That`s right folks, Gordon Campbell`s BC Liberal party are guilty of cooking the books, these deferral accounts were a way for BC Hydro to show a phony profit, and why would they do that, the answer is simple, it was the only way the BC Liberals could take huge dividends and put money in general revenue...
In other words it was theft by the BC Liberal Government, Gordon Campbell and his IPP private power money transfer scheme which took public money and placed it in private hands, under Gordon Campbell and a complicit band of BC Liberal ministers and MLAs BC Hydro a once profitable crown jewel corporation is now bankrupt...
The reason is easy to explain, under Gordon Campbell`s directive BC Hydro paid $billions to private IPP power companies for excess energy only to turn around and sell that power at a huge loss on the spot market..
But the saddest part of this fiscal disaster it was all preventable, Rafe Mair rang the alarm bell, John Calvert has warned loudly for years.
Cleaning Out BC’s Hydro Assets
"BC’s Bill 17—egregiously named the Clean Energy Act—represents a dramatic escalation of the provincial government’s electricity privatization agenda. The Act will gouge ratepayers, needlessly damage the environment, violate the principle of government accountability and undermine public finances. It includes so many bad public policies that it is hard to know where to begin an evaluation of its impacts."
The Tyee ran articles, I wrote dozens of articles warning of this exact scenario, John Horgan was on with Bill Good this morning just after the 8:30 news and explained what happened in clear concise terms...Gordon Campbell should be arrested over this, most BC Liberals should resign for their complicity in deliberate theft and the saddest part of the whole nightmare is how cknw and Global news not only defended Gordon Campbell theft but actually promoted it...
Rich Coleman has come out with his usual excuse making, John Doyle, our BC auditor General wrote a scathing report on these deferral accounts last year and was immediately bashed by the BC Liberals, Doyle just wrote another report about how the Liberals have failed on forestry and again he has been slammed, report after report by a real professional(John Doyle) lambasting the Liberals only to be mocked ridiculed by this horrid Government, out they come swinging, Falcon, Pat Bell, Rich Coleman, every single time these fiberals say that the auditor General is wrong, he`s mistaken, a difference of opinion and while that`s happening the Christy Clark edition of the same old corrupt Campbell Liberal party are currently bringing in legislation for a auditor General to monitor BC`s municipalities, the hypocrisy stinks,what`s the point, Christy Clark expects cities and towns to OBEY a municipal auditor while they not only ignore our provincial auditor they actively mock him..
For shame on BC`s corrupt media, infact bitter Brian was calling cknw and blasting the Liberals over the direction they were forcing upon BC Hydro 6 years ago or longer, we both warned of these IPP contracts, we warned of the wealth transfer, we screamed and yelled until our voices were horse, we talked about how signing 30 and 40 year contracts with these outfits at rates 5 times the spot market price was a recipe for bankruptcy..
Now the damage is done, more massive rate increases are coming, BC Hydro has plans for adding another $4 billion to the deferral accounts...And just so you are all clear on this latest rate increase, this 7% is for one reason, to cover the interest payments only on these deferral accounts, there is more run of river ripoff contracts coming down the pipe...
"The B.C. Utilities Commission this week approved an interim increase that will see rates jump by 7.07 per cent starting in April — well above the 3.91-per-cent increase Clark was pushing as an example of how her government is looking out for families.
Adding to the setback, the independent commission said Wednesday that the higher-than-scheduled increase was necessary to offset the growing burden from BC Hydro’s practice of deferring current spending into future years."
Let me be clear, this latest increase has nothing to do with future planned deferral accounts, the BCUC was prevented from looking to the future this was a response from actions of the past, there will be many more increases coming, and later this month Kevin Falcon will submit his budget where another huge chunk of money will be stolen from BC Hydro in order to make his budget numbers look better, they ignored auditor General John Doyle`s last harsh rebuke and continue to thieve from BC Hydro, thieving imaginary profits that don`t exist, exactly what Gordon Campbell and his trained monkey trough snorters did to BC Ferries when they took nearly $500 million dollars from BC Ferries in 2004-2005 to supplement their election year budget, a $500 million dollar theft from BC Ferries on which to this day they are still paying interest on...
And yet BC Liberal stooge media still cling to their own private illusion that BC Liberals are good fiscal managers when debt has been buried everywhere and our BC on the books debt has tripled in the last decade, these Liberals make the NDP of the 90`s look like miracle workers compared to the fiscal incompetence of the Campbell brothers..
And if anyone thinks the word LIARS is not accurate when it comes to Christy Clark and the Liberals one only need to view this blatant lie Christy Clark made this week in the BC Legislature when questioned on the disaster in BC`s justice department.
Courtesy of Ian Reid
Christy Clark was asked by Adrian Dix about cuts to BC`s justice system
How did the Premier respond?
With a straight out lie is how.
Clark“But here’s the thing,....We are putting more money in at the same time that crime is dropping, the number of cases going to court is dropping and the length of cases is actually staying the same. It just doesn’t add up. We are adding more money to the system"
No here’s the real thing, Premier. There is not “more money.” There is less money. As the following chart shows, the Attorney General’s operating budget has been cut by almost 20% in the last four years.
AG budget estimates (in 000s)
2008/09 2009/10 2010/11 2011/12
545,454 465,198 468,487 443,204
Source: BC Government Ministry Service Plans
Read more here
Time for an election Christy Clark, enough is enough, British Columbia can`t afford 15 more months of corrupt incompetent thieves and liars!
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Cheers Eyes Wide Open