Pakistani co-founder of Save Old Growth— who first came to Canada in 2019 on a study permit— has been arrested at least 10 times and convicted of mischief. Zain Haq was due to be deported to Pakistan on Monday.

Despite a judge’s ruling denying his last hope of staying , Haq got a call from his Liberal MP’s office saying he gets to stay in B.C. after all. Good, because we’d hate for him to feel  oppressed by the country in which he’s squatting. The news thrilled the nepo babies who have B.C. by the throat.

So Haq goes from unrepentant jerk to Christ crucified. Naturally. Victim politics have become the animating impulse in Western society. Attaching yourself to a forlorn cause like Haq is grounds for beatification  And make no mistake, there are legions in identical little tents on campus quads who are cheering a non-Canadian defying The Man.

To generations brought up on the travails of feminist oppression, climate degradation, indigenous grievance and gender dysphoria there is nothing so sacred as a victim is all his purity, crushed by the Great White Satan of western culture.  Haq is just the latest in a police lineup of wobbly performance artists taking a rhapsodic bow before the Liberal/ NDP/Green clique. While thumbing his nose at Canadians.

That’s why the current fetish for Palestinian outrage has such legs as it spreads across campuses and governmental buildings in the West. Anyone (but a white, straight male) can apply for the designation of victim. Join the party! And what a model it is! While many have tried to emulate them, none have managed the nihilist hat trick of violence, obstinacy and craven guilt quite like the Palestinians who’ve been pushing this agenda since the 1972 Munich Olympics.

Having eschewed frontal military attacks on Israel and western targets as ineffective, the PLO and its successors discovered that the more grisly the attack, the more black their message — in Munich they massacred 11 Israeli athletes— there was a segment of leftist Western culture that couldn’t get enough of their heinous tactics. (Stephen Spielberg’s 2005 film Munich pitied his fellow Jews killed in Munich but concluded that all this revenge stuff was a dead end.)

Huh. Their Arab neighbours want nothing to do with Arafat’s Children. Egypt has a wall preventing Gazans from entering their county, Jordan has expelled them for counter-insurgency, Saudi Arabia ignores them. Only Qatar offers refuge. And then only to the billionaire kleptocrats who run Hamas from penthouses in Doha.

The Oct. 7 massacre is just the latest in this dance of death with western liberals. People of a certain age will recall the Marxist-besotted Vanessa Redgrave brandishing a Kalashnikov while dancing with the PLO and its rascally leader Yasser Arafat.  Her 1977 film The Palestinian was an orgy of guilt and hatred toward Israel. She’s had plenty of imitators in the media ever since.  In 2021 over 100 actors— including Richard Gere, Claire Foy, Tilda Swinton, and Susan Sarandon— slammed the terrorist designation of Palestinian “rights groups”.

The same apologists are now saying that, sure, Oct. 7 went a little too far, but Palestinian repatriation means a few eggs are going to get smashed in the making of a terror state. They want a cease fire with good taste.

Were the PLO successors in Hamas and Hezbollah able to articulate some coherent vision of the future beyond slaughter then these western struggle sessions might seem justified. It’s no surprise that Arafat was the epitome of “never misses an opportunity to miss an opportunity” in negotiations. If there’s one constant in the multiple denials of treaties with Israel it is their unflinching demand that Palestinians  throw every Jew they encounter into the Mediterranean on a march from “the river to the sea”.

The implacable marriage with extreme violence and racial hatred is their one and only position. Non-negotiable. None of this has any effect on the hot-house Marxists and anarchists who’ve set up shop in the universities and colleges of the West. In their protected status among the leafy tendrils of the Ivy League, a little brush with terror seems to titillate them. Occupying the quad in identical tents suppled by unnamed international groups dedicated to the overthrow of capitalism is their bougie weekend of roughing it in the bush.

Most probably wish they could experience a little of the martyrdom like the Palestinians (a gentle martyrdom naturally) or at the very least a cinematic clash wth authority such as their parents experienced at the hands of Chicago mayor Richard Daley during the 1968 Democratic convention. A tender tussle covered by their parents Medicare.

Who will stand up to these playtime antisemites? Alas, the grownups in the schools administration and in governments are cut from the same cloth. Having created safe spaces from micro aggression on their campus , they excuse the youthful exuberance of their students. (If your politics are radical, that is.)   Like president Joe Biden they do the suck-and-blow of modern debate. They decry antisemitism while cautioning that we just don’t understand the depths of Palestinian oppression. Evan as students call for a new Holocaust.

Having it both ways with Hamas means a one-way invitation to more chaos. Because there is no agenda beyond the performative terror extolled by demonstrators against Israel there is no way to rationally critique Hezbollah or Hamas. At least the Nazis proposed some freakazoid homeland for their people as they heartlessly slaughtered anyone who got in their way.

So it all becomes mob mentality packaged for feckless media. The Hamas doctoral groupies don’t demand anything from Hamas beyond their faux-serious chants and designer kaffiyehs in the House of Commons. No doubt Zia Haq will be joining them again soon in the struggle. If Stephen Guilbeault can go from criminal to cabinet, Canada is wide open to him now.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. New from the team of Evan & Bruce Dowbiggin now for pre-order: Deal With It: The Trades That Stunned The NHL & Changed Hockey. From Espo to Boston in 1967 to Gretz in L.A. in 1988 to Patrick Roy leaving Montreal in 1995, the stories behind the story. Launching on paperback and Kindle on #Amazon this week.

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