The worst deal in Canadian history

by Elizabeth May | May 31, 2018 3:21 pm

May 29, 2018

(OTTAWA)–The Trudeau government today announced what will go down as one of the worst deals in Canadian history. “Not since the late 1960s have governments stepped up to buy out a failing private sector company and run it as a Crown Corporation,” said Ms. May. “Nova Scotia oversaw the running of Sydney Steel and Devco, a federal Crown corporation that ran the coal mines to supply the mill. The result was economically and environmentally disastrous. Why is it we can’t learn from history?”

The Trudeau government is spending $4.5 billion of taxpayers’ money to let the Texas company Kinder Morgan wipe its hands clean of a pipeline project that can’t find private sector investors. “A nice return on their investment,” said Ms. May “when you consider how in 2007 Kinder Morgan finalized the purchase of the Trans Mountain pipeline for $550 million. But it’s not only $4.5 billion. Kinder Morgan had estimated, if we can believe them, that the expansion would cost $7.4 billion. So that’s nearly $12 billion of taxpayers’ money.”

Corporations can profit from individual consumers but the real catches are governments. “In the Liberal government Kinder Morgan will add yet another trophy to its wall. Remember, this is the same Richard Kinder and Bill Morgan who closed a deal with Enron Liquids Pipeline company to create Kinder Morgan as we know it. Yes, the same Enron of fraudulent accounting fame who lied to the American public in not disclosing their debts and losses. Tweak the script for a different audience. The Liberals are being conned by corporate bigwigs and it’s Canadians who are footing the bill,” said Ms. May.

The Liberals promised to end the subsidizing of the fossil fuel industry in its 2015 campaign. “As of late the Liberals have returned to attacking the former government and Stephen Harper as we approach the 2019 election. But what’s the difference? With Trudeau and McKenna Canadians thought environmental leadership was finally here. It’s not. The Liberal are bankrolling big oil and propping up an industry that the world economy is phasing out.”

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