Liberal MP Nathaniel Erskine-Smith sold off his stock portfolio just days before being unexpectedly dropped from cabinet, according to a recent filing with the federal ethics commissioner.The Beaches–East York MP, who briefly served as housing minister, made the move on the assumption he would continue in cabinet. A May 1 filing revealed Erskine-Smith had completed “divestment of publicly traded securities by sale” to comply with section 27.1 of the Conflict of Interest Act, which requires cabinet ministers to sell or place publicly traded assets in a blind trust within 120 days. He had been in cabinet for 144 days..The role came with an $8,325 monthly bonus.Erskine-Smith, a former corporate lawyer, did not specify which stocks he sold before his removal. He has since voiced frustration over the decision, saying in a statement Tuesday, “It’s impossible not to feel disrespected and the way it played out doesn’t sit right.” He added that he was most disappointed his team would not be able to build on their work..In an interview with CBC Radio the next day, he said the experience left him feeling bitter. “You put so much time in, and then it’s not there anymore,” said Erskine-Smith.He did not say whether he had been promised a longer tenure in cabinet, nor did he address his last-minute stock sell-off publicly.Erskine-Smith was appointed housing minister on December 20. .At the time, he said he hoped “to make the biggest difference I can.”The Toronto MP had earlier announced plans to exit politics after failing to secure the Ontario Liberal leadership in 2023. He was reprimanded in October for using profanity during a heated Commons committee exchange after being accused by a Conservative MP of trying to save his political career.
Liberal MP Nathaniel Erskine-Smith sold off his stock portfolio just days before being unexpectedly dropped from cabinet, according to a recent filing with the federal ethics commissioner.The Beaches–East York MP, who briefly served as housing minister, made the move on the assumption he would continue in cabinet. A May 1 filing revealed Erskine-Smith had completed “divestment of publicly traded securities by sale” to comply with section 27.1 of the Conflict of Interest Act, which requires cabinet ministers to sell or place publicly traded assets in a blind trust within 120 days. He had been in cabinet for 144 days..The role came with an $8,325 monthly bonus.Erskine-Smith, a former corporate lawyer, did not specify which stocks he sold before his removal. He has since voiced frustration over the decision, saying in a statement Tuesday, “It’s impossible not to feel disrespected and the way it played out doesn’t sit right.” He added that he was most disappointed his team would not be able to build on their work..In an interview with CBC Radio the next day, he said the experience left him feeling bitter. “You put so much time in, and then it’s not there anymore,” said Erskine-Smith.He did not say whether he had been promised a longer tenure in cabinet, nor did he address his last-minute stock sell-off publicly.Erskine-Smith was appointed housing minister on December 20. .At the time, he said he hoped “to make the biggest difference I can.”The Toronto MP had earlier announced plans to exit politics after failing to secure the Ontario Liberal leadership in 2023. He was reprimanded in October for using profanity during a heated Commons committee exchange after being accused by a Conservative MP of trying to save his political career.
