Contingency Fund has become slush fund

[FarmRanger]

Craig has stated the money quote of this thread:
<i>”the contingency fund...has been a great tool to slowly siphon money out of your pocket to build a fund which helps to cover up mistakes in the future.”</i>

If only the auditor general could do a comprehensive audit at the CWB. Forcing only and all prairie farmers to make wheat durum and malt barley sales to this unaccountable government entity. And justifying this obliteration of property rights by reason of a claimed (and very much disputed) premium of a measly $7 per tonne premium.

Only in Canada, you say.

[parsley]

Crawl back under your single desk, cullburt. Adopt a new persona so you continue to get paid by the line.

[TOM4CWB]

Parsley, Pars, Par...

Be nice... your being grumpy...

As I stated in an earlier thread... over the past 2 years the CWB has admitted to taking over $20/t... to pay back the blunders made in the spring of 2008. A wide basis and inventory costs of over $300 million... mean we really do not have a handle on what is going on.

"Costs of sales" is over a half a billion more that showed up... now the CWB will not even account for demurage in the Annual Report.

So... the pool accounts and the Contingency Fund are all slush funds... growers of grain can only explain that we are short revenue... not how or why.

Good thing we own ships now... that will solve all our problems!

Has anyone figured out how much more the slush funds will need to pay Algoma... to upgrade the scrubbers and water treatment plants in our new ships... as the reports indicate there is now room for these when we find out the new environmental laws; to install this equipment in the hull of these new boats?

[parsley]

At one time Tom, the CWB offerred farmers the 'opportunity' to buy CWB bonds. Yes, bonds. And the CWB offerred over 6% interest rates when all banking institutions were paying 2%, or have I got the %'s wrong? Jog my memory.

[parsley]

The people who managed this fund were all highly educated suits who quit their jobs and formed the bond company to sell CWB bonds for farmers.

How many farmers reading this thread bought CWB bonds? Tom did. Only one i know that did.

[craig]

Another question. The article says that loosing the guarantee could cost each permit holder $10 to 20
thousand. If we are building a contingency fund to
cover this and it is being covered off grain sales then
you would assume that the bill for real farmers will be
much higher than the quote. Pretty soon we will be
paying the board just the privilege of delivering our
grain to them. Maybe it's time to move to Russia.

[bucket]

If the cwb was made voluntary, my farm would be 20 grand up every year instead of waiting for money and other commodities would have to actually bid for grain.

Just being able to haul my contract in as I contract it would be a benefit.

[cottonpicken]

Bonds?mmm.....something i could sink my teeth into.

Ive said a thousand times,all i need is a sales date and
chart and... i have a chart.

[TOM4CWB]

Parsley,

I WISH I had enough spare cash that I could have sent it to the CWB investment bonds... BUT alas... they took care of that for us...

Cotton,

The Bonds the CWB issued were backed by the CDN Gov. guarantee... so couldn't fail. Were decent rates... but I would still rather own land than currency... especially right now.