Now, we've loaned $20 billion to the company so it could pay those bank loans back faster. Saves a few billion on interest, sure, but two problems there. First offering fossil fuel projects below market rates is a subsidy and second, the whole point of the bank loans was to protect public money. - ThreadSky

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woodsideful.bsky.social • 24 days ago

Now, we've loaned $20 billion to the company so it could pay those bank loans back faster. Saves a few billion on interest, sure, but two problems there. First offering fossil fuel projects below market rates is a subsidy and second, the whole point of the bank loans was to protect public money.

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timtakaro.bsky.social•24 days ago

And their is that thing called trust. Remember when Min. Freeland said no more public money for TMX? That was $20B or so ago. How much is trust worth if you're running for PM?

woodsideful.bsky.social•24 days ago

Trans Mountain was supposed to pay that back through their own revenue, not shoulder the public with it.

So what the feds have done here is not increase the overall pricetag of the project, it's that they've increased the amount the public is footing despite previous commitments to not do that.

woodsideful.bsky.social•24 days ago

If you're one of these people who was born yesterday and think we'll ever see that money back, I'd like to remind you TMX is a gigantic money loser and the feds keep saying they intend to sell it.

The only way they'll do that is by writing off (or at least subordinating) the debt it owes us.

woodsideful.bsky.social•24 days ago

When Freeland made this call to put more public money on the line, she was well aware of these reports that confirm what I'm saying now. She has a long record of misleading the public on this issue. Not sure why anyone would give the benefit of the doubt now.
https://www.nationalobserver.com/2024/11/12/news/budget-officer-tmx-money-loser-freeland-insists-not

woodsideful.bsky.social•24 days ago

On the first piece had a few people going well this is just refinancing blah blah blah. They completely missed the political accountability angle here, which I just find shocking for reporters. This is yet another massive fossil fuel subsidy at the public's expense from someone who wants to be PM.

liftupalways.bsky.social•24 days ago

How much of this is shaped by obligations in Harper’s FIPA with China?

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