supported the proposed changes. Most support was related to different tax treatment of trusts over other corporate structures. The CEO of EllisDon was quoted as saying "I just don't see the logic in allowing a group of companies to pay dramatically lower taxes than private companies or companies that aren't organized that way. I really don't see how [the government] had any choice." When the final vote on the Conservative budget was held, the Bloc supported the taxation of income trusts in the "Tax Fairness Plan" as a quid pro quo for receiving a huge allocation of cash from the Conservative government. Canada's Senate later passed this budget as law. Gwyn Morgan former President and CEO of Encana continued to support the changes in taxation in an October 31, 2007, interview on BNN. Opposition Criticism of the new tax rules included: The effect of the rules on the sector, on owners of income trust units, and the breaking of an explicit campaign promise by the Conservative Party. The lack of consultation by the government, and criticism of the execution of the decision (timing of the announcement, the way in which it was announced, and potential malfeasance by insiders). The substance of the decision and the reasoning and data provided by the government to justify the decision. These reasons include, in particular, challenges to the government's calculation and methodology of 'tax leakage'. Economist Yves Fortin has challenged the reasons for the change in tax regime announced by Flaherty and disputed the Harper government assertion that the trust structure has led to loss of tax revenue because of trust conversions in a research paper. The December 2006 report, Breach of Trust, summarized the facts underlying previous and subsequent presentations made by Leslie Hayman to the government on behalf of more than 4500 income trust investors, fund managers and analysts who subscribed to Reports on the market by TrustInvestor.com. Its on-going in-depth analysis indicated that flow-through structures provided generally greater contractual transparency in business management and better total overall returns to investors than other equity issuers and issues in general, while providing relatively high and growing tax revenues to governments compared to other public equities and securities. Government regulation caused market volatility that broke the confidence of investors, many being retired do-it-yourself investors who rely on investment income: Government-driven volatility caused by both the Liberal government in 2005 and the Conservative government in