Friday, April 8, 2011

Reads you must not miss

BC Liberals in Bed with P3 Industry
"There is also the curious case of the Macquarie group which is a prominent fiscal agent for the B.C. government and other public agencies and itself a big player in the P3 game.

". . . Risk Metrics critiques the financially-engineered infrastructure model for its high debt levels, high fees, paying distributions out of capital rather than cashflow, overpaying for assets, related-party transactions, booking profits from revaluations, poor disclosure, myriad conflicts of interest, auditor conflicts and other poor corporate governance.

". . . The above situation was made clear, by private letter, to Premier Campbell yet the Macquarie Group continues to take part in P3 operations with the province and is still prominent in P3 contracts here."
Worm Turns for Private Power
". . . no sane government would:
  • "Forbid BC Hydro from developing any new public power projects (Site C, exempted, is not a "new" project - it's been on the books for decades)
  • Give all development to private companies with secret sweetheart deals
  • "All but give them licenses to use our rivers (the original price for a private power water license was around $170)
  • "Force BC Hydro to buy this private power at almost 3 times what they pay for it or some 9-12 more than they can make it themselves, thus placing BC Hydro in a position that if they were in the private sector, they would be headed for bankruptcy."
Thank you Rafe Mair.
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2 comments:

  1. On 09 February 2010 this little item was posted on the Macquarie site. Take note that when the financial crash happened in 2008, they were bailed out by the Australian government that literally saved them from complete bankruptcy.  They were extended so far beyond their means that there would be no coming back. 

    At that time they were in bed with the current government.  The newly elected government did the following as noted by Macquarie in their Operational Briefing in 2010.  

    'Removal of Australian Government guarantee was anticipated and is not expected to impact funding position'

    http://www.macquarie.com/mgl/com/news/2010/20100209a.html

    So where does this leave this province and this government if another financial disaster unfolds, one that many economist are saying will very likely will happen.

    We seem to be Macquarie's new guarantors for their unbelievable risk management Ponzi scheme behaviour that they are so noted for. 

    How does that make you feel?  Personally it scares the bejesus out of me.

    ReplyDelete
  2. If you Google: Harper delivers his plan of, Global Governance for Canada. That will clarify a lot, of what is going on.

    Why does our government give, banks, mines, large corporations, gas and oil company's, billions of our tax dollars? I watched that motion pass, on the House of Commons TV channel. They also get huge tax reductions. Harper wants to give big business, ANOTHER tax reduction, to come off Canadians paychecks. So, why IS Ottawa giving the wealthiest company's in the world, our tax money? Taxes belong to the people, not to Harper. He has no right to give our money, to the hated, greedy, wealthy, huge corporations. These huge corporations, hoard all the money, to start recessions. People in other country's are rebelling. I think, Canada needs a little Egyptian justice too.

    The president of Bolivia, kicked the greedy big outfits, out of his country, he is a smart man. He sees they are only out to steal from his country and his people. Little Bolivia did this. An American religious sect, bought huge tracts of land. They grew no food, they provided no jobs, they were just sitting on the land. So, the Bolivian President, took the land and gave it to his people. He cares about his country and his people. I wonder what that's like? In Canada, the government thieves from the people, to GIVE to, these huge wealthy outfits.

    Harper also, had no right, to build a stupid, billion dollar fake lake, boy, was that ever a necessity during a recession.

    When we vote in Canada, it's up to us to figure out, which party has told the least amount of lies. In BC we have lived in a morass of corruption, lies, deceit, thefts, and, a premier who twice cheated, to win two different elections.

    ReplyDelete

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