Bank towers are seen in the financial district in Toronto, January 28, 2013.MARK BLINCH/Reuters
Paul Smith's quest for political change has been cut short.
The former chief executive of subprime lender Equity Financial Holdings Inc. lost his bid for the Conservative Party nomination in a new Ontario riding called Northumberland-Peterborough South this weekend. (Streetwise covered his effort in September.)
Despite the public support of former Prime Minister Brian Mulroney, Mr. Smith lost the conservative candidacy to Adam Moulton, who most recently worked as director of commercial sales for Vancouver medical software company EasyMarkit. Mr. Moulton grew up and went to school in the riding.
Mr. Smith thanked his supporters in an email where he said his exit from Equity, which came after a proxy fight, and the loss of a close friend had caused him to reconsider his next steps. "Those thoughts did, and do, bring me to pursue a life in service – it's only the 'how' left to be determined," Mr. Smith wrote.
The federal election date is set for Oct. 19 next year.