Tuesday, January 5, 2010

Former Leadership Candidates Call, Credit Counselling Canada

Looks like six former Liberal leadership candidates have missed the deadline for repaying their loans. (h/t) Canada.com

What is going to happen next? Elections Canada had granted them an 18 month extention but is not allowed to further extend their time for repayment. Perhaps they should call Credit Counselling Canada.

They blame the recession, general election, constant election speculation and the Conservatives rules. Maybe they can blame the recession to a point. The general election, constant election speculation, that's pretty weak in my opinion.

The Conservative's $1,100 rule? I don't buy that either. How come the CPC has been able to raise plenty of funds even with $1,100 limit, recession, etc., yada, yada, yada, all those excuses the LPOC recites?

Here is what the CPC raised in the first three quarters in 2009 (Third quarter not recorded yet.)

Click to image to enlarge

Here's what the LPOC raised in the same time period.

Click to image to enlarge

So it seems like the CPC had no problem raising a lot cash even with the dip in 2nd quarter in which it's possible you could attribute that to the recession, I don't know. I think CPC supporters got complacent. The amount picked up again in the third quarter.

This is what stood out for me. Notice, in the same 2nd quarter period, you can see that the LPOC were actually able to raise more than the CPC. So recession?......hmm......that doesn't quite fly. I would rather attribute that to the relative popularity that Michael Ignatieff had back then. He was the newly appointed leader and there was high hopes. The polls were rather positive for the Iffy and the Libs. That probably motivated supporters to give. Third quarter, as you notice, contributions dropped again.

So this is an example why the Lib excuses for this leadership candidate delinquency on loans doesn't wash for me. These candidates have had 18 months to clear their debts! It remains to be seen what step Elections Canada takes next.

Rules on loans here.