Tuesday, April 22, 2008

Are Iris Eyes Smiling on Budget Day?

Minister Evans,

Since the mid 1990’s ‘severely normal Albertans’ have watched your government talk tough about everyone doing their part to get rid of the debt. Albertans bought in and took their lumps with massive cuts to social programs that hit the most vulnerable populations hard. Your government has squeezed every last drop of economic blood out of seniors, single parents, unskilled workers and the mentally ill, people with developmental disabilities and their families and every other demographic that has not been able to benefit from the so-called “Alberta Advantage.”

You sat at the Cabinet Table when doctors, teachers and nurses were made out to be the enemies; your government vilified each group at your own time in order to convince ‘severely normal Albertans’ believed that each group, in your time, was “the bad guy” and force wage cuts, and cuts to seats at Universities and colleges that directly lead to today’s shortage of health care professionals. You also sat at the cabinet table when the decisions were made to rip apart every segment of public policy that actually provided direct benefits to Albertans, like electricity deregulation, the sale of valuable Albertan owned assets like the Holy Cross, A.G.T. and the natural gas company that Albertans owned, and that now provide fat cheques to their owners.

Minister Evans, will this budget finally acknowledge that all Albertans do not have the same advantage and finally walk the talk about Alberta being a caring and inclusive society? Will your budget allow AISH and Alberta Works recipients to live with some sense of dignity? Will your budget allow seniors in care to spend their final years living in dignity? Will your budget make a real attempt to undo the damage that you, as Health Minister caused by using Calgary as a Petri dish for private health care (or as Ralph and you called it then…the “THIRD WAY”?

Minister Evans, will this, your first budget, offer Albertans complete transparency about who are the winners and losers? Will it tell Albertans (your employers) whether all Albertans will benefit from all of the various grants, loans, and graft that we all know is right there in the billions that might never be properly accounted for since your government refused the Auditor General a $20,000? budget increase to publish biannual reports, rather than annual reports?

These are but a few of the questions that I have for Minister Evans.

As Health Minister she globe-trotted on a pretty regular basis, yet Albertans have yet to see any benefit from the thousand upon thousands of public dollars she spent seeing New Zealand, Australia, France and the U.K. (at a cost of over $20,000 – and that’s just for France and the U.K.), Switzerland, Sweden, Washington (and don’t fool yourself that this would be an inexpensive trip – it came in at just under $12,000. – a relatively CHEAP outing for Minister Evans). As employment Minister Iris had some lovely adventures, spending your $32K plus to visit the Philippines, Japan and China October 5 – 19 2007, just shy of $36K to see Paris, France. London, England. Berlin, Germany. Amsterdam, Holland from April 19-29 in 2007, and a mere $14,419.72 in Dallas from March 21, 2007 to March 27, 2007.

2 comments:

  1. How to pay off a government agency, exempt yourself from the law in Alberta, (or any other province for that matter) and collect big $$ at public expense.

    While I now know the difference between fraud and theft, learned in the last few years, after I left the investment industry, I am still in the dark about the differences between a commission, a fee, a kickback or a bribe.    Why might this be important?
     
    It might be important to find out whether our current government is selling out the public interest for money. I have written before about the approximately 20 times (source Alberta Finance) that our crown corporation, the Alberta Securities Commission has given permission to sell toxic investments in Alberta.  I have asked both the ASC and the Alberta Finance department to provide a reason why these firms are allowed to skirt our laws.  They cannot seem to answer this question.  Not only did they sell permission to violate our laws for the recent Asset Backed Commercial Paper, as well as Concrete Equities Investments, which is now crumbling, but there are several thousand other examples of such legal tricks played upon the public on the ASC web site. Are you aware, as an investor that some of the investments you own did not have to follow our securities laws, and that your government allowed this for money?

    How do we discover whether people running our finance department, or in the ASC, are simply inept at protecting the public interest, or corrupt and selling the public interest? 
     
    The ASC earned $24 million in 2009 from fee revenue and this included fees for selling legal exemptions. (ASC 2009 Annual report) Selling permission slips to allow our laws to be violated by investment firms!
     
    They can’t seem to find a public interest reason for doing this.  Is it all about money, and nothing about safety?  Is it a fee, a commission, a kickback, or a bribe by the investment industry?
     
    This will be my third request to Iris Evans and Alberta Finance to see if they are willing to shed the disinfectant of sunlight on the practice. It now goes on behind closed doors.   I won’t go into negligence, breach of trust, and the other criminal aspects, but I notice them being involved in other cases.
     
    For example, Allen Stanford was indicted and jailed recently for his ponzi scheme, and one of the bank regulators who should have stopped this, but looked the other way, was also charged.  In another case, an Austrian fund manager, Sonja Kohn, is now being investigated for receiving more than $40 million in kickbacks for helping funnel money to Bernie Maddoff’s ponzi scheme.  I am sure she would call these payments, “commissions”, and not bribes.
      
    From the bottom of the economic food chain, where the salesman on the street is operating, to the top with Iris Evans in charge of Alberta Finance and the ASC, does it have to be a pathological pursuit for money?  Where are the professionals?  Where are the public servants?  Iris Evans, what public interest is being served by granting legal exemptions like this (with no notice to the public)? When will you own up to what is on the public record, recognize it and take responsibility?  Third request for an answer from Iris Evans.
     
    Regards
     
    Larry Elford, (former CFP, CIM, FCSI, Associate Portfolio Manager, retired)
    www.investoradvocates.ca
    www.breachoftrust.ca

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  2. News Release from www.investoradvocates.ca

    Larry Elford

    Lethbridge Alberta

    FOLLOW THE MONEY to find a partial cause of recent layoffs at the
    University of Calgary

    Starting at the layoffs at U of C, caused partially by a shorfall of
    some $14 million dollars in their finances.

    Step back one step to recall how they lost some $18 million in ABCP
    (toxic Asset Backed Commercial Paper) which was sold to them as a
    sound investment by an investment firm (s).

    Step back one step from this to see that these investments DID NOT
    meet Alberta Securities laws, and in fact had to be "exempted" from
    the law in order to be sold in Alberta.

    Step back one step to see that the ASC (Alberta Securities Commission)
    sold these firms (Source Alberta Finance and Enterprise Dept) legal
    permission slips to skirt our laws, thereby knowingly allowing tainted
    and illegal investment products into our economy.

    Step back one step to learn that the ASC earned up to $24 million in
    fee revenue in 2009 from things like these exemptions (and other fees).

    Step back one step to learn that Alberta Finance and Enterprise (in
    charge of the ASC) is aware of these exemptions, and aware also that
    they have had to bail out other institutions (Alberta Treasury
    Branches were risking failure recently after placing 47% of deposits
    into these failed investments, and prior to the Alberta Government
    stepping in to save them)

    Step back one step to ask Iris Evans why she is covering up these
    issues and why she refuses to be accountable and responsible for
    answering "what public interest is served" by allowing these
    exemptions to be done to Albertans, behind closed doors.

    It smacks of negligence and breach of trust by public officers, and in
    light of the world financial crisis, should we be surprised to learn
    that some financial regulators have crossed over the line and become
    captured by the financial industry?

    Iris Evans is avoiding answering the above questions. What is she
    hiding? Where does the buck stop in Alberta?

    Follow the money. Find the failures.

    Larry Elford (former CFP, CIM, FCSI, Associate Portfolio Manager,
    retired)

    www.breachoftrust.ca doc film journey of similar "tricks of the
    financial trade" learned during twenty years inside the industry

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