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Author Topic: CN Privatization: Scam, or ripoff?
maestro
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Babbler # 7842

posted 29 January 2006 02:42 PM      Profile for maestro     Send New Private Message      Edit/Delete Post  Reply With Quote 
From the Globe & Mail Report On Business

THE OLD RAILWAY IS ON A ROLL

quote:
By BRENT JANG - Thursday, January 26, 2006 Page B1 -

Canadian National Railway Co. kept steaming ahead yesterday as its shares broke through the $100 barrier amid a North American rail renaissance.

The stock has been climbing steadily -- a gain of more than 1,000 per cent since Ottawa privatized Canada's largest railway in 1995.

...Investors were applauding the railway's announcements, which were released late Tuesday, that CN posted a record $1.56-billion profit last year; it will undergo a two-for-one stock split next month and raise its dividend by 30 per cent in March.

...Taking stock splits (but not dividends) into account, an investor holding 100 shares worth $2,700 back in 1995 would currently have 300 shares worth $30,372.

..."CN has lots of room for growth and knows how to use it wisely," said transportation consultant Greg Gormick. He said CN has successfully nurtured the government legacy of spare rail capacity, taking advantage of a sprawling network to meet booming demand...

...To be sure, it hasn't been all sweetness and light because CN has had its share of challenges over the past year, weathering hurricanes Katrina and Rita, and suffering a series of high-profile derailments.


Pretty much tells the story. An asset sold off for roughly 10 cents on the dollar. It's biggest asset the 'government legacy of spare rail capacity'. Record profits, and another stock split coming up.

Oh yeah, there's been a couple of derailments, but who cares? Nobody.

When they did this stuff in Russia, at least Putin had the jam to throw the thieves in jail, and return the asset to the people.

Not likely to happen here.


From: Vancouver | Registered: Jan 2005  |  IP: Logged
Cougyr
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Babbler # 3336

posted 29 January 2006 02:54 PM      Profile for Cougyr     Send New Private Message      Edit/Delete Post  Reply With Quote 
Ripoff.
From: over the mountain | Registered: Nov 2002  |  IP: Logged
M. Spector
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posted 29 January 2006 06:15 PM      Profile for M. Spector   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Scam.
From: One millihelen: The amount of beauty required to launch one ship. | Registered: Feb 2005  |  IP: Logged
Fidel
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posted 29 January 2006 09:18 PM      Profile for Fidel     Send New Private Message      Edit/Delete Post  Reply With Quote 
And Stats Canada doesn't even consider CN a Canadian company anymore since controlling interest is in American hands.

The Yanks have been stealing the common from under the Canadian goose, and our effing banks have been loaning them the money to do it. Our country is sliding south with the help of weak and ineffective liberal and conservative rule in this frozen Puerto Rico. Meanwhile, the UN continues to chide Canada for our appalling child poverty rates.

[ 29 January 2006: Message edited by: Fidel ]


From: Viva La Revolución | Registered: Apr 2004  |  IP: Logged
Cougyr
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posted 29 January 2006 09:37 PM      Profile for Cougyr     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Originally posted by Fidel:
And Stats Canada doesn't even consider CN a Canadian company anymore since controlling interest is in American hands.

The Yanks have been stealing the common from under the Canadian goose, and our effing banks have been loaning them the money to do it. Our country is sliding south with the help of weak and ineffective liberal and conservative rule in this frozen Puerto Rico.


Isn't Free Trade wonderful?


From: over the mountain | Registered: Nov 2002  |  IP: Logged
Doug
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posted 29 January 2006 10:27 PM      Profile for Doug   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Darn. I should have bought some.
From: Toronto, Canada | Registered: Apr 2001  |  IP: Logged
jester
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Babbler # 11798

posted 29 January 2006 10:38 PM      Profile for jester        Edit/Delete Post  Reply With Quote 
Under the geriatric Railways Act,CN has its own armed police force.

So now,not only did an American corporation buy CN but they have the power to arrest you in Canada.


A couple of derailments? CN had a derailment in Alberta where they lied about the cargo. There were dangerous goods on the train that were harmful to humans and the environment.

CN bought BC Rail and increased the train length to 125 cars with numerous derailments. Now,they have been ordered to decrease their train lengths to 80 cars.

The dude who owns CN also bought the "surplus" rail line to Churchill and bought the port of Churchill for a dollar.


From: Against stupidity, the Gods themselves contend in vain | Registered: Jan 2006  |  IP: Logged

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