TORONTO, December 21, 2001 ( – Tory leadership hopeful Ernie Eves, who earns a reported seven figure salary from Credit Suisse First Boston, was called on to resign from his lucrative job by Ontario Liberal Leader Dalton McGuinty. The Liberal Leader noted that in the wake of this week’s Hydro announcements, Eves must resign since “Credit Suisse First Boston could have a major interest in the sale and purchase of Hydro One.”“The potential conflict of interest is obvious. Mr. Eves cannot help run Credit Suisse at the same time he’s running for the top job in government. He’s in an untenable position.” As a major investment bank, Credit Suisse would have an interest in applying to act as a broker for the sale of the utility, with millions of dollars in commissions at stake. “How can that process be fair when a leadership candidate is vice-chair of the bank, and he may be premier when the final selection of brokers is made?” McGuinty said.

Eves has earned a reputation as a lavish spender. The Globe and Mail reported that during his messy divorce with his former wife, Vicki, “Eves declared in court documents that he spent $700 a month on toiletries and dry cleaning alone. He allots himself an annual clothing allowance of $25,000.” As such it is doubtful that he will be willing to abandon his stellar pay cheque.

“Mr. Eves has to choose between his investment banking interests and the public interest. It’s in the public interest to eliminate any potential for conflict of interest. Mr. Eves should quit the bank,” McGuinty said. “This isn’t about leadership politics. It’s protecting taxpayers and rate payers by ensuring important decisions are made under the watchful eye of public scrutiny, without even a hint of conflict of interest. Mr.Eves should understand that.”

See the Liberal Leader’s release on Eves: