Nortel shares plummet after firing of CEO, CFO and controller
Will restate 2003 earnings.
TORONTO -- Nortel Networks Corp. fired its CEO and other top executives Wednesday in a stunning corporate housecleaning that rocked Bay Street, stunned financial markets and wiped billions of dollars off the company's stock value.
OTTAWA -- Ottawa's secret National Unity Reserve was used to fund everything from the Canadian Irish Studies Foundation to the ill-fated federal sponsorship program and ate up far more than the government's $40 million yearly estimate, documents show.
The long-awaited list of projects, released Thursday, shows an average of $65 million annually was pumped into a host of disparate projects at the discretion of the prime minister.
The reserve, whose existence was not revealed in any previous federal budget...
"It includes $1 million in 1999-2000 to Paul Martin's Finance department for communications and $2.1 million to Health Canada in 2000-01 for advertising in Ontario. There was $500,000 to the Canadian Irish Studies Foundation in 2000 and more than $1.3 million to the Canadians in Europe Association in each of the last two years."
Secret funding LMAO.
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