Toronto Life - The Informer

Insider intel on the politics and personalities shaping the city. Sign up for Preview newsletter for weekly updates



Watch out, Austria: Magna man Frank Stronach is coming for you (with a brand new political party)

(Image: Steindy)

We’ve been wondering how Frank Stronach has been passing his days since he took a step back from Magna International and his race horse IPO project was shelved. Admittedly, we didn’t expect this: the auto-parts tycoon is planning to launch a new political party in his native Austria. Stronach told European news agencies that the party will take on the “cronyism and corruption” in the current government and will call for Austria to step away from the Eurozone. His ambitious goal for the 2013 elections: 10 per cent of the vote (Stronach will be a candidate, natch). As for his chances, Stronach is savvy and is one of Austria’s more famous success stories—never mind that he has more than enough cash to fund a campaign. [Toronto Star]