Conservatives are circling the wagons!

After the Alberta Conservatives were busted for stealing pension funds from trust accounts in their care, there was a flurry of activity with Redford and group winging away to Ottawa to whisper in Harper's ear.

The results have been fast and furious:
Flathery reported to the Globe and Financial Posts he was "thinking" of make it legal for Governments to lend/borrow on pension funds.   His timing couldn't be better for those of you who had any doubts as to the credibility of the charges!

Next, we hear Harper from Switzerland saying he's going to change Canada's Pensions.  This, after he has set up a company in Ottawa to run herd on the CPP group.  It was patterned after Alberta's AIMCO which Harper considered to be a great idea.

When they interviewed the weasel in charge of this new company he said simply "things are not busy right now"  (Links to the stories or video will follow)

Harper arrives back in Canada and the debate on the pension changes was called up. It went as a normal debate was until I posted news about the like AIMCO company he had set up.  This went up on day one and on day 2 the Conservatives in Ottawa forced closure on the debate.

My guess is the new legislation will have teeth in it to allow Governments to meddle with pensions.  This will be done to give Alberta's outright theft the air of legitimacy.

Over the next months you will see any number of protective moves from Ottawa to save Alberta. And, you will hear any number of excuses from the Alberta Conservatives as they try to salvage something.


While all this is going on remember the AIMCO statements for last year showed an 8 billion dollar loss on their portfolios, the Alberta Government being their biggest if not only customer.


Pension portfolios across Canada gained by 1/2 of 1%   (0.50%) while my own personal portfolio gained by 3%


These were shown as outright Losses, not investments!

While on this subject, Mr. Rexall is the Chair of AIMCO.  We have a 400 million dollar Arena being proposed in Edmonton.   The city of Edmonton has been using P3 company to finance their constructions. 

Is the Government lending the City of Edmonton P3 money from the Pension Funds and showing them as losses in the Pension funds while preparing to get payments from the City of Edmonton and putting same into their General Revenues?

How much of Mr. Rexall's money is going into the Arena and is it his money or is it Pension money from AIMCO.   People should be asking for full disclosure.

Alberta Pensions at Risk!

This post is made up of 3 sections:
(1): An introduction to the financial piracy; a standard practice.

(2)(Italics): The Governments response to the knowledge of the post and their immediate defense proving beyond doubt exactly what they are up to.

(3)The summary; actual post as to the mechanics, how and why and the results.
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(1)

The Alberta Conservatives are stealing your pensions just like they stole the Heritage Trust Fund. 

The Trust fund has been sacked to the tune of  120-130 billion dollars (they have admitted to only 90 billion dollars which is 10 to 15 complete provincial budgets paid for out of that account!

Monies are being transferred out of the fund into the General Operating Expense account where it is used to pay bills there-by allowing the Government to artificially reduce royalties which were to due from the resource people.  

They have successfully reduced these royalties to below 5% Canadian dollars where as both BC, Saskatchewan and the east coast are sitting at 20% US dollars!   The last election held a promise of royalty  increases.  Under the gloss of mathematical tables it actually reduced our royalty by changing the money taken from US to Canadian $ a loss of 18% at the time.   The people in this province are actually paying the companies to take the oil from the province!

The Alberta Conservatives are running and have been running this province off the good will of Churches, Food Banks, the Heritage Trust Fund and Pensions. 

It will be much worse in the future leaving Albertans the laughing stock of the Conservative world!
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(2)
 I sent Alison Redford an email with an outline of what I was about to post asking if she had any comments.   This prompted a call by them  for an immediate meeting of the Treasury Board; invited guests only. 

 Liepert explained to reporters “It is a small group, but covered all sections of the province.”

All of Alberta watched that dog and pony show on TV!  Directly after that, every conservative news outlet in the country gave a less than enthused PS to their news commentary about the big increases in Alberta’s oil outputs which, is a lie.

Immediately Finance Minister Jim Flaherty rushed out to disarm the situation by telling the world he has been considering making this type of robbery legal.
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(3)
The Conservatives are totally immune from investigation no matter how criminal they are!   This is a fact, not some cooked up imagination thing; take it to the bank! 

There is no fix for this unless you get rid of these guys!  With recent "expert articles" in the eastern press we may be able to involve law enforcement from other provinces in this.

The draw down is on all Government Controlled pensions including Civil and Municipal Pensions which are under their control.  These pensions will pay only a small fraction of what they promised you!

Pensions are the silent partner in Alberta’s P3 projects and are particularly hard hit!   Invested in the ridiculous CCS program;   Hendey drive; schools across the province and hospitals newly constructed.  The money is supplied at bargain rates; below market values which, is drastically shorting the pensions and is a conflict of interest in any court.

 
On top of this, many millions of dollars are being paid to the management of AIMCo, out of the same pension funds.

Simultaneously to this post going up  AIMCo. which had a 70 billion dollar in Alberta pension Funds reported a 7 billion (10%) loss for last year!  They have only 1 customer, the Alberta Government.  I know my own pension funds took at hit of 1%

Monies are being transferred out of the fund into the General Operating Expense account where it is used to pay bills there-by allowing the Government to artificially reduce royalties which were to be paid by the resource people.  They have successfully reduced these royalties to below 5% Canadian dollars where as both BC, Saskatchewan and the east coast are sitting at 20% US dollars!  The people in this province are actually paying the companies to take the oil from the province!

They have absolutely no intentions of paying back the Heritage Trust fund and they don't have any intentions of paying back the monies taken from the pension funds.  Indeed; these monies may well be lost and they don't have the 8 to 12 billion dollars they have heisted.

The way they did the drain on the Heritage fund was to peg growth at 4% saying that is rich enough for the Alberta population.  They took everything above 4% and put it into general revenues.  AIMCo, beyond making the process easier, keeps the pension figures away from the Government workers claiming it is separate. 

The news on the Heritage Fund didn't break until it was nearly all gone.  We have an advantage this time!  They are only 3 years into it!

It is not enough municipalities complain to this Government.  It is enough however that you get some lawyers on side and see what you can salvage.  Get the Unions involved, now!

The Alberta Teachers Pension fund is robbed regularly and the Teachers Association holds the Government's feet to the fire before each election demanding they top up their pension.  I would love to know what kind of rates the Government is paying them to keep them coming back for more.  It must be considered a royal investment return; all paid for out of public pensions.

The Wild Rose Party will not offer you any different. They are very much on side with these actions and they continue to promise you they will supply more of the same. They are made up of Conservative executives who want the golden ring for themselves.  Time is now for important decisions.

I will be supporting the Liberal Party of Alberta in the coming elections.