If anyone thinks such sweetheart deals don't happen in Canada, take a look at this and understand where the Heritage Savings and Trust fund went. It didn't go to you and I that's for sure.
This is about the pulp and paper mills in Alberta.
Quote:
|
On June 1/97 restructuring of the Alberta debt was completed and on April 30/97 Millar settled its debt to our province by issuing a $25 MILLION non-interest bearing note payable and cash of $6.5 MILLION. At the same time the $264 MILLION of debt owing to the taxpayers and citizens of Alberta, by way of a loan from The Heritage Trust Fund to Millar Western to build a pulp mill, was written off. Not a single penny was paid by Millar Western on that debt.
|
Quote:
|
Taxpayers heavily subsidized the Daishowa project in the form of infrastructure items. These items include a bridge, a rail spur, roads etc. The ultimate cost was in the tens of MILLIONS.
|
Quote:
|
Less than 30 days after signing the audited financial statement of Mar.31/97, the Provincial Government hired a consulting firm to review an offer from Mitsubishi to write-off $140 MILLION.
|
Quote:
|
In other words do not sell now or you may lose money. Hold on till maturity and you will get the entire principal and accrued interest. The Provincial Government did exactly the opposite and it resulted in a loss to the Alberta tax payers of $140 MILLION.
|
http://www.efones.ca/pulpmills.html
We could have used the GWI here.