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Frank Stronach officially steps down as a director of Magna International

Our favourite Austrian megalomaniac and multimillionaire, Frank Stronach, left his position as a long-time director of Canadian auto parts tycoon Magna International this morning. The reason: he wants to focus on the national political party he recently launched in his native country. When he announced his grand political ambitions in August, he said one of his main objectives would be to eliminate cronyism and corruption in government. Magna has operations in Austria, and Stronach wants to avoid any confusion between his politics and his business. So, at least he seems serious about living according to his principles. No word yet, though, on whether daughter Belinda Stronach will be drafting party policy. [Toronto Star]

  • Dana Thomas

    is it my imagination or is this publication’s obsession with the almost expired out of control. The most recent edition of the 50 most powerful people??? how did you come with those names?

    Jamie Watt? powerful for what…promoting himself and out of control eating? Navigate to a scale darling

    Joe Mimran? powerful for what? the biway brand in orange?

    Kate and David Daniels? powerful for what? who? Is he not the guy that had that the store on Hazelton that failed and isn’t she the broad that is the Kim Cattrall lap dog?

    Sarah Polley? powerful for what? movies that bomb?

    Michael Burns? who?

    Tony Gagliano? who? Lumi-whato?

    Heather Reisman? really? Indigo? that worked out well. can anyone say clearance sale for crap (see biway).

    really. how about people that make a difference vs trying to get their picture in the paper every week. sad. sad.

  • chateau napper

    the top 50 seems to be scraping the barrel a bit this year, no?

    Jaime Watt’s bio conspicuously avoids mention of his convictions for fraud

    http://en.wikipedia.org/wiki/Jaime_Watt

    In 1984, Watt was convicted of fraud for forging bank releases and promissory notes to obtain $16,000 in private loans to save the failing Oakville clothing business he had begun as a teenager. He was sentenced to twenty nights in jail. His conviction came to light following his appointment to the position of Director of Communications in the office of Premier Mike Harris and he was forced to resign in 1995 for not disclosing his criminal record and had to resign from a second position he was subsequently appointed to after that appointment became known.[2]

  • chateau napper

    In 1984, Watt was convicted of fraud for forging bank releases and promissory notes to obtain $16,000 in private loans to save the failing Oakville clothing business he had begun as a teenager. He was sentenced to twenty nights in jail. His conviction came to light following his appointment to the position of Director of Communications in the office of Premier Mike Harris and he was forced to resign in 1995 for not disclosing his criminal record and had to resign from a second position he was subsequently appointed to after that appointment became known.[2]

 

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