I'm committing a bit of heresy. A fellow co-worker told me this morning that there was a piece in the Guardian this past weekend stating that many of those who have been reporting in the local news about the immigrant investment going ons have actually benefited (i.e. received money) from the program.
While the auditor general is investigating the program and the RCMP are investigating claims of fraud (limited to one or two individuals is my understanding) I'm still suspicious that the larger infractions will be swept under the rug.
Here on little ol' PEI almost everyone has been affected by this program. There have been thousands of investments in a province with only thousands of people in it. The people who have no doubt benefited the most from this program will be the business elite and the brokers themselves.
The press is targeting the wrong group. I personally do not care if MLA's businesses received funding through the program. If they were legit businesses that qualify for the program then they have a right to it. This is NOT where the majority of the abuse has taken place. The majority of the abuse is surely to be found within the brokers and within the business that do not qualify for the program. I would also suggest that some law firms/accounting firms may have gotten their hands dirty as well. I have heard unconfirmed reports of lawyers setting up shell corporations to receive investments and businesses specifically excluded from the program (i.e Real Estate & Professional Services) receiving investment.
This is not a political issue so please drop the "Liberal this" and "Conservative that" BS. This is a greed issue.
The real abuses of this program will more-than-likely never see the light of day as almost everyone, the press, the business elite, the fund-raisers, the politicians (in all parties), all have been involved. I suspect that only an all out RCMP investigation would be able to get to the bottom of this.
Start with the brokers and follow the trail from there.

Comments
Janet Morrison - October 6, 2008 4:32 pm
You're awful opposed to this program. I'm sure it has benefited many honest Island businesses. Have you or your family not benefited from it?
Dan James - October 6, 2008 5:00 pm
Janet,
I'm not opposed to this program at all. Personally I feel that the program has good intentions and solves a few problems for wealthier immigrants and some businesses that require capital.
What I am opposed to is the abuse of the good program. Yes, a lot of good business people and good businesses have used this program and used it appropriately.
Have I or my wife ever received money from this program? Nope. Not one cent. My parents have a business (that I'm not involved in) and it has received placements but as far as I understand the program this was a very legit use of it. My sister is a doctor in New Brunswick.
Ryan Hillier - October 8, 2008 1:38 am
It saddens me to read about stuff like this happening on the Island. Call me quaint but I had a hope that this kind of greedy action would not happen in the place I lived and love(d).
I certainly agree with your point about starting with the brokers; clearly the firms who were connecting companies with investors are most suspect. This issue needs to be very thoroughly examined.