Wednesday, July 03, 2013

Alberta Heritage and Savings fund: GONE!

The Alberta Heritage and Savings Trust fund is done away with! .   The plan worth  20 billion  in 2006 which was the  remaining is a hold out out of  260 billion dollars not taken to lower corporate (oil taxes).
Now, to do away with public criticism they have renamed it the "Sustainability Account"; a free for all account to buy themselves the next election!   AIMCo are saying it has now dropped to 3.3 billion.  Hardly enough to buy them the next election!

Quote Aimco
Despite the double-digit gains for 2012, AIMCo’s total assets under management declined slightly to $68.6 billion, as the province continued to draw down the balance of its Sustainability Fund. The so-called rainy day fund, which reached a peak of some $17 billion in 2008, held just $3.3 billion of remaining assets at the end of March.
This is your schools, hospitals, health care and so on that there isn't enough money for!
They are picking your pockets clean as they clear the door going out!
History repeats itself.  The Alberta Conservatives put up a make work program for the oil industry that they say cost the "Alberta Taxpayer' 6 billion dollars. They figured this was needed as a large portion of the oil patch crew were illegal aliens and could not collect EI. 
At this same time, AIMCO who handle the municipal pensions, declared a 7 billion dollar loss (10% of their portfolio).  During this same period, others in the same industry declared a 3% gain!
Yesterday Redford tells the world she is going to put more than a billion dollars into flood relief. Now, a day later AIMCo are setting the world up for another loss.
Hardly an arm's length operation!
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