Aug 232016

The easiest and safest theft is of public goods, public assets and public money.

And they offer some of the biggest pay-offs.

The owner of public assets is a pushover.

The thieves are highly Unlikely to be prosecuted when the “whodunit” is figured out.

No wonder corporations flock to the Governments.

I found the documentation that really makes the case for the potash industry.   It can be applied elsewhere, too.

Potash was taken over by the Government (“nationalized” – – became a crown corporation) in 1975 when the potash companies refused to pay a reserve tax to the people of Saskatchewan.   The new crown corporation worked well, putting money into public coffers.

Not much later and after propaganda campaigns about the “inefficiency” of Governments, the Conservative Government of Grant Devine (1982-91)  privatized the industry, back to the good ol’ days (pre-1975).   (It also completely dismantled the excellent dental programme for kids  in Saskatchewan schools.)

The “good ol’ days” are indeed very good for some people.  It is standard practice for retired politicians of the right stripe to be appointed to Boards of Directors of  companies.  It is not uncommon for retired politicians and other “supporters” to receive more than a million dollars a year by sitting on various Boards.  Not a bad pay-off for doing a privatization deal while you’re in office.

  1.  Today, the highest paid CEO in all Canada is from that “privatized”  potash industry.

2014-04-08 PotashCorp CEO Bill Doyle receives   $24,761,371 million   (U.S.$)   upon retirement.

CEO Doyle is only ONE of the retiring executives from the Potash Corp,  he pocketed US$24 million.   A VP cashed in for $26 million.  These numbers are on top of large salaries and perks through the years – – this is only the retirement cash-out.   Lord knows how many others hit the jackpot – how many VPs are there?

There would have been some gravy, but not this size of jackpot, had the Conservative Government of Grant Devine not privatized the industry for their friends or ideology or self-interest.

I don’t get it – – how the people of Saskatchewan voted AGAINST their own interests by putting these politicians in power.   Propaganda?  Brain-washing?  They have only themselves to thank for the huge disparities created by the huge heist, theft of public money.   Maybe the voters are masochistic?   Don’t hear too much about it in the media.

The above article and the following one also show the OTHER money these executives are receiving.

Repeat:   NONE of it would have been possible without the privatization by the Devine Govt.    Cabinet Ministers are held accountable for compensation paid by Crown Corporations.   The following article tells of the failed attempts to rein in the greed.

2. 2008-11-07  PotashCorp President & CEO Bill Doyle rolling in dough, made $47,092 a day in 2007 while unionized hourly workers at striking mines averaged $213, by Joe Kuchta


There are other stories that teach the same lesson :

the  Easiest, most lucrative and safest theft is of public assets.  

Forget about hi-jacking Brinks trucks!

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