Tuesday, May 29, 2018

Kinder Morgan Corporate Welfare Bum gets 4.5 Billion Dollar Buy Out from Canadian Federal Government

Trans Mountain Expansion Project
The twinning of the 1,150 kilometre-long Trans Mountain pipeline will nearly triple its capacity to an estimated 890,000 barrels a day and increase traffic off B.C.s coast from approximately five tankers to 34 tankers a month. (CBC News)

You and I would never have it so good.  If you or I made a bad investment...say, went ahead and started a construction project that infringed on our neighbours' rights/property without first getting their permission and/or support...we would definitely be out of pocket at the end of the day.  We would have to "suck it up" re any investment we had made.  We might even be punished with fines and have to pay any legal costs our neighbours had incurred defending their rights.  Not so, the Texas-owned corporate welfare bum, Kinder Morgan...formerly called Enron. Yes, it was a division of THE Enron Company that famously went broke.  Now, called Kinder Morgan, it gets "bought out" by the poor Canadian tax-payer in yet another flim flam/shell game "Teapot Dome" "South Sea Bubble" scam.  Please read the following report from this morning's CBC and I will have more comments to follow: 


"The Liberal government will buy the Trans Mountain pipeline and infrastructure related to the expansion for $4.5 billion to ensure the controversial project proceeds. Finance Minister Bill Morneau announced details of the agreement reached with Kinder Morgan at a news conference with Natural Resources Minister Jim Carr this morning.
"Make no mistake, this is an investment in Canada's future," Morneau said.
He said the government does not intend to be a long-term owner, and at the appropriate time, the government will work with investors to transfer the project and related assets to a new owner or owners. Investors such as Indigenous groups and pension funds have already expressed interest, he said.
Until then, it will proceed under the ownership of a Crown corporation. The agreement is expected to close in August.
Morneau said the project is in the national interest, and proceeding will preserve jobs, reassure investors and get resources to world markets. He could not say what additional costs will be incurred to build the expansion, but suggested a toll paid by oil companies could offset the costs. Morneau insisted that the project will not have a fiscal impact, or "hit."
Carr said the plan does not sacrifice the environment for the economic benefits. "Canadians want both and we can have both," he said. Kinder Morgan issued a statement that says the deal represents the best way forward for shareholders and Canadians.
 "The outcome we have reached represents the best opportunity to complete Trans Mountain Expansion Project and thereby realize the great national economic benefits promised by that project," said chairman and CEO Steve Kean. "Our Canadian employees and contractors have worked very hard to advance the project to this critical stage, and they will now resume work in executing this important Canadian project."  
Alberta Premier Rachel Notley called it "a major step forward for all Canadians." "This project has more certainty than ever before. We won't stop until the job is done!" she tweeted.
Prime Minister Justin Trudeau also took to Twitter to praise the deal. "Today, we've taken action to create and protect jobs in Alberta and B.C., and restart construction on the TMX pipeline expansion, a vital project in the national interest," his post says.
This morning, the Investment Industry Regulatory Organization of Canada announced a trading halt for Kinder Morgan Canada Limited because of "pending news." The IIROC can impose a temporary suspension of trading in a security of a publicly listed company "to ensure a fair and orderly market".
The government had looked at three options for moving the project forward:
  • Compensating Kinder Morgan — or any other company — for financial losses caused by British Columbia's attempts to block the project.
  • The federal government buys, builds and then sells the expansion once the work is complete.
  • The federal government buys the project from Kinder Morgan, then puts it on the market for investors willing to pick up the project and build it themselves.
Morneau's Tuesday announcement comes just two days before a deadline set by Kinder Morgan, which had said it needed clarity on a path forward for the $7.4-billion project by May 31 or it would walk away from construction. The original Trans Mountain pipeline was built in 1953. The expansion would be a twinning of the existing 1,150-kilometre pipeline between Strathcona County (near Edmonton), Alberta and Burnaby, BC. It would add 980 kilometres of new pipeline and increase capacity from 300,000 barrels a day to 890,000 barrels a day.
According to the company's website, the construction and the first 20 years of expanded operations would mean a combined government revenue of $46.7 billion, with $5.7 billion for B.C., $19.4 billion for Alberta and $21.6 billion for the rest of Canada.
Greencrow says: Many geopolitical pundits and observers say that the worst thing that has happened to the world economy is the "Federal Reserve System" which is having the global currency system run by a small Jewish clique out of UK and New York.  I say the worst thing that has ever happened to the economy is the passing of corporate laws--that allow crooks and flim flam operators to hide behind corporations.  These corporations are given the same rights as humans....except that when they start to lose money for their owners, the owners can simply "declare corporate bankruptcy", and shed the financial responsibilities of the corporation--like a snake sheds its skin....and slither off to their next corporate re-incarnation.  Case in point is the "white trash", Donald Trump, I discussed in my last post.  According to records, he has shed his "corporate skin" no less than four times.  When his corporations were doing well...getting investors' money and financial breaks from the public purse...he was right in there...feeding at the trough.  But as soon as they started to go belly up...he simply dumped the losses onto the pyramid corporate foundation beneath him and walked away.  He even bragged about how he exploited corporate bankruptcy laws that were already on the books.

That is the same thing that's going on now with the Trans Mountain pipeline scam.  Some Texas operators went ahead and knowingly proposed and started a project without gaining the support of the Province of British Columbia.  British Columbians know from past experience that when these environmentally toxic projects go sideways...which they invariably do...and will...given that we are in a high earthquake zone...the corporation will simply "declare bankruptcy" and leave the mess for us to clean up.  Just last week, there were headlines in the local paper about how Vancouver has not yet seen a penny of compensation from a huge oil spill that happened three years ago from a leaking oil tanker in the Vancouver harbour.  There are individuals, real people, i.e., the foreign owners of Kinder Morgan...who stand to make a financial killing off the Canadian Taxpayer...and we don't even have the right to know their names!

Folks, there is something endemically sick about corporate laws that allow congenital crooks to hide behind corporate legislation to fleece humanity and put our environment at risk.  There is something really stinky about a corporation that can flim flam the Canadian government into compensating THEM for their shell game/pyramid scheme projects...when the public has FINALLY had enough and finally puts its foot down and says "No!"

Let's be serious....the Trans Mountain pipeline project is and has for some time been dead in the water.  It will never get built.  The fossil fuel that Trudeau wants us all to pay a "carbon tax" for polluting the environment with?  Is this the same fossil fuel he wants to pump three-fold into tankers in the Vancouver harbour?  It should stay in the ground in Alberta. Canada's northern lands are far too precious to rip to shreds with fracking and shale oil mining--destroying millions of hectares of pristine wilderness.  Canada should concentrate on other forms of energy...particularly the emerging solar market.  It's just too bad that the Corporate Welfare Bums can get us coming and going...turn the Canadian government upside down and shake it for any loonies and toonies that might fall out.

Change the corporate legislation so we can put these bums and scam artists in jail where they belong!


Penny said...

hey GC:
I saw this news earlier today- what can I say?
'ridin' the gravy train'

a position in which a person or group receives excessive and unjustified money or advantages with little or no effort:

greencrow said...

Hi Penny:

Think about all the issues that 4.5 billion could be used on:

homelessness/addictions...including the opioid epidemic.
Infrastructure...particularly in the north...clean water to the reserves, etc.,
viable energy projects such as solar power "off the grid" development
research into treatments for autism and Alzheimer's....

etc., etc., but Nooooooooooo

tsisageya said...

At this point though, money doesn't really have any meaning, does it? Well, except for the poor...

I may be becoming pro-looting. Or, maybe I've just become anti-elite. Who could know?

Anarchy? That doesn't sound too great. But they're setting themselves up, amirte?


Anonymous said...

There you go
In his very own words
How to play the game he bragged
You said

He even bragged about how he exploited corporate bankruptcy laws that were already on the books.

That sounds like he was playing the game
The same way cops or police,whichever way you want to label them
They play the game every day
They know the law
They drag people into court
As you said before
Go and fight the ticket
So you want to submit and play there fag fag psychotic game
I say
Let them persecute and oppress me
There day will come
If you know the rules of warfare
You can play that game
I believe they have a script for warfare
You can do this or that or whatever
But Trump is right
You have to admit it as a truther
Oh on a comment I saw
Around the Massachusetts area
They are doing solar projects around here
I am sure your friend the editor could fill you in
They do have awareness programs for the opioid crisis
I have an essay on that pathetic solution
But not now
And like I said
Since the Obama era they have been doing infrastructure and still doing it now
That mogul Wynn from Vegas is building a casino in Everett
While Obama was in office
They were doing road and bridge relief for all the new traffic
Widening the road
Around here everything is a ok
Funny about Vegas
The shooting and trauma
And now
A hockey team in the Stanley cup
Great script
Well written
So fake

Alzheimer's is try b12
I think that is right??