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November 18, 2005

Which road to take, Fri., Nov. 18, 2005, 8:59 AM

I decided early in my life to take the high road. Others saw that. A case in point is that when, as a young person, I was departing the CA firm of McDonald Currie Coopers & Lybrand (later PricewaterhouseCoopers) to set up my own shingle, I learned a lesson in life that always stuck with me.

A fellow recent CA grad, on finding that I was going to restrict my practice to healthcare providers said to me that he would like to refer his Dad (a dentist) to me, but he couldn't do that. The reason he gave was that he knew I would never permit a hidden (dual) set of books. I didn't skip a beat then, and I still am running on the same high road.

Within capital markets, as auditor, consultant, businessman, and trader, I have seen the most despicable acts by the most respected people, and marvelled at their arrogance, their utter lack of respect for society, and their lack of conscience. In my case, I have played the game, where I have made multi-millions and lost multi-millions, but I have never changed my values.

Yesterday in Chicago, the U.S. Attorney Patrick Fitzgerald announced criminal fraud charges against former Canadian media tycoon Conrad Black, and a few others. One of those others is a former friend of mine, Jack Boultbee, who was for many years Black's chief finance man. In the years I knew him, Jack was one of the best international tax experts money could buy.

I worked directly with Jack at the aforementioned CA firm, on some client files that required tax expertise.

We were new CA's looking to strike out on an international voyage, but we took different roads and ultimately ended in different places.

Last night, while watching CNN as the U.S. Attorney read his charges against the Black gang, I said to my wife, Do you remember Jack Boultbee?" But she couldn't remember the name. So I reminded her of when Jack and his wife and she and I were all set to depart Toronto for a year's working engagement with Coopers & Lybrand in Bermuda. At the twelfth hour, as Jack and I were leaving the building on a Friday, standing at the elevator, we were called back by the personnel partner John Cole to say that the Bermuda partner was on the line.

The upshot is that Jack and I were told we could not go with our wives because the Bermuda partner was not going to allow us to rent a separate house, as we had, but to stay at his own, which was restricted to single people. So, in spite of the plans in place, we were told the engagement was off.

Jack's wife had recently come out of hospital and was looking for the break. My wife and I had recently honeymooned at the Elbow Beach in Bermuda and were looking to spend a year in the country. It was not to be.

Not long after, armed with multiple professional accounting designations and Business School degrees, I left that CA firm to set up my own practice. Jack took his immense talent and tax expertise to Conrad Black and stayed with him for most his entire career.

I'm sure Jack has enjoyed the spoils " apparently they were many, as the U.S. Attorney alleges " but his road has led him to a tough place. I'll be watching with a personal interest as this sad tale of Hollinger unfolds.

It's just another slice of life.

Posted by Posted by Bill Cara on November 18, 2005 08:59:29 AM | Category: Cara re: Cara