Macleans reported that Rae had been delivered "a secret ultimatum" "by Canadian and international bond dealers". If he didn't get the deficit under $10 billion, they would demand junk-bond interest rates in order to finance Ontario's debt. Richard Walkom suggested it was a sudden panic of an NDP party aware of the stereotype it could not manage a budget, using the crisis as an opportunity to demonstrate it would use extreme measures in the appropriate circumstances. Regardless of whether Davos visit provided an epiphany, pressure or panic, this event is agreed as the beginning of the Ontario government's concessions to international corporations.
Indeed, no less than a year later at Davos, Rae arrived as a pro-business head of government. He approached the World Economic Forum as a unabashed champion of the international corporation working against the expansion of workers' wages and government services. He proposed giving a large majority of Ontario's investment planning to international banking and securities firms, meeting with Deutsche Bank, Goldman Sachs and Nomura Securities, all of whom sold Ontario bonds on the global market. Instead of selling more bonds, he was now asking them to "sell Ontario through their global networks", looking to "plug into" them instead of spending government money to control publicly-controlled avenues to investment.
On November 23, 2005, Rae presented his recommendations that there should be a formal but focused inquiry into the Air India disaster. Two days later, Deputy Prime Minister Anne McLellan announced Rae's appointment to conduct a limited inquiry into Air India under a government order-in-council. Rae produced a comprehensive report outlining the key issues that could be addressed, leaving Air India Victims' families spokeswoman Lata Pada "encouraged that demands for answers will be addressed".
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