Business Career
In 1982, he was appointed C.E.O of East Coast Energy Limited. This company, which aimed to develop offshore oil and gas resources in Atlantic Canada, was highly speculative, and wound up being significantly undercapitalized. Offshore petroleum development is much more expensive than land-based petroleum development, with exploration, well-drilling, and extraction costs being in the hundreds of millions of dollars, restricting entry to the major industry players. East Coast Energy, a new company with little specialized expertise, foundered in 1983 (On The Take: Crime, Corruption, and Greed in the Mulroney Years, by Stevie Cameron, 1994), and most of its investors, including Walter Wolf, Brian Mulroney, and others, lost everything, as no petroleum was ever produced by the company.
Read more about this topic: Fred Doucet
Famous quotes containing the words business and/or career:
“My dear Mr. District Attorney, your law is shockingly bad. I have the perfect alibi. I am legally dead. Your business is with the living.”
—Karl Brown (1897–1990)
“What exacerbates the strain in the working class is the absence of money to pay for services they need, economic insecurity, poor daycare, and lack of dignity and boredom in each partner’s job. What exacerbates it in upper-middle class is the instability of paid help and the enormous demands of the career system in which both partners become willing believers. But the tug between traditional and egalitarian models of marriage runs from top to bottom of the class ladder.”
—Arlie Hochschild (20th century)