Ontario-born Michael Sabia, 55, takes over Canada's largest pension-fund manger on Friday, March 13, 2009. (CP File Photo)From The CBC:
Opposition members grill finance minister about historic losses at pension fund.
Quebec's finance minister testified Friday that the Liberal government never encouraged the province's pension fund manager to take more risks in hopes of cashing in on higher returns from investments.
Monique Jérôme-Forget appeared before the national assembly's standing committee on finance at the start of hearings looking into risk-taking and financial losses at the Caisse de dépôt et placement du Québec.
During more than two hours of grilling by Opposition finance critics, the minister refused to concede that her government had in any way encouraged Caisse managers to make the high-risk investments that contributed to the $39.8-billion drop in assets last year. The fund's assets now sit at $120.1 billion.
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Update: Sabia is new Caisse CEO -- CTV
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