Flaherty's resignation no surprise to some advisors

Flaherty's resignation no surprise to some advisors


Prime Minister Stephen Harper wasted no time, announcing Flaherty’s replacement – Natural Resources Minister Joe Oliver – on Wednesday. Oliver, 73, is a former investment banker, who once led the Investment Dealers Association of Canada (IDAC) – the predecessor to Investment Industry Regulatory Organization of Canada (IIROC) and the Investment Industry Association of Canada (IIAC).

“I would only hope that the prime minister and those responsible for the selection did their due diligence and are obviously satisfied that Joe Oliver can pick up the baton and carry on,” says McCaw.

Stiteler feels things will remain status quo. “My presumption is that his (Flaherty's) replacement is going to carry on. I think it is going to be a very similar style,” said Stiteler. “It’s already set in course, so it’s not going to affect the budget being balanced.”

When citing Flaherty’s accomplishments, his ability to combat the recession seems to be top of mind. “He (Flaherty) managed to get us through two very, very tough years in Canada,” said McCaw. “That was the second worst recession in the last 100 years. He was very much involved in navigating the country through that very difficult period.”

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