A New BC Rail Cover-Up?
The Campbell government put money from its BC Rail sale into a trust, but a shift to riskier investing likely lost $25 million. We can't know for sure, because trust directors are breaking the law by not posting statements.
Premier Campbell announces B.C. Rail deal in 2004.
When the B.C. Liberal government announced it was privatizing B.C. Rail in 2004, it put a large chunk of the proceeds into a trust that was promised to make life better for citizens in the hard-hit northern interior of the province.
Times are still tough there, but the $185 million of taxpayers' monies placed in the Northern Development Initiative Trust has almost certainly taken a big hit thanks to some risky decisions about how to invest it.
How big a hit? The Tyee estimates at least $25 million (calculations shared later in this piece).
If that sounds like the making of a political bombshell, given the already highly controversial and scandal-plagued B.C. Rail deal, one thing stands in the way of voters knowing all the facts. The 13 directors of the trust, five of them hand-picked by the B.C. Liberals, apparently are in no hurry to release their financial statements, even though they've already missed their legal deadline.
No release date promised
On Thursday, April 30, the directors of the Northern Development Initiative Trust were required by law to publish the trust's latest audited financial statements.
Those 2008 financial statements would have revealed the amount of monies lost by the trust in last year's stock-market meltdown.
The directors, however, have not met their statutory obligations.
When queried about the missing annual report, Janine North, the trust's chief executive officer, did not express concern about public accountability.
"The content for the annual report is currently being finalized," North wrote in an e-mail on May 1 -- a day after the report and the audited financial statements were required by law to have been released to the public. "I expect it will be posted on our website this month."
When then asked via e-mail if the annual report was being held until after the May 12 general election, North failed to reply.
North is key election battle zone
Prince George is ground zero in north-central B.C. during the campaign leading up to the May 12 provincial general election.
To the south are two Cariboo ridings the NDP won by 114 and 269 votes respectively in 2005, and to the west are three highly contentious electoral districts: Skeena, Stikine and Nechako Lakes.
The toughest battles may well be in the Spruce City itself, where two B.C. Liberal cabinet ministers, Shirley Bond and Pat Bell, are trying to win re-election in the face of a collapse in the region's forest sector and a sharp downturn in the local economy.
Prince George also is home to the headquarters of the Northern Development Initiative Trust. Established following the 2005 sale of publicly owned B.C. Rail, the trust was created to disburse $135 million of the privatization proceeds to initiatives promoting regional economic development.
With a board of directors recruited from the ranks of prominent business people and regional politicians, a staff of six with a yearly administrative budget of $900,000, and a mandate to annually dole out millions of dollars to worthwhile projects, it's fair to say the trust enjoys a high public-profile in B.C.'s Northern Interior.
And it's likely that confirmation of the NDIT's loss of tens of millions of dollars entrusted to it by the Campbell government would have an impact on local and regional election campaigns.
But with 10 days to go before voting day, the trust's board of directors is disregarding its legal requirements by failing to inform B.C. taxpayers about how well their money has been managed.
Trust was launched with fanfare
"The economic future of northern British Columbia is getting brighter and brighter," Kevin Falcon, B.C. Liberal Transportation Minister, gushed in the legislature when he introduced Bill 59, the Northern Development Initiative Trust Act, for second reading on Oct. 7, 2004. (See Hansard here.)
"A big reason for this is the billion-dollar B.C. Rail investment partnership, which is allowing our government to commit, out of the proceeds, $135 million to northern British Columbians."
Under the bill, the $135 million entrusted to NDIT was to be allocated between six accounts, from which monies subsequently would be disbursed to various projects and overhead expenses. Four accounts held $15 million apiece, with monies earmarked for initiatives in four sub-regions (Prince George; Cariboo-Chilcotin-Lillooet; the northwest; and the Peace).
Another $50 million was placed in a cross-regional account, from which funding would flow to projects anywhere in the northern interior. Finally, $25 million went to an operating endowment account to cover administrative overhead.
Later, in the fall of 2005, the government gave the trust an extra $30 million for a new, seventh account to fight the pine-beetle epidemic, and a further $20 million went equally to the four sub-regional accounts.
In total, $185 million of B.C. taxpayers' monies went to the trust courtesy of Gordon Campbell and his B.C. Liberal government.
At outset, a pledge of accountability
A 13-member board of directors assumed responsibility for overseeing the trust. Five of those directors were appointed by the Campbell government, with eight more coming from local governments (two apiece from each of the four sub-regions).
Not surprisingly, accountability was an important issue when MLAs debated the creation of the trust in the fall of 2004. Falcon, responding to a question by New Democrat Joy MacPhail during committee-stage debate on Oct. 21, referred to "requirements that there be an annual report issued by the trust and that there also be audited financial statements that must be made widely available, including by electronic means." (See Hansard here.)
He added: "Practically speaking too... the majority of the members on this trust are going to be elected municipal politicians, and clearly, their public will take interest in what they're up to. That is what the annual report and the audited financial statements will endeavour to provide."
Indeed, so important was public accountability to Falcon and the Campbell government that an entire chapter (Part 2.1) of the Northern Development Initiative Trust Act is devoted to the subject.
Section 2.2(1) of the act states: "Within four months after the end of each fiscal year of the Northern Development Initiative Trust, the directors must (a) prepare an annual report... and (b) prepare, in accordance with generally accepted accounting principles, financial statements for the Northern Development Trust for that fiscal year and have those financial statements audited...."
And Section 2.2(2) states: "The directors must... (c) publish each annual report in a manner that can reasonably be expected to bring the annual report to the attention of the public."
The NDIT's fiscal year is the same as the calendar year; that is, it runs from Jan. 1 to Dec. 31. Each year's annual report and audited financial statements, therefore, must be completed and made public -- by law -- no later than April 30, which is four months after the end of the fiscal period.
Shift to a riskier investment strategy
At the beginning of 2006, after its initial year of operation, NDIT's fund balance stood at $187.3 million. The gain was due to investment income of nearly $3.8 million, with disbursements limited to a few grants and loans for regional projects, and administrative overhead.
At this point, the board of directors decided to take its endowment out of a low-risk, money-market account managed by the provincial government's Municipal Finance Authority, and switch it into a variety of funds overseen by SEI Investments Canada Company, a Toronto-based investment firm.
(This decision, and the potential for investment losses in 2008, was reported in a superb piece by the Vancouver Sun's crack political columnist, Vaughn Palmer, on Jan. 29.)
According to the trust's 2006 annual report, most of the monies invested with SEI were expected to appreciate by seven per cent annually, even "while minimizing investment risk in order to support the sustainability of the trust." By the end of that year, SEI had beaten that target, with an overall return of nine per cent for the trust's investments.
Investment income for 2006 was $16.8 million, bringing the trust's balance -- after overhead and disbursements -- to $199.5 million.
Upping the gamble again, and losing big
The next year told a different story, however. In their 2007 annual report, the NDIT directors acknowledged that investment returns from SEI had collapsed to just 2 per cent for the year. That decline was attributed by the directors to "the overall market uncertainty created by the U.S. subprime mortgage issue."
Investment income had plunged to a mere $4 million, and the fund balance -- $200 million -- was little changed from the previous year.
Oddly -- and despite their acknowledgement of "overall market uncertainty" from the U.S. sub-prime meltdown -- the trust's directors then decided to adopt a much more aggressive approach to their investments. Whereas two-thirds of NDIT's SEI portfolio had been in conservative fixed-income funds, and the remaining third in riskier equities in 2006, a 56-44 per cent split between bonds and stocks was reported at the end of 2007.
It was a catastrophic decision. In the summer of 2008, stock markets around the world went into a free fall. SEI Investments Canada Company's equity funds, along with those run by other money managers, got hammered.
How Tyee calculates $25.1 million loss
Using the Globe & Mail's Globefund.com's simple annual returns for 2008, The Tyee calculates that the four SEI equity funds in which the NDIT's directors had put B.C. taxpayers' monies -- the Canadian Equity Fund, the U.S. Large Company Equity Fund, the International Equity Fund, and the U.S. Mid-Cap Synthetic Equity Fund -- fell by an average of 35.3 per cent over the year. (See SEI's annual returns here.)
From this data, The Tyee further estimates the loss of the NDIT's equity investments in 2008 at $29.4 million.
Fortunately, the trust's investments in SEI's bond, fixed income and money-market funds showed a gain of about $4.3 million over the year. The net loss for 2008, therefore, probably was in the neighbourhood of $25.1 million.
And the NDIT's year-end balance, once projected to be $203.6 million, may now sit as low as just $160 to $170 million.
Of course, British Columbians -- taxpayers and voters alike -- won't know the full extent of the loss until the trust's board of directors comply with their statutory obligation.
Directors breaking the law
Perhaps those NDIT directors -- and especially the five appointed by the Campbell government -- might take the time to consult the B.C. Board Resourcing and Development Office's website, and peruse a document entitled The Standards of Ethical Conduct for Directors of Public Sector Organizations.
"Directors should act at all times in full compliance with both the letter and the spirit of all applicable laws," states Section 1.1 of the aforementioned document. It seems as though it ought to be unnecessary to remind public officials of their legal, ethical and professional responsibilities.
Especially at so critical a moment as this, in the final days of a hard-fought provincial election.
Related Tyee stories:
- Pine Beetle, Mr. Opportunity?
The bug brings floods, fires and talk of new economies. - Gordon Campbell's $400 Million Power Line Bet
Did BC's premier juice up his claims for the Northwest Transmission Line? A Tyee special report. - Can B.C.'s North Be Saved?
Northern towns grapple with a shifting economy, government cutbacks, and doubts about whether the rural way of life is worth saving.




90
Login or register to post comments
Skywalker
2 years ago
How much you want to bet...
...that they won't comply with their statutory obligations until after the election. Appointed by the government what else would you expect?
DPL
2 years ago
My gosh, are we ever lucky
My gosh, are we ever lucky to have such good money handlers using our cash. Gordo keeps telling us how great he is at handling the economy and has good business background. His schemes have lost us hugh amounts, his projects often run way over budget.Heck the new 450 million over budget convection sprung a leak after about two weeks. Non union plumbers no doubt. Arrogant little man
Peter Dimitrov
2 years ago
Adding up the losses
what about the $80 million pay-out to health care unions due to the BC Liberal ripping up of their contracts?
what about the $30 billion plus BC Hydro will be on the hook for to private energy companies..which residential electrical rate payers will ultimately have to fork over?
what about the losses to children & families that continue to live in poverty after 8 years of this regieme?
what about the loss of dignity to workers at minimum wage who haven't seen a rise?
what about the smell over at Worksafe BC, Labor Relations Board, and Employment Standards branch...protecting workers rights - no way?
what about the losses to seniors who through the last 8 years have had to endure empty fiberal promises?
what about the losses to public revenue due to raw log exports, due to conversion of forest licensed lands to residential lands -for the benefit of private companies, the screw-ups over the Olympics, the Vancouver Convention Centre, etc?
what about the losses to our democracy due to Bill 30, the Project Streamlinig Act, the appointment of Directors to the Metro Transit Board of Directors, due to: the countless political appointments by the Premier's office, the cover-up over BC Rail, the pandering to big business, the receipt of millions of dollars in donations from big business to BC Liberal party coffers?
what about the losses to accountability, and transparency due to changes to the Freedom of Information Act?
what about the gutting of environmental protection legislation and the losses of wild salmon, wild rivers, park wardens, etc.
Losses, present..and losses future if we don't get this election straight and turf them out. Get real Greenies, this is a two horse race, presently there is no STV. Do the right thing for BC, withdraw all your candidates and throw your support behind Carole James & the BC NDP..stop the Ralph Nadersque vote splitting. Then you'll gain our respect and perhaps our vote when STV passes.
turf the fiberals out now!
Grumpy
2 years ago
Oh yes..........
........Gordo is a businessman and he is a better manager than james.....NOT.
This sleaze bag is nothing more than a flim-flam man who is trying to leach as much money out of BC as he can until the vile stench of this government is so great that the public will demand his head.
Why do the mainstream media cower from this man? Why is the mainstream media afraid to tell the truth?
God help us all!
Wilfred Laurier
2 years ago
What about a seat projection, Will?
Will, where is your seat projection? The one you posted in 2005 was surprisingly accurate.
Also, why isn't anything critical of the NDP ever posted on the Tyee? Isn't good journalism supposed to be unbiased?
gamedev
2 years ago
Another example of "buisness experience"
(cough).
This is just typical, isn't it? If they had any actual buisness acumen they would have moved the money out of the markets in early 2007. Many online financial gurus saw this coming. Apparently the BC Liberals are so good at buisness that they can't use Google.
I think the more likely scenario is that the "investment firm" was owned/controlled by a Liberal insider and the real deal was to cream off fees from the investment portfolio. What a joke! Campbell the buisnessman! Just like the "buisness wizards" at AIG, bankrupt the investors and take massive personal remuneration...lovely...
David Beers
2 years ago
Wilfred
RE: Also, why isn't anything critical of the NDP ever posted on the Tyee?
That's just not true. We find our investigative scoops where we find them. This one for example, resulted from two days of Tyee reporting
http://thetyee.ca/Blogs/TheHook/BC-Politics/2009/04/28/NDP-Flaring-Definition/
.... and has become a major story this election, and was reference by Vaughn Palmer in the Sun this week.
And here's another by the same author who wrote tonight's cover story, Will McMartin, who's a former Socred.
http://thetyee.ca/Views/2009/04/29/PayRaises/
frenchy mcswede
2 years ago
I have heard
that the premier's only real foray into business was a hotel scheme at pender and seymore which promptly went belly up. Then we have multi bankrupt lorne mayencourt, would be mla arthur griffiths who lost a tv empire and a sports stadium, not to mention of course, the under investigation business real estate transactions of john les. How comforting to the business community, used car dealers and often depicted as shady, lawyers, that if you're a business failure you can just join the bc liberals...of course knowledgeable tyee readers all know of their dismal failures as economic managers of the province. The provincial election will tell the tale as to how many others have caught on.
Martin
2 years ago
Much Ado About Nothing
There a big miss in the story. What this story misses is that all Crown Corps and agencies first must table their annual reports in the legislature before (or at the same time) as they are published. It is the unconditional right of the legislature to receive the annual report first; this is a parliamentary standard developed over many years under governments of all stripes.
The legislature is dissolved at the moment. There won't be any tabling of any agencies' annual reports until the legislature reconvenes.
ME2
2 years ago
Cowboy Capitalism
Trust funds are called such for a reason - as high-flying lawyers who've fallen into the soup for trying to skim some easy dollars by risky investment of monies entrusted to them for safe-keeping have found out.
Perhaps the rules have changed since I was involved in one (1990), but my understanding is that Trusts are required by law to invest only in such safe securities as mortgages, bonds and the like. Stocks pay off better, but they entail a considerable risk of not just paying no dividends, but of actually losing Capital investment as well.
Maybe the Northern Trust was / is just a name designed by Campell for political convenience, but what is for sure is that by 2006 even dummies like me knew that the stock maket was VERY unsettled.
Come to think of it, wasn't there a Tyee discussion last year about some other Campbell-managed agency funds that took a heavy hit in the meltdown?
Can we afford Campbell-style Cowboy Capitalism?
ME2
2 years ago
A question for Martin
OK, but would a Trust fund qualify as a crown corporation or an agency?
Grumpy
2 years ago
Wilfred...............
.............read the comments allowed by the Tyee. Unless they are libelous, they are not touched. Unlike the Province or the Sun which regularly censor their pathetic blog postings, if they don't jive with their editorial policy.
Track my comments about James and the NDP, basically I think she is sexist and a racist (please note that the NDP does not allow white males to run in certain ridings) idiot. But I rather have a honest idiot as premier than an intelligent crook.
The question you should address is why the mainstream media not reporting all the dishonest actions done by this government; my god the BC Rail scandal's odor is far greater than any open sewer!
Scandal swirls around Gordo's head and just reading BC Mary's blog, re reprints a 2005 Republic of East Vancouver article
http://www.republic-news.org/archive/113-repub/113_potvin_media.htm
which went unnoticed by the mainstream media, yet would have meant the dismissal of the premier in any other jurisdiction.
I'm sorry, but the Tyee has become more of an investigative news paper than the sun and province combined!
dorothy
2 years ago
Haven't you heard?
There is that obscure little newsletter that sometimes in handed out on the street. Something like 'Cauda'. They have it that the loss is 39 million...
cghzd
2 years ago
Good gig
$900000.00 to administer--- pretty good gig?
The liebrels are in government for only one thing-- to get into the taxpayers pocket as deep as they can. Gordo and his cronies couldn't run a lemonade stand.
jimorsheryl
2 years ago
Bad investments??
Sooo will 20 -20 hindsight everyone KNOWS how poorly money was invested.
None of the union pensions took a hit either? How about your RRSP or those 'safe' mutuals you counted on?
Where should they have invested? In banks at 0% return, then of course all the investment geniuses would be taking them to task for getting such a poor return.
crh
2 years ago
Gordon Campbell
our very own Flim Flam Man...
Will McMartin
2 years ago
Wilfrid Laurier
A seat projection? What a great idea....
I think a lot of British Columbians are going to be surprised by the result on May 12.
Cheers
Will McMartin
2 years ago
Martin
Golly, it's too bad that in your haste to post a comment you didn't click on the link to the relevant statute and read it.
Specifically, section 5(3), which states "The Northern Development Initiative Trust is not an agent of the government." Bet you feel kinda silly, now, eh?
Oh, and while you're there, do read section 10(3) on governance, and Part 2.1, "Public Accountability."
Have fun.
Skywalker
2 years ago
Check out the Borad of Directors
It it clear which ranks they are from so hiding is no surprise.
Tbarnston
2 years ago
Re: jimorsheryl. Where to invest?
The premise that the trust would have had to accept a 0% risk free return is false.
In 2007 you could buy GICs for over 4%. In fall 2008 you could still get short term GICs over 3.5%.
Also, conservative government treasury bills have done very well during the stock market downturn. Anyone holding federal government debt since 2007 has done extremely well and certainly has not seen a capital loss on those investments.
G West
2 years ago
Thanks Will
I had a little problem with my sign-on protocol this morning or I'd have beaten you to it at fisking Martin's lack of knowledge.
There's no doubt the information is due NOW - and many thanks to you and the Tyee for pointing out the particulars - and the fact the information is not in the public realm is more than a little interesting.
I'll be watching for your seat projection too.
G West
2 years ago
NOW...Plaese
If we could just get the old 'defaults' back so posters can see their comments without going back to the ALL COMMENTS tab all the time...
Van Isle
2 years ago
Was puttering around my shop
Was puttering around my shop earlier this morning and had the 'Bill Boring' program on the radio; not a peep about this great piece of investigative journalism by Will. Just wondering if the mass-media will "Pickup the ball and run with it"?
cghzd
2 years ago
Time to get mean
I think its time for the Tyee to spend some of that 20 grand and go after Campbell tooth and nail and confront him squarely on the BC Rail deal and the BC hydro debacle.
Hang on him like hair on a bear until he talks.
Most of the other crap that is brought up during this campaign is just a distraction meant to turn the electorates mind into mush.
To get rid this sleaze bag he has to be confronted with the corruption and lies he has perpetrated during the past eight years. Its time to get mean and dirty.
Fish-counter
2 years ago
The liberals breaking the law? So what is new?
To the Pirates of the Caribbean and the BC Liberals, laws are just guidelines.
Like the law on drinking and driving for example. Let us never forget that.
Or the law that says the minister in charge of ICBC should drive within the speed limit. That speaks volumes for the arrogance of the man who had to give up his licence.
Or the law that says you have to exact justice when a ferry boats sinks, killing two passengers.
Or the law that protects civilians from murder-by-cop.
Our money is really theirs to play with.
They can't realy be expected to display integrity can they? We sure can't afford another four years of this government. I hate to think Carol James will be in charge. The calibre of politicians and candidates tanked a long time ago.
dorothy
2 years ago
Correction to previous post
"..obscure little newsletter that sometimes in handed out on the street. Something like 'Cauda'. They have it that the loss is 39 million..."
Someone now emailed me and claimed it is closer to 50 mil. Unforunately, he/she did not give the source...can anyone help?
lynn
2 years ago
Trust?
Well done, Will McMartin and The Tyee.
Quote:
"It seems as though it ought to be unnecessary to remind public officials of their legal, ethical and professional responsibilities."
In a perfect world maybe.
In this one, we need to end our passivity, as the flagrant abuse of our civil and human rights becomes more and more commonplace.
We are teaching our public officials that they can get away with almost anything.
If this incessant... and blatant bleeding of our rights is ever to stop, we need to apply more public pressure.
More often. And more firmly.
Skywalker
2 years ago
frenchy mcswede
southdeltawalker posted a link on another article on this site which explains Gordon's foray into the business acumen issue.
http://communities.canada.com/vancouversun/blogs/viewfromtheledge/archive/2009/04/16/carole-james-and-that-issue-of-quot-business-experience-quot.aspx
Skywalker
2 years ago
frenchy mcswede
Sorry. That was sharingisgood not southdeltawalker.
The Blackbird
2 years ago
Question
If the deadline for the 13 directors of the trust have already missed their legal deadline to release heir financial statements, why haven't they been charged by police?
Seems a no brainer, if the police and courts want to maintain the appearance they haven't been corrupted.
jimorsheryl
2 years ago
Jim
I get it now, this is an official NDP blog, posing as a 'news' source.
Tbarnston .... 20 - 20 hindsight is always great. How about all those years when governments at ALL levels got a better bang for the buck by not investing in GIC's?
Are you suggesting that governments should only put money into no-risk investments with very minimal yields?
My municipality and many pensions funds would not take your advice and would be most critical of accepting a yield of even 4% when considerably greater yields were to be had.
Did the teachers unions follow this kind of advice with their members funds or did they take some of the high risk, high yield strategies to heart??
Remember stock market 'loses' are not loses until you liquidate your position.
jimorsheryl
2 years ago
Loss of $25 million ?????
It is a little premature to declare the loss of $25 million unless the fund has been liquidated.
The stock market value is changing all the time, the TSX was up almost 400 points just yesterday. One of my own 'pet' stocks has APPRECIATED by over 100% in less than three months.
It is far too early to declare such a loss, unless of course you are campaigning for the NDP and trying to make the Libs look bad.
The value of this fund is unknown until it is liquidated. If your figures are based on old values, it is a meaningless comparison.
frenchy mcswede
2 years ago
thanks skywalker,
But I read it and posted a comment on it on the bc liberals open to offshore drilling hook thread, As I said there, should be a front page canwest story with 3 inch headlines. What a pity james couldn't have used it in the debate, although she nevertheless did well.
G West
2 years ago
Jim or Sheryl
Nothing NDP about this, is there?
The Northern Development Initiative Trust has not met its statutory obligation to report.
It is a creation of the current administration
That's the issue surely - whether or not readers believe this negligence has something to do with the 'performance' of Gordon Campbell as a leader and a responsible money managers is only peripheral to the question.
However, in an election cycle where the incumbent is making the case that his party is the only one with business and management smarts sufficient to run the province for the next 4 years it is hardly unimportant to actually LOOK at the record of that incumbent.
I don't care what party you support, I'd have thought anyone with an interest in the future of the province and the health of its economy would be engaged enough to want that information....
Guess I was wrong.
Perhaps for Campbell supporters the FACTS don't matter a damn
Rod Smelser
2 years ago
What kind of coverage in the Prince George media?
From Will McMartin's article:
"Prince George is ground zero in north-central B.C. during the campaign leading up to the May 12 provincial general election."
So, ... what kind of coverage has the NDIT investment fund story received in the Prince George media? What have the Prince George Citizen and the Prince George Free Press had to say about this? What have the local radio stations and the lone TV station, CKPG, had to say about this?
And another question. Who are the directors who are not appointed by the BC Govt? What are their political affiliations and motives? For what reason have they agreed to keep this report under wraps?
How do they think witholding this information will benefit the residents of their communities? Have they calculated that their cooperation in keeping this report secret will benefit their communities in as much as "going along to get along" is the name of the game in attracting government spending announcements and patronage from a Liberal Govt, the party that made "sponsorship" a household name?
SharingIsGood
2 years ago
supplemental to GWest
GWest aptly pointed out to us:
"... in an election cycle where the incumbent is making the case that his party is the only one with business and management smarts sufficient to run the province for the next 4 years it is hardly unimportant to actually LOOK at the record of that incumbent."
I give more Proof of Campbell's Terrible Economic Decision-making:
Looking through CN Railway's financial statements a couple of months ago, I found that through the purchase of BC Rail, CN has already made huge profits. Within the reports it was stated that a good deal of CN's improved financial position and profits came through the acquisition of BC Rail. It seems to me, even if the people of BC had wanted to sell the railway (which they didn't), Campbell chose the very worst time to sell.
With record use of BC Rail lines and equipment for transporting BC resources, CN made whacks of dough! Further, CN sold off BC rail equipment and reduced staff. CN was also given huge tax breaks by Campbell on their earnings with respect to the railway. The Liberals stated they wanted to get the BC Rail debt off the books. Astute businessmen, CN found the BC Railway debt-to-assets ratio not to be anywhere near excessive. So here we have it, reduced payroll for a reduced (BC Rail) staff, reduced taxes from that payroll, and a tax break to CN. Campbell's terrible business skills were again at working against BC citizens.
Note: Bill Gates invested heavily in CN with the sale of BC Rail. He became its largest shareholder in 2006. I, for one, don't believe Gates would be buying into a losing proposition.
SharingIsGood
2 years ago
Gates and CN
Bill Gates:
Notice that CN had an average annual earnings growth of 37.6% over the five year period: 2004 through 2008.
http://www.teamstersrail.ca/TCRC_News_March_6_2009.htm
CN Financial statements available through this link:
http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C12437280
dorothy
2 years ago
Not in that business either
"..Are you suggesting that governments should only put money into no-risk investments with very minimal yields?"
As for me, I am suggesting no such thing. I would be suggesting that, just as government according to Gordon Campbell is not in the laundry business or the catering business, they also should not be in the investment business, particualrly not with proceeds of sale of property belonging to me and other taxpayers.
Government should take care of major infrastructure on a society-wide scale, i.e. roads, railways, bridges etc., as well as health care and education and affiliated services. All other business should be done by individual citizens or groups of citizens. The other choice is called communism, and that is not the style of governement we have in Canada.
Government should not sell out of public property and rake in huge slush funds that then need to be 'invested'. If there is a government surplus after needed spending, it can be used to pay debts or, once they are paid, returned to the owners, the taxpayers and citizens.
SharingIsGood
2 years ago
Dorothy - multinational ownership
Dorothy,
Until I reread your post, I thought you were saying that you think it is a good thing that Bill Gates, with his 32% share of CN Railway, now owns 32% of what used to be BC Rail? Do you believe it's most likely too much that Gates (with his monopolistic practises) collects half the profit from the computer operating system, word processor, and sundry other programmes on the computer you are using to read this message? It has always been my take that the New Democratic Party has always believed in maintaining a social safety net to nurture a strong and educated citizenry capable of running ethical free-enterprise/for-profit businesses.
From my take on your post, you will agree that the cleaning, accounting, laundry and food services affiliated with hospitals and schools was best left in government workers hands, would you not? After all, we are paying no less for these services under Campbell, yet the stockholders of these services are often out of our province, even out of our country. Rather than more of the money going into workers' pockets (where it generally remains in circulation in BC), the money unnecessarily goes into the coffers of corporate elite from afar. Under Campbell's corporate wellfare system, corporations from afar, are encouraged to take money out of circulation in BC. Campbell's method is often made to look like it is creating greater GDP when, in fact, his practice has been to remove money from the province.
After all is said and done, if one has a family business, one often tries to find ways to employ one's family. Campbell does not look upon the citizens of BC as part of his family. I believe that unless a citizen is wealthy, Campbell looks upon him or her with disdain.
jimorsheryl
2 years ago
G West
If you are truly interested in FACTS then you have to admit the above article is seriously slanted and not an accurate statment.
Are you saying that money managers should not invest in the stock market and only put money into 'socks'? Is that how you want the public purse managed?
To criticize this fund for suffering from the economic disaster of this past year while ignoring the fact that pension funds and governments of all stripes have 'lost' big time based on the market; is to ignore the FACTS.
I do have a concern for the future of this province, I saw what an NDP regime under Bob Rae accomplished in Ontario. I would hope that disaster is not repeated here.
G West
2 years ago
That's what I am interested in JIMorSHERYL
Did you not read my comment?
Did you not understand what I was saying?
The Fund has a statutory obligation to report in a timely way (April 30) and it has not complied...PERIOD
You suggested this has something to do with the NDP and the Tyee management which is clearly not the case.
Whether the record of the trust’s 'investment' activities is a positive one or not is a valid subject of discussion in any election cycle - that's the point I was making and I'm surprised you didn't understand it.
Perhaps you think the subject of Ken Lam’s dance partner(s) and underwear is not an appropriate subject of inquiry for the Liberal Party. Perhaps you think homophobia is an appropriate position for certain Campbell candidates. Perhaps you’d be prepared to discuss Gordon Campbell’s associations with the owner of the Opus Hotel – I’d say there’s a whole slew of hypocrisy going on these days – and it has nothing much to do with the NDP…..
In fact, you're the one who brought up the NDP, remember?
Personally, I'm not surprised that the Campbell forces are not leaning on the regulatory agencies to force the Trust to comply because I expect their record is going to be pretty dismal.
ARE YOU?
I assume you've written to the Trust to ask them why their accounting is late?
G West
2 years ago
And JimORsheryl
I happen to have lived in Ontario too - and you might be surprised that I don't think you know what you're talking about on that file either.
jimorsheryl
2 years ago
G West
I thought the issue was whether or not funds in the public trust should be invested in anything other than socks?
The filing is late? How late? How big a deal is that? They will have suffered big loss just like my local municipality, IF THEY LIQUIDATE THEIR POSITION NOW.
This LOSS is meaningless unless they have sold their shares.
To the point, based on CURRENT MARKET values, what is this fund worth?
The stock market was down to nearly $7500 at one point and is now over $10,000 again, all in the last few months.
This story is NOT a good piece of reporting.
As for my opinion of Bob Rae and Ontario, have you ever heard him comment on the NDP, now that he has seen the light?
frenchy mcswede
2 years ago
Hey, jimorsheryl
if you're worried about the bc economy, then the LAST thing you'd want to do is reelect campbell: the facts on campbell's record -the fastest growing ei rolls in the country and the highest number of new ei claimants for at least three months in a row in 2009, gdp plummetting to .8% BELOW the national average for 2008, while gdp grew everywhere else in the country except ontario, decade long gdp decrease of MINUS.2%, compared to the ndp in the nineties, once the 80,000 jobs lost by mr economic management, gordon campbell, since last summer are factored in, liberals about to run deficits for 5 years out of nine, if reelected, including two of the highest deficits in bc history, no new manufacturing jobs created, and median incomes plummetting for 5 years.
Personal business record of mr campbell: his sole venture into business, his only one, the georgian court near bc place sold shares for $8000 -shares now worth $400, divedends paid -nickles. So jimorsheryl, unless you're inordinantly fond of a diet of peanut butter sandwiches, and are extreme fan of outdoor camping year round, my suggestion is , if you're worried about the economy -VOTE NDP. I challenge you to try and rebutt these points, my bet is you lack both the guts and the integrity.
G West
2 years ago
Not for me it isn't
I expect a government that has sold itself on openness and accountability to be open and accountable. The Campbell government has failed on that account in spades - and on virtually every front...even today we learn that it was only through FOI that the facts about IPP construction problems have come to light BEFORE the election.
As for the NDP in government, pleas check your figures, you'll find that the NDP record (in provincial governments) for fiscal good management is superior to either the Liberals or the Conservatives in this country.
I think you'll find that Liberals, 80% of the time they are in power, ran deficits in the last 25 years. The Tories ran deficits, roughly 65% of the time while the NDP were in the red only 58% of the time.
And that includes Bob Rae's government, I'll point out.
In conclusion, if the Trust has nothing to hide about the performance it cost the public 900k to finance, why isn't the information available?
There is absolutely NOTHING wrong with the reporting. We're in an election campaign where the incumbent says the economy and his lacklustre management of same is the BIG ISSUE - remember?
jimorsheryl
2 years ago
frenchy
You can't seriously be suggesting that Campbell or ANY other premier or the prime minister for that matter are responsible for the current economic condition?
If you are you are clearly demonstrating your inability to understand the problem, and if you then think your party has the answer you are deluded.
Please give a source for your statistics, or did you just make them up??
Did you know that BC's institutional building permits are up 86% over March? That is primarily related to new health care facilities. Leading all other provinces by a long shot.
As for business acumen, could you please point out the business success stories within the NDP party?? What is your leaders background again??
jimorsheryl
2 years ago
G West
Please quote the source of your stats. Or do you have a verifiable source?
I ask you directly is this the only fund caught in the wind, when the market took a huge dump? Do you know of any NDP related funds, ie: pension plans etc. that also got caught or where all their funds safe and sound in T-bills.
Do you think governments should NEVER put funds into anything but socks??
I am sure the trust took a huge dump, like anyone else, but you are making a nonsense argument here, unless you are saying they should never put funds in mutuals etc. If that is your opinion would you apply that to all institutions charged with protecting and growing other peoples money?
Like pension funds, rrsp's etc.?
Is that the official policy of the NDP, to never invest funds in anything other than socks??
jimorsheryl
2 years ago
A Point of Interest
Perhaps the Tyee could look into the performance of other funds in the province.
I would suggest pension funds etc. administered by unions and the like.
Do they demonstrate any wiser fiscal management than this fund?
G West
2 years ago
Statistics Canada
You're still missing the point - I don't care what the cause of the falloff in returns on the fund is...although this article and the other one at Tyee on the same subject does address the question of management.
My point was transparent. A trust fund appointed and paid for by a government that says it cares about openness and accountability has FAILED TO COMPLY WITH ITS STATUTORY OBLIGATIONS.
I take it you're new to BC - if you're not, I can take you back a few years ago to a time when the government here was being excoriated for a back-yard deck - a little project that, even today, gets mentioned from time to time.
This is a government that has said trust, management and accountability - not to mention leadership and good business practices - are its watchword.
It is as clear as glass to anyone with the ability to read that the Campbell government 'talks' that line BUT that it has absolutely NO EVIDENCE to support it.
As for pension funds and their performance, I suggest you take a look at a couple of Pension funds administered by teachers and public service employees back in your old home of Ontario to brush up on that subject.
I have, and they're doing a helluva a lot better than the NDIT is.
As for your initial point, hardly - I don't think Campbell is to blame for everything bad that's happened to the BC economy since 2001 - just about 80% of it.
Kindly google the Finance Minister's pre-budget comments about the BC economy from late 2008 and early 2009 if you don't believe me.
frenchy mcswede
2 years ago
Well, jimorsheryl, glen or glenda,
or the boys in the fraser institute's back room -whatever the case may be: YES, I CAN DEFINITELY BLAME MUCH OF OUR CURRENT ECONOMIC MALAISE ON GORDON CAMPBELL.
For, you see, the premier is always grandstanding on his economic experience, acumen, and finesse. Yet when the facts, LIKE STATS CANADA STATISTICS are examined -you have heard of those I assume -none of the premier's braggadocio is ever backed up (unless you count the sense in which a toilet might be backed up.)
NO. Instead, what we discover from STATS CANADA STATISTICS is that BC had the SECOND LOWEST RATE OF GDP INCREASE IN CANADA IN 2008: MINUS .3, AS OPPOSED TO THE NATIONAL AVERAGE OF PLUS .8! Now, if the premier had any economic expertise whatsoever, especially given a residue of olympic construction, we would expect NOT TO HAVE THE SECOND LOWEST RATE OF GDP INCREASE IN THE COUNTRY FOR 2008. Are you following me, jimorsheryl? Or is this simple fact and glaring contradiction, BEYOND YOUR GRASP?
Moving more quickly along now, jimorshurl, from OTHER STATS CANADA STATISTICS, HAD THE PREMIER ANY ECONOMIC EXPERTISE WHATSOEVER, we would not expect bc to have had the fastest growing, largest increasing ei rolls in the country for the last few 3 months. Considering also that the premier had record commodity income for 2 years, record social transfers for another 2 (STATS CANADA STATISTICS) WE WOULD NOT EXPECT THE PREMIER TO BE NOW FLAT BROKE AND NEEDING TO RUN A DEFICIT, WERE THE PREMIER ANY KIND OF ECONOMIC MANAGER WHATSOEVER, as even the most veritable mentally challenged half wit could probably agree. But, alas, somehow not gordon campbell, or his supporters.
Then there's vaughn palmer and craig mcinnes, vancouver sun columists, who have both written in 2008 (QUOTING STATS CANADA STATISTICS) respectively THAT NOT ONE NEW MANUFACTURING JOB WAS CREATED UNDER THE BC LIBERALS AND THAT MEDIAN INCOMES HAVE BEEN FALLING FOR FIVE YEARS. WHERE WAS THE POSITIVE INFLUENCE OF THE PREMIER'S MUCH VAUNTED "BUSINESS EXPEIENCE?????)
Going to the premier's ACTUAL business experience, pleae go to the link posted way above by skywalker, and you find the premier's ONLY business outing sold shares for $8000, now worth $400, paid tiny dividends and the picture of gordo, economic DUNCE CAP on his head, is irrefutable...
frenchy mcswede
2 years ago
Does anyone know anything about a
public relations firm with the possible acronym of SPAR, somehow connected with hector bremner, of touch marketing, connected to voteBCjobs.ca, whose ad today in 24 hours newspaper makes the ridiculous, but desperately mantraed, LIE, that the bc liberals "turned the economy around from the nineties," even though in the nineties, I'd don't recall homeless people every 5 feet, or the worse child poverty rate, you know, when THE BC TAXPAYER still owned the assetts and income of bc rail and teresen gas...but when the rich were starving...???
Anyhoo, I think I'll google voteBC jobs(for the premier's friends).ca and report back...
jimorsheryl
2 years ago
G West
I am not new to BC have lived in Nanaimo since 1970, so am very familiar with BC politics.
Why I can even remember those squeaky clean honor loving, NDP involved in something that became known as Bingo-gate.... Remember??
I can even remember a couple a ferries that the NDP spent a wad on, which are complete disasters. No one will even buy them to this day.
So if you think you can convince anyone that the NDP is any more competent, or squeaky clean than the Libs you need to be talking to kids with no experience.
I am not simple enough to believe that ANY party is beyond some level of corruption, they all stink one way or another. But the fact remains that Campbell and the Liberals have more ability than the current NDP will ever have.
What is your leaders credentials again? I asked earlier and no one has answered I don't think.
G West
2 years ago
I think you're looking for these turkeys frenchy
Same old, same old....
Coalition Members
ABLE BC
Suite 200, 948 Howe Street
Vancouver, BC V6Z 1N9
Ph: (604) 688-5560 Fax: (604) 688-8560
BC Hotel Association
2nd Floor - 948 Howe Street
Vancouver, BC V6Z 1N9
Ph: (604) 681-7164 Fax: (604) 681-7649
BC Chamber of Commerce
1201 - 700 West Pender Street
Vancouver, BC V6C 1G8
Ph: (604) 683-0700 Fax: (604) 683-0416
BC Real Estate Association
600 - 2695 Granville Street
Vancouver, BC V6H 3H4
Ph: (604) 683-7702 Fax: (604) 683-8601
BC Restaurant and Foodservices Association
140 - 475 West Georgia Street
Vancouver, BC V6B 4M9
Ph: (604) 669-2239 Fax: (604) 669-6175
Building Owners & Managers Association
556 - 409 Granville Street
Vancouver, BC V6C 1T2
Ph: (604) 684-3916 Fax: (604) 684-4876
Building Supply Industry Association of BC
Unit #2, 19299 - 94th Avenue
Surrey, BC V4N 4E6
Ph: (604) 513-2205 Fax: (604) 513-2206
Canadian Home Builders' Association - BC
3700 Willingdon Avenue
Burnaby, BC V5G 3H2
Ph: (604) 432-7112 Fax: (604) 432-9038
Canadian Restaurant and Foodservices Association
2410 - 555 West Hastings Street
Vancouver, BC V6B 4N6
Ph: (604) 685-9655 Fax: (604) 685-9633
Independent Contractors and Business Association
211 - 3823 Henning Drive
Burnaby, BC V5C 6P3
Ph: (604) 298-7795 Fax: (604) 298-2246
Insurance Brokers Association of BC
Suite 1300, 1095 W. Pender Street
Vancouver, BC V6E 2M6
Ph: (604) 606-8000 Fax: (604) 683-8497
New Car Dealers Association of BC
70-10551 Shellbridge Way
Richmond, BC V6X 2W9
Ph: (604) 214-9964 Fax: (604) 214-9965
Retail Council of Canada
1500 - 701 West Georgia Street
Vancouver, BC V7Y 1C6
Tel: 604-601-5619
Retail BC
1758 West 8 Avenue
Vancouver, BC V6J 1V6
Ph: (604) 736-0368 Fax: (604) 736-3154
Western Silvicultural Contractors' Association
720 - 999 West Broadway
Vancouver, BC V5Z 1K5
Ph: (604) 736-8660 Fax: (604) 738-4080
Do a quick cross check on the list of lobbyists registered to pig out at Gordo's trough....
Nope, no conflicts of interest there, no siree - just move along folks - nothin' interesting here
jimorsheryl
2 years ago
frenchy
You said:
"YES, I CAN DEFINITELY BLAME MUCH OF OUR CURRENT ECONOMIC MALAISE ON GORDON CAMPBELL."
IMHO you have simply discredited anything you could say from this point onward. This is simply a ludicrous statement.
Do the words sub-prime mortgages, junk bonds, hedge funds, derivatives mean anything to you?? To somehow suggest that Campbell or any other provincial leader could control what has happened in the global economy is foolish beyond belief.
This is yet another example why you would be very foolish to believe the NDP have any understanding of what is happening at all.
They can offer criticism after criticism, but that is the end of their expertise.
Are there any of them who have even run a hot dog stand??
What was your leaders credentials again, no one seems to address that question.
G West
2 years ago
Then you really don't
Then you really don't know anything about Ontario politics either?
The NDP has been in power in this province for the grand total of 13 years - in that time it has done more good, lasting good, for the people and the economy and the health care and insurance needs of this province than the other parties who've been in power here for the whole of the other 108 years since 1900.
Carole James has better credentials to run this province than a convicted DUI driver who can't answer a questioin in the legislature to save his soul.
Furthermore, she's the head of a team and not a one-man wrecking crew who prides himself on being a CEO.
Want some real 'facts' about the man who cares less about BC workers than German ones?
Spend a few hours reading the material on this website - then come back and we'll talk.
http://bctrialofbasi-virk.blogspot.com/
G West
2 years ago
errata
that's question - not questioin...sorry.
jimorsheryl
2 years ago
frenchy
Since you don't seem to know the answer about your leaders credentials, I did some checking.
Indeed, you can not point to the fact she had a bad business venture! In fact she has NEVER been in business.
Seems her education consists of high school, no post grad stuff I could find. She was a mom and foster mom for many years.
Was a school board trustee for about ten years.
This is not really the CV that instills a whole lot of confidence when someone is asking me to trust them with the province of British Columbia, and my grand kids future.
jimorsheryl
2 years ago
G West
Ontario politics??? Confused there. Listen to Bob Rae for awhile, I think he was pretty close to the NDP for a long time. He has little use for the party now.
If the best you can offer is adhominem attacks, you are only going to receive cheers from your fellow NDP supporters. You won't change the minds of thinking people.
If you are going to remove everyone from public life because while on holiday they drove after drinking, you'd have a pretty shallow pool to draw from.
Care to discuss some of the NDP squeaky clean guys? I live in what used to be Dave Stupich's riding. Remember him??
Your arguments are weak and your 'facts' don't withstand scrutiny.
To claim that during the 13 years the NDP were elected they did more good than the likes of Wacky Bennett is just pure nonsense.
You will notice the only time the NDP get elected, the other guys have just become too arrogant or whatever, and the public kicks them out. You will also notice, the public, after seeing the NDP in action, are loathe to put them back in.
In my own riding the NDP candidate is by far and away the best candidate. I quite like Leonard as an individual and believe him to be properly motivated. However, I will have to hold my nose and vote for the Liberal candidate, because an NDP government would be a pure disaster this province could not stand right now.
G West
2 years ago
You're the one who brought up Ontario and Bob Rae
Wacky Bennett did exactly what?
Please, enlighten me?
I'm not responsible for the stupidity of people who think Gordon Campbell is a good manager - I'll provide a list of the NDPs achievements to weigh against the others after dinner - this'll be fun!
G West
2 years ago
Here's a little list for you JimorSheryl
You clearly haven't been paying attention...
During the Barrett years:
What exactly would you put up against the Agricultural Land Reserve;
The Insurance Corporation of British Columbia which didn’t just provide public automobile services either; a dental care program for children; the first program of child care assistance in Canada from Rosemary Brown; Rent control regulation; progressive and inclusive policies in the areas of health care; social services and the environment. During Barrett’s mandate as premier, he left a lasting legacy through the creation of a guaranteed income plan for senior citizens; the British Columbia Human Rights Board.
During the Harcourt Clark years the list of achievements was much longer – Dave was only in power for 3 years, remember.
G West
2 years ago
The Harcourt Clark Years more to follow
- greatest job growth in Canada 1991-2000 (up 24%)
- second or third lowest income taxes in Canada for ordinary families
- cut income taxes by $800 million since 1995
- lowest small business income taxes in Canada
- best small business growth in Canada 1991-2000 (6.8% a year)
- second lowest provincial debt per person
second highest average wage in Canada ($17.48 an hour)
- highest minimum wage in Canada
- third lowest Hydro rates in North America and no increase since 1993
- car insurance rates among lowest in Canada (no increase since 1996)
- BC is the only province that did not cut health care funding in 1990s
- health budget increased by almost $1 billion in 2001 to fund new hospital equipment, train and recruit additional nurses and doctors
- four new cancer clinics since 1991
best screening mammography program in Canada
- best cancer recovery rate in Canada
most comprehensive health coverage of any province (including chiropractors, physical therapists, naturopaths, massage therapists, eye exams and podiatry)
- one of the most extensive Pharmacare programs in Canada
- guaranteed choice on abortion for BC women
- first in North America to reach UN goal of 12% protected parks and wilderness
created Tatshenshini-Alsek and 345 new protected areas and park additions since 1992
- protected the coastal (Great Bear) rain forest
- 2.5 billion trees planted in ten years
moratorium on grizzly bear hunting, and Khutzeymateen grizzly bear sanctuary
toughest forest practices rules in North America ensured sustainable forestry and access to international markets
new laws protected fish-bearing streams
urban salmon habitat program restored salmon runs
- cut chlorine discharge from pulp mills by 80%
G West
2 years ago
And here's some more
- Green Economy Initiative promoted innovative environmental technology
Eco-tourism strategy
- 2,500 km of recreational forest trails built
- 10,000 km of damaging logging roads removed
- tuition fees cut 5% in 2001, after five-year freeze
- BC tuition fees 44% lower than Alberta, 46% lower than Ontario
- three new universities (Northern BC, Royal Roads, Tech BC)
- 40,000 new post-secondary student spaces since 1992
- best and most comprehensive student assistance programs in Canada
5,025 additional post-secondary spaces and
3,150 more apprenticeship spaces in 2001
- five community colleges designated as University Colleges
- participation rate in post secondary education improved from second worst in Canada in 1991 to second in 2001 (after Quebec)
- lower class sizes in Grades 1 - 3 improved reading and writing skills
a new school was built every 19 days
136,000 new spaces and 5,423 classrooms were added since 1991
- BC was the only province that did not reduce education funding in 1990s – despite federal cutbacks on shared cost programs
Started the school lunch program helped kids in need
- Began the heritage language program in 150 schools offered 26 languages including Chinese, Punjabi and aboriginal languages
Started before and after school care program for 19,000 kids
- Lowest child poverty rate in Canada after PEI under Campbell BC is worst in all of Canada and has been for five straight years
BC child care was ranked best in Canada
- Eliminated provincial income tax for 100,000 low-income British Columbians
- BC was one of only two provinces that continued to build social housing during the decade (6,500 units completed, 275 planned for Woodward's Building/Downtown Eastside)
- BC Family Bonus helped low and modest income families
- passed stronger human rights legislation
- improved public and private sector pension benefits and extended them to common-law and same sex spouses
- Passed pay equity law worked to end wage discrimination against women
- Improved occupational health and safety standards
- Passed anti-scab legislation to protect workers' rights
Established a balanced Labour Code to reduce days lost to strikes/lockouts and ensured fair union certification process
- Finalized the Nisga'a Treaty - Canada's first modern treaty
- Berger Commission examined abuse at Vancouver school for the deaf.
Managed the economy well during a longer downturn than Campbell has had to contend with and did it without slashing services; increasing homelessness and creating more child poverty.
Now, did you have a point?
G West
2 years ago
as to that other comment of yours
You know the one about the uniquity of drunk drivers in government?
I'll give you a mulligan on that one - it simply doesn't make ANY sense.
Try again: If we can't expect Premiers and Solicitor Generals to behave themselves and act responsibly in their private lives I don't think we can expect much of them as public servants.
But, if you think differently, then go ahead and vote for these liars 'again'.
Bailey
2 years ago
Dorothy
I'm sorry to butt in to your conversation, but I'm afraid you have pushed one of my buttons in your post.
You can't be a communist without a commune.
Communism is a form of Capitalism whereby large amounts of money are dedicated to various categories of public works. The money is administered by an institution dedicated to that category of activity.
It's characterised by the political nature of the process for appointing administrators, who typically have no stake in the enterprize, use public money, and take no personal risk in case of failure or mismanagement. Often in such a case, an administrator can find it very profitable to actually betray the purposes of his trust and loot the money allocated for it on behalf of himself and his political allies.
Communism failed worldwide several decades ago, and now only remnants and reflections survive as far as I can tell. The closest analog in existance today is the modern charterless corporation, especially those that specialise in government contracting, like Mr Campbell's beloved PPPs.
As I say, sorry to butt in, but whenever I hear such inaccurate language used to advance an ideological argument it makes me doubt the good faith of the argument. Especially when the person advancing it so clearly loads it with strong emotional content, which the words themselves don't warrant.
Aurora
2 years ago
You go, G West!
Thanks for the history refresher. I knew there was something, faintly good, warm and fuzzy I was recalling about the 90s. You hit the nail on the head, G West. You have to be a member of Campbell's inner circle (or former) to have benefited at all the past 8 years. The vast majority of us are far worse off - poorer in both person & public resource ownership. It's time for Gordo and his minions to give us all the information being conveniently kept from us NOW not after the election. It is criminal and scandalous the amount of critical information NOT being revealed during this election campaign by the Liberal party. On IPPs and the BC Rail Corruption Scandal and court case was bad enough-- but now this?? They sell a public asset, BC Rail, one Gordon Campbell promised, vowed he would NOT sell, then, incredulously, cannot even manage - and worse - LOSE a huge chunk of the earnings from that sale? You got to be kidding me?
My god. May the arrogance, corruption, deceit and utter incompetency of Gordon Campbell's Liberal party - the worst in BC's history - be their downfall on May 12.
And now.. back to you, G West...
jimorsheryl
2 years ago
G West
Sooo can you tell me where I would go to research the accuracy of your claims and can you explain exactly what the NDP did that actually brought about any of those changes.
In the early 90's the migration from the rest of Canada, and the ensuing prosperity it brought to BC is nothing the government could take credit for. It would have happened if a monkey had been premiere.
I was getting calls from friends in the construction business in Ontario during those years, who were hearing about the boom out here. Back then BC real estate was being given away. Again, nothing Clark or anyone else could take credit for.
Lowest insurance rates under ICBC ?? Where do you get that baloney??
It was during those years that Clark and the boys spent how much on aluminum ferries we can't even give away! I think the number was about $500,000,000.00 if I remember. By the way, refresh me on why Harcourt left office???
You still have offered nothing meaningful as to why I should think your leader is even remotely competent to run a province.
And by the way, could you add to your list of NDP accomplishments during those years what kind of fiscal responsibility they demonstrated .... didn't think so.
Clearly I have found myself in the midst of an NDP rally, and so far I am all the more convinced that party and it's supporters could not run a peanut stand.
Can you offer an explanation how all these glowing achievements have seen you guys kicked out so often???
How could the majority of voters have been so blind as to practically eliminate your party a couple of elections ago.
Could be most people just don't agree with your biased view of history.
dorothy
2 years ago
Bailey
Butt all you want. This is an open debate.
What I was trying to slam the government for is their inconsistency, or maybe situational ethics is a better label. They don't stick to any, at least to me, recognizable set of principles, but they decide ad hoc according to an ideology and possibly some self-serving purpose, and then rationalize in each situation in a way that would seem to assume that no one can remotely remeber what they said a year ago, or even a week ago. I am imagining their private musings, before decisions are made, to be very much in the style of those of the leading characters in Jean-Paul Sartre's 'The leader', the translation of which work to my mother tongue was titled 'The Raising of a Young Fascist'.
Taking in big sums of money and having them invested and 'managed' by a state-based outfit is what I would understand as communism. I wanted to point out the absurdity of following so alien a philosophy, simply because it gives all sorts of opportunity to exercise the powers and prerogative that big sums of money temporarily lends to the holders thereof. The government has, in my view, no business sitting on large sums of money for which there is no immediate use for the good of the citizens. It can spend them, or give them back, not 'invest' them. That is a misuse of its position, and assumption of a mandate it has not been given,. The MLA's are not elected as our bankers, only as our caretakers. State capitalism is what I understand communism to be. I am not so academic that I think the commune needs to be taken as a literally necessary component. Maybe we could say our government through its money mangement methods run BC as some kind of super-commune.
Your claim of emotionaliosm has me baffled. I cannot find it in what I wrote. Maybe I could say: You haven't heard me when I am being emotional.
As for doubting that I speak in good faith, I don't know what to do with that problem. I could choose to see it as an insult to my intelligence, for if indeed I were not speaking in good faith, you would not find me bothering to speak at all. What would be the point of doing something only in order to twist and warp it? Better not to even venture. But of course, you only have my word for it. Sorry.
G West
2 years ago
Jim or sheryl
What are you talking about? - kicked out so often - I've already pointed out that there have only been three NDP governments in BC history - and yet they created a list of achievements that CEO Campbell couldn't match in a hundred years...
Oh, and I forgot the introduction of Hansard - that was another Barrett innovation. Your buddy Wacky Bennett was more than happy with NO RECORD of debate from the Legislature.
As for the insurance rates, guess you didn't read very carefully - this is what I wrote: car insurance rates among lowest in Canada (no increase since 1996)
Fiscally there's no comparison either - you might want to check out Gordon Campbell's business record by the way - I think you'll find the only peanut stand HE ever ran started out selling shares for $8,000 each and those same shares ended up worth about $400.
And you should also check out BC's debt at the end (God I hope it will be) of the Campbell era - it's nudging the $50 billion level my friend.
As for the Ferries, I disagree, and I think jobs in BC are a hell of a lot more important than jobs in Germany as well.
But, in any case, I'll put about $400 million for the ferries against your $900 million for a convention centre and raise you $82 million in excise taxes payable on the German tubs - you know the ones that CEO Campbell's guy David Hahn has sitting at the docks because they're destroying the pilings and using Diesel like gluttons. And I won’t even mention $1 billion dollars for Olympic security….enjoy!
And don't get me started on the money laundering Campbell Tax - you are right about one thing - the stupid people get as many votes as the smart ones - just don't expect me to be happy about it cause the guys in your column have screwed it up for the 70 - 80 per cent of the population in this province who've been going backwards for the past 8 years.
But, don't let me stop you from voting for these losers when you could vote for someone like Leonard Krog. You stick with the CEO and one man government, sensible people want a team approach and not someone who says 'fuck you' to anyone who questions them.
dorothy
2 years ago
SharingIsGood
Yes, I agree with your take on the public services. I think this is a good example of failure of our present government to apply a holistic approach, which it must necessarily do in order to adhere to Canadian cultural values. The dollar-store thinking may be suitable for a dollar-store, and one has a choice on whether to do business with such an outfit or not, but it has no place in public health care, an environment I happen to know very well. I don'think most citizens are in a position to appreciate the damage that has been done in these quarters, the alienation and sense of betrayal. The downfall of Bill 29 doesn't even begin to 'fix' anything. You cannot go back to before that total contempt was poured over so many heads. (Now maybe I AM getting emotional. It's the massive crude stupidity of our government's actions that gets to me!)
G West
2 years ago
Cheers Aurora
And thanks...
zalm
2 years ago
Jimorsheryl
"Did you know that BC's institutional building permits are up 86% over March? That is primarily related to new health care facilities. Leading all other provinces by a long shot."
You'll definitely have to quote a source on this one, seeing as I was just in a Vancouver Coastal management meeting today where it was stated by their facilities sector managers that there is only $40 million worth of building projects going ahead this year in Vancouver Coastal, mostly for fire protection and building envelope repairs, and if there's any money left over, for nurse call systems. It 's stated that other authorities are getting a bit more than that, particularly Fraser Health, but the total bill will be somewhat less than $300 million for the year. Assuming the feds come through with all of their promised contribution, which the province has guaranteed to match 2 for 1.
And the MCIP (Minor Capital Improvement Programme) is entirely cancelled this year. 100%.
The only other project that is going ahead that is remotely institutional is the Jack Bell Research extension, which quantity surveyors have put at around $100 million, of which about 70% has been raised privately, so they have to spend it or their donors, and more particularly Revenue Canada, will be pissed.
And anyone who knows budgets knows that there's no spending in March - it's all announcements for April the 1st - the new budget year.
Yer a fast dancer, but the music stopped long ago.
jimorsheryl
2 years ago
zalm
The source is Stats Canada, yesterdays date, use this link:
http://www.statcan.gc.ca/daily-quotidien/090506/dq090506a-eng.htm
I realize that supported facts, are rare on this forum.
jimorsheryl
2 years ago
G West
You questioned 'kicked out so often' then went on to explain how few times they were elected.
Not being elected, is the same as being kicked out, you know. Rejected = kicked out.
I find most of your argument without substance and simply filled with party spin.
With the slate of candidates the NDP fields, I can't see why you want to make business acumen an issue. Come on, even if Campbell had a business failure, at least he had a business. James has run what kind of peanut stand??
You said:
"As for the Ferries, I disagree, and I think jobs in BC are a hell of a lot more important than jobs in Germany as well."
Even if it means spending half a billion on a worthless aluminum can?? Typical left wing thinking! And you wonder why we can't compete with the Germans??
You asked what Wacky and the boys did for the province?
You offered your version of a history lesson while conveniently missing a few points.
Your wonderful NDP was in for 13 years (your number) and did exactly what??
Did they build the highways? the schools? the hospitals? the infrastucture?
Did they provide all those high paying, family supporting jobs everyone enjoyed for so many years?
NO THEY DID NOT.
The only real good the agricultural land reserve did was increase the value of land not trapped inside of it. Some of the land in my riding inside the reserve is good for nothing! What a joke.
You offer an unsupported list of 'achievements' which could be buried if I were inclined to make a list of all the positive legislation brought in by those bad guys on the right.
You said:
"As for the insurance rates, guess you didn't read very carefully - this is what I wrote: car insurance rates among lowest in Canada (no increase since 1996)"
What you don't mention, is the fact that for years and years under ICBC we were paying far more than other provinces under private insurance. Again, typical spin. Not truthful, but sounds good.
What's the theory, repeat a lie often enough and it will become truth??
I have yet to hear you or anyone else explain why James or anyone else in your party should be trusted with the future of the province?
You really need to wake up and realize that your left wing socialist agenda may sound good, but can never be implemented, because it creates nothing.
It is only the dreaded fat cat business types who can actually build something, which does in fact provide the grist for all those public projects you love.
G West
2 years ago
Are you aware
That the German shipbuilding industry is heavily subsidized by the German government?
Apparently not.
Are you aware that there is a significant excise tax bill due on every new German ferry exported to Canada?
Apparently not.
Are you aware that there are serious design and operational flaws with the current models which were rushed into production without any hull design studies?
Apparently not.
You’ve evidenced complete ignorance about none of the issues you’ve mentioned. As I pointed out earlier, you can't even quote my posts accurately.
I'm not wasting another moment providing information to a man/woman who isn't even willing to take a moment to confirm the absolute accuracy of every point I've made.
I have lived in Alberta, Saskatchewan, Ontario and Quebec as well as British Columbia - if you think automobile insurance is not more affordable in British Columbia and Saskatchewan (where as in Manitoba there is public insurance) than it is in the rest of Canada then you're welcome to buy your insurance there.
James and the NDP have a record of decency and openness, a commitment to the people who need assistance and not to the friends of the premier and profits on Howe Street.
James has had a public career of long standing working with decision-making and budget balancing public bodies that Campbell can only envy - the man hasn't a clue about how to respond to criticism or to work collaboratively - ask anyone in the senior public service.
As has been reported elsewhere, Gordon Campbell has not CREATED ONE SINGLE INDUSTRIAL JOB in the province since coming to power; he has sold much of the public's productive capacity and mortgaged its future to the tune of more than $50 billion .
These are the facts. If the people who ought to know them (the record is clear) don't throw this thug out that's THEIR problem. But don't expect me to condone such purblind stupidity.
I provided you with an extensive list of the achievements of the NDP - fact is, you haven't provided me with a single hard fact about why anyone should support the CEO's one man government.
Not a single one.
In fact, your post this morning has slipped into little more than personal sniping.
You're wasting my time.
It's not me who's repeating lies my friend.
Cheers.
G West
2 years ago
By the way ...relative to FACTS
Maybe you should look at those statistics again...
http://www.statcan.gc.ca/daily-quotidien/090506/t090506a2-eng.htm
Would it be fair of me to say you can't even quote them accuarately?
Non residential permits were up From FEBRUARY to MARCH in British Columbia by 18%
Would it be fair of me to actually quote the text you clearly (and wrongly) relied upon for your little flight of fancy?
Permits in the institutional component increased 89.2% to $722 million, following a 54.2% decline in February. This increase was largely the result of higher construction intentions for medical buildings in British Columbia and government and education buildings in Ontario.
And no, it wasn't me making things up jim/sheryl now was it?
frenchy mcswede
2 years ago
jimorsheryl:
You are perhaps the most pathetic and inept debators I have crossed swords with, although "sword" is to flattering to refer to what you're weilding, "butterknife" would be more accurate. Refusing to respond to another debater's points, COWARDLY changing the subject at every opportunity, refusing to read provided links etc, leads me to the inevitable conclusion that you are a waste of space as well as a waste of time.
And, yes, stupid, I have heard of junk bonds market meltdowns, etc THEY ARE ALL BASIC ELEMENTS AND TRAITS OF THE NEOLIBERALISM SO DEAR TO GORDON CAMPBELL'S HEART THAT HAVE LED TO THE CURRENT GLOBAL MELTDOWN. PRIVATIZATION, DEREGULATION, CUTTING OF RED TAPE, GUTTING OF OVERSIGHT OF INDUSTRY AND FINANCE ARE IN EVERY WAY THE BADGE OF NEOLIBERALISM SO DEAR TO BOTH BUSH AND CAMPBELL WHICH HAVE LED US TO THE CURRENT ECONOMIC MESS. I will not waste further words with you, jimorsheryl, unless neccesary to show the place you occupy, ie grovelling at the feet of jackals, like bush and campbell for table scraps, you are a disgrace to debate, and I suspect, to humanity, as well...
frenchy mcswede
2 years ago
thanks, g. west, if I haven't said it before,
I very much admire your record on the tyee. I was mostly aware of the actors you named. What I wonder (you don't have to bother commenting on this) is what SPAR is all about, as I note they are connected with athletics (the olympics?) do pr work, and appear to POSSIBLY have some connection to the liberal's campaign, however this company could be absolutely blameless, I am just trying to trace connections...
G West
2 years ago
Thanks frenchy
The feeling's mutual - if I haven't said so before...
I'm looking into SPAR too...funny thing about that name - it was also used - (this goes back a few years) by a small engineering firm (two or three principals) that I had some dealings with on the Island.
I see they still have a white pages listing in the Victoria phone book under SPAR Consultants and another in the Yellow Pages under Civil Engineers.
So that's clearly not them... I wonder - I'll make some inquiries.
G West
2 years ago
Another possible subject for investigation frenchy
http://www.repumetrix.com/section.php?catid=21
These seem to be the guys providing the s/w that the PAB bots are using right now...
Bailey
2 years ago
Of course
Dorothy, I accept your good faith and applaud your passion. I agree with your assessment of the functional disdain the Liberals demonstrate.
I've noticed a similar attitude in people who live by thievery and deceit. They hold others in contempt for the simple reason that anyone who would believe them must be contemptible. The truth is that living by lies blinds one to truth altogether.
They don't see the damage they are doing to themselves, betraying their own highest purposes to get their hands on other people's money.
My argument was with your calling all but a very narrow and somewhat arbitrary list of public services Communism, in a way that showed you expected people to be repelled by the very word.
I agree with your argument in large. I would make the list of public works rather larger, but that's a quantitative, not a qualitative distinction.
My reason is this: Communism failed so miserably and earned your emotional repulsion because the powerful cannot be trusted. It's the same reason the premier and his gang went so very bad.
The same reason Capitalism is failing.
CEOs have absolute power and, thanks to their political allies, no oversight. It has, as it always does, corrupted them absolutely.
sammyanderson2009
2 years ago
Wow..
That's so unethical for them to not post the results. This is what really frustrates me, just because they can most likely get away with it, they try to do it. They should really be held accountable!
- Sammy, Adult Acne Dermatologist
jimorsheryl
2 years ago
Some more FACTS
"All the employment growth observed in April occurred in Quebec (+22,000) and British Columbia (+17,000)"
This is published as of today's date by Stats Canada.
Wonder how the local NDP will spin this one???
Should be good.....
jimorsheryl
2 years ago
frenchy
There you go again, no facts to back up your argument so you resort to adhominem attacks.
How astute.
'nuff said.
G West
2 years ago
What kind of 'facts' do you want?
The imaginary ones you posted yesterday and the noxious spin you posted today because you don't understand the jobless figures you're touting today?
You know the ones that CTV/BC had this to say about:
Canada boasted a surprising 35,900 new jobs in April as the unemployment rate remain unchanged at 8 per cent but economists say they're not convinced it's an indication that the economy is set to recover from the current deep recession.
The job gains were the result of an increase in self-employment, Statistics Canada reported Friday but economists warned about "trusting" the figures.
Michael Kane, reporter with the Business News Network, told CTV Newsnet that there could have been errors in reporting during the survey.
"Perhaps somebody, when survey is conducted, they say 'I lost my job but I'm working for myself now,'" he said.
I certainly am glad you're not doing quantity surveying on any of my projects.
frenchy mcswede
2 years ago
thanks, mr west
RepuMetrix does sound scary: the SPAR outfit I noticed most when I googled it seemed to be a very BIG international firm, and what caught my attention, was that they did both large pr contracts, and seemed to have some involvement with amateur and professional athletics...(the olympics?) They first came to my attention when I tried to contact the voice mail of touch marketing inc, which did a nauseating ad in the paper copy of wednesday's 24 hours, about how campbell had "turned things around from the nineties," attempting to appeal to young professionals...
G West
2 years ago
I put out some feelers
To someone I know who's very knowledgeable about the 'business' side of Campbell's circus - the 2010 Olympics - but haven't heard back from him yet.
I'll keep you in the picture - and, if you need to contact me by all means do so
garthwest@hotmail.com
jimorsheryl
2 years ago
Just Amazing
All you guys can do is talk about Campbells ineptness.
But no one has stepped up and explained what in the world qualifies James to lead this province. There is nothing about her that says 'Premier', and if she is the best the NDP have to offer ..... 'nuff said.
If the intellect displayed here is an example of the type of council she can make policy on, it is clear the NDP needs to simply go away.
Typical response to the employment stats:
"but they are just self employed" ... oh really. Do you have any idea how many new jobs have been created by those self employed people who make something happen??
I realize that civil servants and teachers and the like, have a hard time understanding that self employed jobs are REAL.
G West
2 years ago
Look again at James's record
And at what I posted yesterday and the day before.
Those remarks weren't mine Jim-O - they were in the report I “quoted” - and, if you knew anything whatever about economics you'd also know that employment is a lagging statistic - it has very little to do with economic recovery.
Furthermore, I find your attitude toward teachers and civil servants odious.
By the way, I happen to he a self-employed professional and have been ever since I left grad school.
There's something quite pathetic about someone who, unable to actually mount a case for his prejudices and ignorance, resorts to that kind of nonsense on an anonymous comment board.
Carole James, if the people of BC have enough sense to elect her premier (and her team which includes the best man - your words - running in your own riding) will have a very difficult time turning this province around after 8 years of purblind neglect.
But at least she'll do it with the public interest and the well-being of the people who actually need government assistance in mind. And at least she knows, as anyone who has worked as a trustee for the public, that she has to answer to the people and not Jack Poole and Peter Brown….
With Gordon Campbell (I hope you noticed who he was hob-nobbing with today) the only folks who ever benefited were people who have never paid their fair share for the rape and pillage of the public's assets. A great many of them aren't even Canadian...
By the way, you need to read that quote from CTV again - apparently you didn't understand what the man was saying any more than you understood the figures you tried to put over on Tyee readers yesterday.
Have a nice weekend.
jimorsheryl
2 years ago
James Record ??? What Record???
James record??? What record?? What has she done exactly to qualify her a Premier??
You don't seem to be able to clearly point to anything. School board trustee?? Big Deal.
Nonsense?? What are you talking about. I was responding to the comment of this forum that the 17,000 new jobs in BC somehow don't count since they are self employed!
I find that comment quite odious, to borrow a phrase.
There you go with the adhominem again!
I did not say I would ever vote for Krog, I said between the two candidates as an individual he was the best person, however his NDP association disqualifies him as the best to govern.
The only thing the NDP could do effectively is oppose, their basic socialist philosophy makes them unsuitable to govern.
I did not try to put anything over on anyone. The facts released by stats canada clearly said the increase in institutional permits was largely a result of permits in BC. You did read the report? or do you just come back on here and say whatever I said was not true???
I see you are beginning with the excuses already as to why James could not turn things around. Funny, that's what Campbell said about Clark and Co.
If employment is not an issue, why is unemployment being used here as another Campbell negative.
If you understand anything about economics yourself, you will know the last two years have PROVEN nobody knows anything about economics.
I have listened carefully to them all, all the so-called experts, you know, the ones who got us into this mess, and NONE of them know what the heck they are talking about. I mean the bankers, the heads of the Fed, the head of the Bank of Canada, the Prime Minister, the Premiers the Presidents and world leaders everywhere!
Just the blind leading the blind.
Yet somehow, we are supposed to believe that the local NDP who basically are opposed to the free market system, have all the answers????
You have never been able to elect a government in this province unless the incumbents had not shot themselves in the foot. Any time you have been elected, one term is about all it takes for the electorate to return to their senses and send you packing again.
I am hoping the electorate won't make the old mistake again, but keep to their senses and give Campbell a hat trick. He is without any doubt the best person, and party to keep this province out of the ditch.
G West
2 years ago
I said the comment was odious
I made no judgement whatever about you..
The incumbent has shot the vast majority of the citizens of this province in the foot.
People vote for him again at their peril - and by the way, where did you EVER get the idea that the NDP opposed the free market...not only do you not understand what the difference is between being someone who has to work collaboratively and someone like Campbell who doesn't know how to work with anyone.
We're in the ditch now my friend - giving the CEO another mandate just provides him with a new shovel to dig us all in a little deeper..
I will agree with you that someone doesn't have a clue what he's talking about though.
As for economics, I beg to differ, if I found your company more congenial I'd offer you the evidence. There are numerous people who've been telling anyone who'd listen exactly what was coming for well over 24 months..