Saturday, March 3, 2018
NDP fail to face the BC Hydro fraud
The Globe and Mail is reporting that "British Columbians will not get a freeze on electricity rates that had been promised by the NDP government, the province's independent utilities regulator has ruled. Instead, rates will increase by 3 per cent in April. The British Columbia Utilities Commission (BCUC) panel found "insufficient regulatory justification" to justify the New Democrats' election promise to keep rates flat, noting that even the approved increase won't cover what BC Hydro needs."
The question we need to ask is why does BC Hydro need more? Two reasons. The most recent reason is the same reason ICBC is in trouble - because the Liberal government extracted dividends from both companies when there was no money for them to collect forcing both companies to borrow money to give to the Liberals so they could balance their fudge it budget.
Recently it was in the news that drastic changes are needed to ICBC because ICBC is in debt. Yet Peter Ross wrote in to the Vancouver Province and pointed out why. ICBC is $1.3 billion in debt because the BC Liberals just took a $1.3 billion dividend from ICBC to fake their budget. That means ICBC is breaking even and the fake emergency has been manufactured through fraud. The same with BC Hydro. The BC Liberals just took a $852 million dividend from BC Hydro that wasn't there. That's why BC Hydro needs more money.
As we have repeatedly said, extracting a dividend from BC Hydro is quite possible if it wasn't for Gordon Campbell's original fraud that created a tsunami of deferred debt based on insider trading. Gordon Campbell privatized the power brokers that sell power to the public company at above market rates. That meant his campaign contributors made and continue to make a fortune through tax fraud and no one is doing anything to stop it. When you know a crime has been committed and you stand by and watch it continue you become criminally culpable in that crime.
Norm Farrell is a local blogger with credibility. Recenly he reposted a blog post he made in 2016 called the Misappropriation of public wealth which once again explains the BC Hydro fraud we keep referring to. BC Hydro has been paying independent power producers almost $5 billion above market value since 2004. 5 billion tax dollars stolen. That's grand theft.
Not long ago Norm Farrell set up a Gofund me page to help him get the word out. The word is out. Something needs to be done to fix the fraud. Hey ho the IPPs gotta go.
This is the exact kind of fraud that created the Greek Finical crisis which was another manufactured emergency. What was public money became private then disappeared.