Carney REFUSES to disclose wealth he acquired as Trudeau’s advisor

Federal officials clarified that Mark Carney is not bound by the Conflict of Interest Act. That only applies to holders of public office—not advisors.

| February 18, 2025 | News Analysis | 3 Comments

Liberal leadership hopeful Mark Carney refused disclosure of his financial interests, earning the ire of Conservative ethics critic Michael Barrett.

“We’ve been consistently concerned about Carbon Tax Carney's failure to provide any transparency to Canadians about his financial interests for half a decade, while he’s been advising the Carney-Trudeau Liberal government,” he told reporters last Friday.

After holding the roles of bank governor to the Banks of Canada and England, Carney quietly advised the federal government during the pandemic and over the last year.

He would not specify how he benefited financially as advisor to Prime Minister Justin Trudeau, having only resigned from several corporate positions last month.

Conservative MP Michael Barrett slams Mark "Carbon Tax" Carney for concealing the wealth he's acquired while acting as Trudeau's adviser for half a decade. pic.twitter.com/rFEMqd6flm
— Rebel News (@RebelNewsOnline) February 14, 2025

“There have been no, if only a few questions from the media about how much his megacorp profited while he was advising the government,” said Barrett. “We’re going to keep asking those questions.”

Carney resigned from several boards on January 16, including Brookfield Asset Management Ltd., Bloomberg L.P., Stripe Inc., Pacific Investment Management Co. and the Glasgow Financial Alliance for Net Zero.

The Conservatives focused on Carney’s recently resigned role as global investment company Brookfield Asset Management’s board chair and head of transition investing, a Canadian-based multinational investment management company that lobbied the feds for $10 billion in taxpayer funds.

The ethics critic considers it “unbelievable” that the central banker has provided “no transparency whatsoever” on his financial interests.

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This was all happening under Carney's watch. Not only does Brookfield have 215 fossil fuel assets, when it came time to disclose their emissions they under reported on them. It was found out they were in fact 14 times higher than the number they disclosed. This guy wants… pic.twitter.com/oMwjKmwE6v
— Ryan Gerritsen🇨🇦🇳🇱 (@ryangerritsen) February 18, 2025

A recent exclusive by the Investigative Journalism Foundation revealed he is the only Liberal leadership candidate who failed to disclose their assets, sources of income and liabilities.

A campaign spokesperson told the IJF that Carney would only disclose his financial holdings if elected as an MP.

“As leader, [Carney] will work hard to earn a seat in the House of Commons, where he is committed to complying with Canada’s ethics and conflict of interest rules, including disclosure of assets and liabilities,” said Liam Roche, a spokesperson for the candidate.

In response to a Conservative order paper inquiry, officials clarified that Carney is not bound by the Conflict of Interest Act as an advisor. That only applies to holders of public office.

Roche claimed Carney adhered to the “highest standards of integrity and professionalism” in his various roles in the public and private sector and during his bid for prime minister.

We exposed Carbon Tax Carney’s backroom deal with Justin Trudeau to get his hands on $10 billion in Canadians’ pensions.⁰⁰Time’s up for these corrupt Liberals.⁰⁰It’s time for an election.pic.twitter.com/BhIMFUGfmJ
— Michael Barrett (@MikeBarrettON) January 14, 2025

Meanwhile, concerns have escalated since Trudeau appointed Carney as economic advisor in September.

Following his appointment, a close associate secured $2.14 billion in taxpayer-backed loans for a broadband network project—at nearly double the estimated cost that other firms could have delivered with no requirement for deliverables.

The Official Opposition demanded his appearance before a parliamentary committee to no avail. After Trudeau prorogued Parliament on January 6, all federal business was shut down through March 24.

“You must show transparency on this matter,” wrote Barrett in a separate statement Tuesday. “A potential Prime Minister of Canada must not hide his ethical disclosures from Canadians.”

As of writing, Carney does not have to recuse himself from decisions that could benefit his business associations. He has four months to file an ethics disclosure if chosen to replace Trudeau.

Carney’s net worth is potentially in the millions. He is widely considered the frontrunner to replace Trudeau on March 9.

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