Thursday, June 28, 2012

Christy Clark Shovels Money off a Truck, BC Liberal Public Money Feeding Frenzy Continues!

What I am about to tell you will not only outrage, infuriate, cause your blood to boil it will also call in to doubts Christy Clarks mental ability, either she is totally unfit to govern or perhaps the reason is far more sinister..I`m talking about blackmail, it is my and many other people`s opinion that the BC Liberals are being blackmailed by those who can spill the beans and expose Gordon Campbell BC Liberal corruption on a grand scale..

CLBC bonuses for shuttering group homes, they were paid off or they would have told of directions to cut everything, orders from the very top of this BC Liberal Government..

BC Ferries board it appears to have blackmailed this Government or expose the "Debenture" for what it was..That being a $500 million dollar general revenue budget booster that BC Ferries is paying outrageous interest on, BC Ferries is paying interest on money that went to general revenue, a smoke and mirrors con job..

Today it was revealed that David Hahn was paid out for the entire fiscal year even though he retired in December 2011, paid out $1.1 million dollars in compensation...

These BC Liberals under pressure conducted a complete review of BC Ferries, operations and executive compensation, the new CEO, a Mr. Mike Corrigan is receiving a compensation package worth, are you ready for this..$915 thousand dollars, yet there`s more, the vice president Robert CLARK is receiving a pay package worth a staggering...$745 thousand per year..FULL STOP THERE..

The head of one of the largest ferry companies in the world, Washington State Ferries, their CEO`s pay package is just under $200 thousand per year...

Now before we go any further...Let me take you back to November 10/2009...12:30pm to 1:00pm  Here is what Christy Clark said on radio...

The Christy Clark show ....The transcript.....Christy Clark`s words...

Clark  "How much of a difference has his leadership made at BC Ferries? It`s a company that now delivers a half a billion dollars in profit back to you and I !{sic} the taxpayers  and don`t forget, we didn`t start making this  profit until after David Hahn took over and started cleaning it up.  So how much is that worth to you? And to me, the people who pay taxes in this Province? Yes, we could cut David Hahn`s pay. We could save the corporation maybe a hundred, two hundred, maybe three hundred grand a year.  And then when he leaves and is replaced by somebody who`s willing to work for less, how much profit will there be left for the taxpayer to garner? Would we be earning four hundred million instead of five? Three hundred million insted of five? Maybe we`d be earning the same amount. The fact is no one knows. But are you willing to take that risk? Are you willing to risk hundreds of millions in profits to save perhaps a couple of hundred thousand dollars in salary? 
The fact is that leadership really does matter. And in the case of BCFerries, it`s pretty easy to argue David Hahn`s leadership in particular has made a very, very big difference. Is he overpaid? I don`t know. I `m not really sure what the job is worth. But I do know that five hundred million dollars in profit back to you and I {sic} the taxpayer, is a pretty good deal.

What do you think...604-280-9898...*9898 on your cell.

And then I was first caller up....."Hi Brian"(AKA, The powell river persuader)

Brian..Hi Christy, you know, I don`t know where you get your facts from, but you know BC Ferries has a $1.4 billion dollar capital debt. In the last fiscal reported quarter, April, May and june of this year, they didn`t even make enough money to cover their operating expenses and interest payments, which is fifty million dollar per year on their capital debt. Plus the Province subsidizes BC Ferries to the tune of almost two hundred million dollars a year. Where do you get this $500 million dollar profit amount from?

Clark--They, they return that to the taxpayer. It is on, you can find it in public accounts.

Brian--Yea, well, I suggest that you do a little more scanning and talk to Gary Coons, uh the, ferry critic....Because BC Ferries is in, is right now, is in a financial disaster.uh!

Clark-but they don`t have a fi, they don`t have a capital debt, though. Brian, because

Brian--Yes they do!..$1.4 billion dollars!

Clark-No, hold on, hold on, listen, listen, listen! listen. They don`t have a capital debt. though, because of David Hahn. They have a capital debt largely because we spent so much money on the fast ferries that there was no money left over to actually look after the ferries that were going to work in british Columbia. They had to build new ferries.

Brian--No, your wrong on that. Christy, because when Hahn took over, all the debt that BC Ferries had was retired by the Province. Hahn came in there was a clean slate. And this $1.4 billion dollar debt has been gathered up since Hahn has been at the-

Clark-But he, but, Brian, my point is he came in with BC Ferries that were, a fleet that was, in such a bad state of dis-repair, I mean, some of the ferries were, I think, thirty or forty years old


Clark-They had to be upgraded

Brian-No, no no

Clark-and there was no money to do it because it had been misspent in previous years. That money for the fast ferries should have gone into upgrading the fleet over those years.

Brian--Christy, I have been riding the ferries for thirty years. The, the Langdale run, the island, there are no more sailings than there ever was {sic} The schedule`s been the same for three decades on the Sunshine coast. Uh, they sunk a ferry under Hahn...The fast ferries were a bad design and, and is at issue, but, that the fast ferries had nothing to do with  maintenance of the fleet-


Brian-Or money taken away from ferries-

Clark-Of course it did!

Brian-No it didn`t!

Clark-Of course it did, all those years-

Brian-Look at the convention center--

Clark-All of, oh, come on! Leave the convention center out of this! That`s, that`s crazy. The money that went into the fast ferries was diverted from BC Ferries budget and it shoud have gone into replacing the ancient archaic, old fleet. And it didn`t! That`s why there`s a capital debt at BC ferries. Make no doubt. There is absolutely no doubt about that. The convention center doesn`t have a whole lot to do with that Brian.


And with that the conversation and Christy liefest ended.....Now let me add a few points, after her show I sent Christy the financial`s for BC Ferries, PDF files, BC Ferries annual audits, I sent her a dozen stories and asked her to retract, she ignored me and I warned her that I was filing a complaint to the CBSC...And I did....And...


And on November 26/2009 at 2:57 PM Christy Clark retracted, sort of....Christy Clark clarified and said, on air..

Clark said- 

"On november 10...I noted that ferries delivered 1/2 a billion $dollars in profit to the province,that`s not accurate it to call it profit,that`s not the way they book it,but according to Debra Marshall 489,809,000, was returned to the province" 


Now, let`s discuss the retraction...I was perplexed over that feeble retraction, so I contacted Debra Marshall and asked questions, ..I asked her to send me information on this payment to the BC Liberal Government, and with that I discovered the debenture, a debenture is an IOU, Gordon Campbell made BC Ferries a quazi private company, Gordon Campbell gave this shell company the assets of the people, then Gordon Campbell issued this shell company a debenture which is an IOU backed up by the BC Government, BC Ferries borrowed $500 million dollars and gave it to the BC Liberal Government, money which they put into general revenue to boost their 2005 budget, a way to claim a balanced budget going into the 2005 election...BC Ferries has since added another $1 billion dollars in debt, their debt stands today about $1.5 billion dollars, ...

And it gets worse, as a quazi private company the interest BC Ferries pays on this debt is almost double the interest that a Government crown corporation would pay, ..Now because of this set up tens of $millions of dollars are being flushed down the toilet in extra interest payments, all that extra interest being paid because BC Ferries is a quazi private company, a so-called private company that is not only losing money but one that receives taxpayer subsudies in the range of $180 million per year..



Here is what Debrao Marshall of BC Ferries sent me, The DEBENTURE...


 " The government used to own the controlling interest in BC Ferries, which had a book value of $503,178,000.

On April 2,2003, the government issued BC Ferries a debenture for $427,701,000, which BC Ferries promised to pay in cash.

In addition,at that time,the government was issued 75,477 non-voting preferred shares in BC Ferries,valued at $1000 per share.

On may 27,2004, BC Ferries paid the debenture of $427,701,000 to the government.BC Ferries had also paid the government interest on the debenture of $25,879,191.49.

For the government`s preferred shares, BC Ferries pays an 8% dividend per year of $6,038,160. We`ve paid that annually for six years for a total of $36,228,960

In summary,BC Ferries has paid the province $489,809,000."

(Read a whole bunch more here)


How is in 2010 Christy Clark defended an outrageous $500k salary of David Hahn, then lied about mythical profit BC Ferries wasn`t making can even look the BC taxpayers in the eye, how can you Christy Clark defend a company receiving huge subsidies, a company losing $millions, a company that now even its vice president Robert Clark is making $500k more that the CEO of Washington state ferries, how Christy????....How indeed did you defend David Hahn`s $500k salary in 2010 when in fact he was making over $800k in 2010, and 2 years later his compensation was $1.1 million per year..

And this will further outrage you, the BC Ferries board is making the claim that this "new" compensation package falls into the BC liberals fiscal framework...????

Clearly Christy Clark is totally unfit to govern,  or is it blackmail for silence Christy?

What is it Clucking Clark, families first my ass, maybe you shouldn`t have quit S-F-U......All you learned was how to cheat on elections


Are you angry yet....Also today Christy Clark has brought onto her payroll(public trough) a man who has been appearing on, for the last year on Sean Leslie`s Saturday show on CKNW, that man is Mike Morton, Gordon Campbell`s ex-press secretary, Sara Mcyntire has not been fired, only shuffled, another mouth feeding on the public trough, another $130 k down the drain, another direct connection to the disgraced Gordon Campbell...

Had enough?

So now we have David Hahn receiving a duoble pension for life, $500k every year for life and now both the new CEO Mike Corrigan and vice president Robert Clark will be receiving similar pensions for life to do what?

To make sure the ferry leaves the terminal on time, sail to another terminal, turn around and repeat!!!...Are you kidding me!


Christy Clark`s third pillar of her families first platform, the student loan payment adjustments is worth a paltry $700k per year, for 20,000 students, less money put into that plank of her platform than what Robert Clark makes per year..

Either Christy Clark is completely lost, and or maybe it`s a BC Liberal insider public money feeding frenzy before they are tossed out next May, but in my opinion it`s more likely people who can spill the beans are blackmailing the Liberal Government..

Either way, incompetence, stupidity, public trough feeding frenzy or cold hard cash for silence..

Christy Clark, you must step down today or call an election, ....

Families first..

BC Liberal insiders first..

The Straight Goods

Cheers Eyes Wide Open


Anonymous said...

The election can't come soon enough. The last decade has been a nightmare. I hope those responsible are held to account.

Anonymous said...

My question has always been and will always be; how can they get away with this criminal behaviour?

What is to stop it from continuing both on a federal and provincial level?

Who knows how to stop this and any future pack of money hoarding political opportunists.

Anonymous said...

My comment on June 29th @10:30, I need an answer, who can answer my question, anyone?

Grant G said...

Tell your friends, only internet sleuths are calling these thieves out..

Call Global and CTV and demand reporting..

We need also to keep shining the light on these criminals..

And finally, vote them out.