Editor's Note:
The following letter from Jack Layton, NDP Leader in Canada, is in response to my objections in my previous article regarding the huge price increases in Cogeco cable services.
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When foreigners take control of a domestic company, they often take with it high-paying head office jobs, research and the potential wealth it creates. They can eliminate work for suppliers, lawyers, accountants and financial institutions. Yet while New Democrat Leader Jack Layton has tried to spark a debate on the issue he sounds like a voice in the wilderness. And Liberal Leader Stephane Dion has had little of substance to say." – Halifax Daily News, May 24, 2007

Thank you for voicing your concern on the continuing trend of foreign takeovers of Canadian companies.
Since 1985, more than 12,100 Canadian firms have been taken over by foreign interests. That includes iconic companies like Molson, Dofasco, Labatt, Inco, The Bay, Van Houtte and Falconbridge—and even the Montreal Canadiens. Now Alcan is facing a hostile bid from US-based Alcoa.
People are concerned that Canada is slipping away. They’re concerned about who’s managing our natural and cultural resources. And they’re concerned about job losses. Because when companies fall to foreign interests, high-paying head office jobs often leave the country too. A copy of my recent Op-ED expanding on these concerns can be found at: http://www.ndp.ca/page/5366.
It’s time to review exactly how the rules governing takeovers are failing Canadians. That’s why I am calling for emergency hearings on the subject right now—before any more of Canada slips away. http://www.ndp.ca/page/5356.
We’ve seen 600 takeovers since the Conservatives took power, but the Liberals did nothing to slow the bleeding either. Between 1985 and 2005, 87% of all foreign takeovers were automatically approved without federal review. And the remaining 13%? Not one was rejected.
Looking forward, whether it's on climate change, child care, prescription drugs, the high cost of gas and ATM fees, or the war in Afghanistan the federal NDP is working on the issues that everyday Canadians care about. You can find out more about our work at http://www.ndp.ca or by subscribing to our e-mail bulletin at subscribe@ndp.ca.
Please be assured that the federal NDP will continue to stand up for everyday Canadians, their jobs and what's good for Canada. All the best.
Sincerely,
Jack Layton, MP (Toronto-Danforth)
Leader, Canada's New Democrats
Here are more good reasons why Jack Layton is calling for emergency hearings into rampant foreign takeovers of Canadians companies.
The rush is on: Since 1985, more than 12,100 Canadian firms have fallen to foreign interests, including 600 under the Harper government.
The rules are broken: Since 1985, not one foreign takeover application has been rejected by Ottawa—87% were approved without even being reviewed.
Harper isn’t acting: The Conservative government is doing nothing about the recent rash of takeovers, including US-based Alcoa’s hostile bid for Alcan.
Nobody’s safe: Foreign interests have already absorbed Canadian icons like Molson, Dofasco, Labatt, Inco, The Bay and even the Montreal Canadiens.
Jobs are at stake: When Canadian companies fall to foreign interests, the best-paying head-office jobs often leave the country too.
Canada’s slipping away: Foreign-based companies are gaining more control over our cultural industries, energy reserves and natural resources.