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THE SALE OF “HYDRO ONE” IS CORRUPTION ON A GRAND SCALE, AND WE ALL KNOW IT! Ontario is now the most indebted sub-sovereign borrower in the world, with twice the debt of California. New infrastructure spending will lead to a staggering 267% debt-to-income ratio by next year (close to that of Greece). Repeated Liberal governments have blamed Ontario’s bankruptcy on macroeconomic factors beyond their control, but it has now become evident that Liberal kleptocrats have been embezzling our tax dollars for decades. On Saturday December 12, 2015, there was a protest outside the office of Beaches-East York MPP Arthur Potts (see bottom of page). The protest seemed to be organized by unions and their supporters for their usual reasons, but for once it’s hard not to agree with them. The selloff of Hydro One is wrong for so many very good reasons it’s almost impossible not to view this move by Ontario’s Liberal Government as anything short of criminal.
By Lawrence McCurry Writer, filmmaker, media critic and trouble maker
For decades we have watched the World Bank and the IMF lend small countries large sums of money, only to swoop in like vultures when the loans could not be repaid, because El Presidente and the boys got it all. In picking the carcass clean, the first thing the bankers usually do is turn the utilities (such as electricity, water and gas) over to corporate control. In Ontario nothing so drastic need take place … they need only tell their puppet Kathleen Wynne to dance.
In all fairness, Kathleen Wynne is not alone in this criminal activity; her predecessor Dalton McGuinty needs to be charged in this case as well. In fact, as I write this article, McGuinty’s Chief-of-Staff and his second banana have just been criminally charged for deleting e-mail that would have surely secured Dalton and Kathleen a place in Canada’s correctional system. The way the energy portfolio has been buggered up under the Liberal government in Ontario goes way beyond the incompetent, and well into the realm of criminal malfeasance. The Gas energy plant cancelations alone cost us well over a billion dollars, which the Liberals tried to hide; add to that the cost of the green energy initiative, which is power that’s costing us more to produce than it’s worth, and which we then sell to the grid at less than cost. And the cost of this incredibly stupid plan just keeps rising! It’s clear that the end game in this corruption is the fire sale of Hydro One to the corporate banking interests that our leaders really work for. Not only has the government allowed the people of Ontario to be gouged on the cost of electricity for years while the corporate board of hydro overpaid themselves, but they have lost money on bad investments and planning, and passed that debt off to the rate payers. Over this time large business in manufacturing has fled the province (and the country) due to the high electricity costs. And just who is benefiting here? Royal Bank of Canada and Bank of Nova Scotia, which are acting as underwriters in the utility’s public debut, also have an option to purchase an additional 8.15 million shares, which would bring proceeds from the IPO to a total of $1.83 billion! On top of that, another roughly $5 billion of that total would go towards paying down (interest on) the utility’s debt. In other words, the bankers are busting us up. Kathleen Wynne and Dalton McGuinty consider themselves to be too high up in the food chain to ever be held accountable, and in the end will be rewarded by the private sector. It reminds me of an episode of The Sopranos. Current family Capo Kathleen Wynne has plans to use what’s left to fund the party’s next caper: a ten year, $130-billion transit and infrastructure plan. In an HONEST WORLD, that transit and infrastructure plan would be financed by a no interest loan from the Bank of Canada, the way the system was designed to work.
Irate voters converged outside the office of scandal-plagued Beaches-East York Liberal MPP Arthur Potts. Many of them reluctantly voted Liberal for the first time in 2014, after 13 years of supporting NDP MPP Michael Prue. Prue is known as a decent man with a heart of gold, who grew up in Regent Park and cares deeply about the poor and the homeless. Conversely Potts, who was a lobbyist and the President of a company promoting Israeli technology, has turned out to be one of Queen’s Park’s biggest disappointments.
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In an HONEST WORLD, instead of selling off Hydro One, the government would take full control, and cut costs by giving electricity away for free. That’s right, FREE! You would cut costs by getting rid of management, billing, meters and meter reading (Not to mention stupid advertising costs).
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Published on Jan 1, 2016
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