MONTREAL - Former Caisse de depot et placement CEO Henri-Paul Rousseau assumed responsibility on Monday for part of the $39.8-billion loss posted by the pension-fund manager in 2008.
Rousseau, who left the Caisse last May, said he was responsible for it having accumulated so much asset-backed commercial paper under his watch.
"I'll tell you straight off -- the ABCP situation developed when I was the top guy at the Caisse and, as such, I assume total responsibility," Rousseau said in a speech to the Montreal Board of Trade.
The Caisse had 30 per cent of Canada's ABCP and was stung in the fall of 2007 when the market suddenly froze.
It took a $4-billion provision in 2008, on top of a $1.9-billion writedown in 2007.
Rousseau said he understands that Quebecers are worried about the Caisse and their pensions, but he reassured them it remains a world-class institution.
"On Feb. 25, the Caisse de depot et placement released its results for 2008," he said. "These results caused a lot of concern among Quebecers, and I understand them."
But the Caisse, he said, is "in a much better position to get through this crisis than people think."
He added that a combination of factors, including a steep decline in the value of the Canadian dollar, created a "perfect storm" last year that caused the value of the Caisse's assets to tumble by 25 per cent.
Rousseau noted that the dollar lost 20 per cent of its value between late September and late October.
At a later news conference, he was asked if he had ever thought of apologizing to Quebecers.
"I can accept assuming responsibility for some things but not for the financial crisis," said Rousseau, noting the international meltdown began in the fall, several months after his departure from the Caisse.
Rousseau is now a vice-chairman of Power Corp. of Canada (TSX:POW).
