So here`s the deal, Powerex, our BC energy/power trading division which in the past made B.C. a whole lotta money, and, and the head traders for Powerex are compensated handsomely for positive results, they received a healthy base salary but, but the bonus structure is where these trading gurus made the big bucks, for decades B.C. has done very well on the energy trading division, and these gurus did pretty good for themselves, so here is how I read what has happened.
If in fact what I and most intelligent BCers think is true, B.C. Hydro is going to lose a fortune on power sales because of the ridiculous one way guaranteed contracts Gordon Campbell has signed, in fact I suspect B.C. Hydro will be bankrupted, as you know they were unable to pay B.C. any money this year because of debt, and, as you know the world of economics is in complete flux, people are in fear of losing their jobs, so when I hear about these Powerex trading Gurus jumping ship and leaving their lucrative jobs well, my radar starts beeping, you see folks, if you were one of those Gurus at Powerex and you knew that Powerex was going to lose vast amounts of money and your bonuses for making big bucks was all but over, if you thought that Powerex too would be going bankrupt wouldn`t you leave,wouldn`t you look for a greener pasture?
If Powerex loses money, there will be no bonuses, like my dad always said,it`s better to leave on top then get dragged into the mud!
That`s how I read the story, what else could explain the mass exodus from Powerex to another power trading company? Six of the big boys left,including the top gun for Powerex who has been there forever, and,these big boys had no difficulty in finding a new gig with the American giant Morgan Stanley.(read the story here)http://www.vancouversun.com/Powerex+traders+jump+rival/2474976/story.html
So that`s the deal friends, I would like to hear your thoughts on this latest revelation, it`s my opinion that these trading Gurus gave Gordon Campbell a glorious salute good-bye,similar to the one in the above picture!(On a side note Gordon Campbell`s public affairs bureau have launched a personal attack against this blog and Grant G) also Michael Smyth latest column is promoting open pit mining, a two-bit piece and, and I really appreciate all the loyalty from my regulars.
The Straight Goods
Cheers-Eyes Wide Open