babble home
rabble.ca - news for the rest of us
today's active topics


Post New Topic  Post A Reply
FAQ | Forum Home
  next oldest topic   next newest topic
» babble   » current events   » national news   » Corporate Welfare

Email this thread to someone!    
Author Topic: Corporate Welfare
saga
rabble-rouser
Babbler # 13017

posted 05 October 2006 02:03 PM      Profile for saga   Author's Homepage        Edit/Delete Post  Reply With Quote 
Handouts for the Rich - Toronto Star

Hmmm ... $1.3b per year to the oil and gas industry, and for that we get a 50% increase in GHG emissions since 1990.

So ... if we take the subsidy away, do the emissions go down? Sounds like a plan!


From: Canada | Registered: Aug 2006  |  IP: Logged
2 ponies
rabble-rouser
Babbler # 11096

posted 05 October 2006 04:13 PM      Profile for 2 ponies   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
Not only will the emissions possibly decrease due to lower oil sands activity, but maybe those spoiled companies will have to start making some investments into new cleaner technologies.
From: Sask | Registered: Nov 2005  |  IP: Logged
Fidel
rabble-rouser
Babbler # 5594

posted 05 October 2006 04:24 PM      Profile for Fidel     Send New Private Message      Edit/Delete Post  Reply With Quote 
We've been paying them to rob us blind for quite some time. They practice socialism for the rich while preaching free markets to the rest of the slobs. North America is one large corporate welfare state. Actually, calling it welfare is derogatory towards people who subsist on meagre incomes. Corporate nanny state is more like it.

[ 05 October 2006: Message edited by: Fidel ]


From: Viva La Revolución | Registered: Apr 2004  |  IP: Logged
saga
rabble-rouser
Babbler # 13017

posted 05 October 2006 05:57 PM      Profile for saga   Author's Homepage        Edit/Delete Post  Reply With Quote 
quote:
Originally posted by Fidel:
We've been paying them to rob us blind for quite some time. They practice socialism for the rich while preaching free markets to the rest of the slobs. North America is one large corporate welfare state. Actually, calling it welfare is derogatory towards people who subsist on meagre incomes. Corporate nanny state is more like it.

[ 05 October 2006: Message edited by: Fidel ]


Yes, I wonder how that does compare to the amount we spend on social assistance ... hmmm ... have to go looking for data!

I have always been interested in this issue, but this is the first msm article I have seen on it.


From: Canada | Registered: Aug 2006  |  IP: Logged
a lonely worker
rabble-rouser
Babbler # 9893

posted 05 October 2006 09:06 PM      Profile for a lonely worker     Send New Private Message      Edit/Delete Post  Reply With Quote 
We can't also forget the tax free handouts the elites running the corporations give to each other as well:

ACE approves $2-billion share distribution

quote:
ACE Aviation Holdings Inc. head Robert Milton defended his company's plan to distribute up to $2-billion in capital to shareholders during a special meeting at which the payout was overwhelmingly approved.

Shareholders voted 95.5 per cent in favour of the resolution granting the board authority to make distributions, including one that will issue Aeroplan Income Fund units to ACE shareholders for up to $2-billion.

Mr. Milton pointed out at the meeting that he had enough votes, as a management proxy holder, to carry the resolution.

The Air Canada Pilots Association (ACPA) said on Thursday it has filed a lawsuit in Ontario court to try and halt the distribution, alleging it is “oppressive and unduly disregards” the interests of creditors because it will hurt Air Canada's finances.

ACPA president Capt. Andy Wilson says the pilots should be considered creditors because of the carrier's $1-billion in pension obligations.

Questioned by an irate shareholder at the meeting about his handling of Air Canada's pension situation, Mr. Milton said the carrier emerged from bankruptcy protection two years ago with the pension plan still alive, unlike many North American airlines that “obliterated” theirs.


So the workers give up millions and the elites pay each other off in what has to be one of the largest amounts of corporate cronyism every witnessed in our country.

[ 05 October 2006: Message edited by: a lonely worker ]


From: Anywhere that annoys neo-lib tools | Registered: Jul 2005  |  IP: Logged
Steppenwolf Allende
rabble-rouser
Babbler # 13076

posted 05 October 2006 10:31 PM      Profile for Steppenwolf Allende     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
Not only will the emissions possibly decrease due to lower oil sands activity, but maybe those spoiled companies will have to start making some investments into new cleaner technologies.

Hey All, good discussion. I loathe the huge tax subsidies these corporate tyrannies get, in addition to the tens of billions of dollars they suck out of the economy every year in profits and bloated revenue streams, while forcing us to pay exorbitant gas prices just so we can pollute our atmosphere to hell—largely because they have patents on all kinds of clean energy technology they are sitting on and won’t develop until they suck every last drop of crude out of the ground.

However, I don’t think that just cutting the subsidies alone will change their behaviour or make them clean up their act. What is really needed is a more democratic restructuring of that whole sector.

These Alberta oil brats are backed up by and financially tied to what is probably the biggest corporate cartel (with maybe the exception of the banks) in the world. These creeps not only get huge federal tax handouts and billions in clear profits, but the Pembina Institute, an Alberta sustainable economy research group, says they are being grossly under-charged in royalties by the Alberta government, which also refuses to implement any ecological standards on them. In addition, whether you think high gas prices are an issue or not, it’s easy to see the oil tyrants are screwing consumers blind—and yet, even on this front, no one is ready to challenge them.

Hate it as we might, these bonanza benefits and privileges they get are clearly the result of their coercive corporate power and international pull. The same plutarchs that have their paws all over the Alberta tar sands and oil patch also have their paws on energy and industrial complexes all over the world.

And they are protected by the biggest publicly funded goon squad in the world: the US government, which is militarily plowing over several countries right now on their behalf.

It seems all we really have to bargain against them with are:

1) the resources in the ground, and;
2) the skilled labour of Canadians to both extract it and restore the ecology

So, I think, that’s what we have to build on

Back in the 1970s in BC, the NDP government set up the BC Petroleum Export Corporation, a subsidiary of BC Hydro (which still then owned the natural gas production as well).

The idea was to further develop the BC oil patch, in the Peace River country, and sell it to the US, which was suffering from high crude oil prices, at 10 to 15 per cent less than the OPEC rate. Even with that discount, the rate of return was over twice as much as all of the exploration and extraction costs combined.

In addition, the publicly owned firm would set as its operations policy a mandatory ecological reclamation and restoration program, which, in addition to cleaning up the oil patch activities, would pay for new parks and conservation areas all over the province.

Furthermore, that company also had the mandate to use part of the revenues to invest in research and development of new non-fossil fuels and motor technology (remember, this was the early 1970s, when Ballards and solar panels and hydrogen electro-statics, etc. were still just theories). The firm would then patent those developments and begin marketing them when ready.

The rest of the revenues would go into road and highway improvements and public transit expansion.

Sadly—very sadly—when the NDP eventually lost the election and the Socreds took power, one of the first things they did was disband the company and sell its assets and holding to their private sector corporate buddies.

I think it’s time to look at something similar federally. While most of the tar sands and oil patch activity is under the direct or indirect control of multi-national corporations, the actual sands and patches are still public assets. If we can push for the creation of a public enterprise over those assets, with partnerships with community cooperatives, labour-sponsored venture capital funds and union pension plans (if we can change the laws so unions have democratic control over their money, instead of banks and elite investment houses) and local progressive-minded small business. This way we can mandate these operations from the very start to implement Kyoto-style standards and practices.

We can then say that if the US wants our oil and gas that bad, and refuses to even consider clean energy technology and the Kyoto protocols, then we should sell it to them at a rate below the OPEC price. That should keep them reasonably happy.

After all, they are going to pollute the atmosphere with GHGs and other shit whether they use our oil or not. We can sell all they want to them and, like the old BCPEC, use the revenues to develop, patent and mass produce new clean energy and fuel technologies. When the US does finally come to its senses (if it has any), and starts seriously switching more to non-fossil fuels, we can sell them these as well.

I realize this is just an abstract idea right now, full of holes and even some contradictions. But I think it’s something for the NDP, labour and other progressive democratic organizations to look into.

Cutting the subsidies and pay-offs is great.

But given what these energy tyrannies are like, and their history, I don’t think simply slapping them on the wrist by cancelling their subsidies is enough. I think we need to starting taking their toys away and kicking them out of the sand box.


From: goes far, flies near, to the stars away from here | Registered: Aug 2006  |  IP: Logged
Steppenwolf Allende
rabble-rouser
Babbler # 13076

posted 05 October 2006 10:53 PM      Profile for Steppenwolf Allende     Send New Private Message      Edit/Delete Post  Reply With Quote 
quote:
ACE approves $2-billion share distribution

So the workers give up millions and the elites pay each other off in what has to be one of the largest amounts of corporate cronyism every witnessed in our country.


Ah, Mega-Milton, who collects not one but two big fat bloated executive salaries and bonus packages, along with multi-million-dollar pay-outs and unlimited expense accounts, as the boss of both Air Canada and its parent company ACE.

I love this part:

quote:
“The board believes this is a further step in the implementation of ACE's value-enhancement strategy,” Mr. Milton told shareholders Thursday morning.

“Value-enhancing strategy!” What this drip is trying to do is hyper-inflate the ACE stock prices by using a big whack of cash as a pay-out to existing shareholders, thereby sparking the interest of other institutional investment bureaucracies in buying up such lucrative shares. That means, with inflated asset values, he can drive up the company’s debt even more by using the increase dollar figure to borrow more money for God knows what.

Of course, no one dare suggest that he put that $2 billion back into the company by giving back the wage concessions of the Air Canada workers and upgrading and modernizing the firm’s operations, instead of borrowing more money to do it (and then whining about the debt to the unions at contract time).

Fortunately, at least some of the workers are kicking up a fuss over this:

http://www.theglobeandmail.com/servlet/story/LAC.20061005.RTICKER05-1/TPStory

quote:
Pilots union seeks to stop capital distribution by ACE

BRENT JANG

The Air Canada Pilots Association (ACPA) wants to halt ACE Aviation Holdings Inc.'s plan to distribute up to $2-billion in capital to ACE shareholders.

ACE, the parent company of Air Canada, is holding a special meeting today in Montreal to seek approval for its plan, which would include issuing Aeroplan Income Fund units to ACE shareholders.

Capt. Andy Wilson, ACPA's president, said the union has filed an Ontario lawsuit, arguing that ACE's plan is "oppressive and unduly disregards" the interests of creditors because the airline's finances would be hurt.

"We're seeking to stop the distribution," Capt. Wilson said in an interview, arguing that the pilots should be considered creditors because of $1-billion in pension obligations.

ACE.B (TSX) rose 58 cents to $35.71.



From: goes far, flies near, to the stars away from here | Registered: Aug 2006  |  IP: Logged

All times are Pacific Time  

Post New Topic  Post A Reply Close Topic    Move Topic    Delete Topic next oldest topic   next newest topic
Hop To:

Contact Us | rabble.ca | Policy Statement

Copyright 2001-2008 rabble.ca