Today I asked about Goldman Sachs following the charges laid against them. You will not be surprised to know that the premier defends them. Exchange below.

Ontario Legislature's Hansard Service April 19, 2010

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The Speaker (Hon. Steve Peters): Thank you. New question.

Mr. Peter Tabuns: My question is to the Premier: Ontario workers lost their jobs because of reckless, greedy Wall Street bankers. Ontario taxpayers should not give them more money so they can take away more of our assets.

From the sub-prime mortgage debacle that tanked the world economy to monkeying around with Greece’s debt, from apologizing before Congress for disastrous dealings to facing fraud charges, Goldman Sachs does not share Ontarians’ values and doesn’t deserve our money.

Will the Premier sack this reckless, unethical Wall Street bank today?

Hon. Dalton McGuinty: I gather my colleague is making reference to some contractual arrangement that our government may have entered into with Goldman Sachs. It is our practice to honour any agreements that we have entered into. I think as well, from what I read—and I know my honourable colleague would have read the same kinds of things—that there are some pretty serious allegations that have been made against Goldman Sachs south of the border. I think we owe it, if nothing else, to our respect for the process for the process to unfold and for a determination and a finding to be made, if any, at some point in time. But, of course, I think the responsible thing for us to do is to honour any agreements which we might have entered into.

The Speaker (Hon. Steve Peters): Supplementary?

Mr. Peter Tabuns: I’m sure that Goldman Sachs is happy that there’s a defender somewhere in the world for them. The Securities and Exchange Commission has launched fraud charges against Goldman Sachs. The European Union is investigating them. Britain’s Prime Minister Gordon Brown is calling for authorities there to investigate and accusing the investment bank of “moral bankruptcy.” The German government is demanding information about their dealings.

If you’re unprepared to fire them, will you immediately cancel all work with Goldman Sachs until the serious allegations are addressed?

Hon. Dalton McGuinty:My colleague makes reference to actions taken by national governments. We are a subnational government. We have contracted with Goldman Sachs to perform particular kinds of work.

I think it’s important to come back to what we’re really talking about here. We’re talking about a potential asset transaction of some kind. So We’re looking at whether or not some of the monies that have presently been invested in some of our long-term businesses, like OLG, LCBO and others, whether the best way for us to use that taxpayer money is to continue to have it invested in those systems or to remove that and invest it in some kind of initiative to help us build a stronger economy.

It’s a thoughtful review process, and we look forward to continuing to engage in it