I support the 8 RATS. If!!

[bucket]

The feds are on the hook for the boats, maybe the eight directors that decided to buy boats should have had some sober second thought.

I would prefer the directors that decided to buy boats pay for them out of their own pockets but we know that won't happen. So I guess the feds will take the money from the contigency fund.

And then there is the question about the 250 million dollar loss a couple years ago. If all moneys are returned to farmers, then who floated the cwb the 250 million, and who is paying it back???

One thing is for sure, not the persons responsible for the loss!!!

[charliep]

As a reminder, the contingency fund was meant to be a backstop for producer payment options against adverse moves - not a way for the CWB board of directors to pay for steamroller campaigns or transfer wealth from farmers who used the producer payment to the overall pooling system. The way the contingency fund has been built up is to add $20 to $30/tonne protection fixed price basis levels.

Agstar77/mustard - it is not your money or the overall pooling systems. If you are willing to take on the risk of missing the on payment options in the overall pooling system, then you might have an arguement but that has not been the decision of the board of directors/the CWB starting with the repaying of the 2007/08 deficit starting 2008/09 and carrying on to the rebuilding of the account to the day.

Lots and lots of questions should be asked about the operations of the contingency and the decisions that have been made around it. The CWB has an extremely high cost way of managing risk paid for by the individuals using producer payment options with no competition. Makes my blood boil.

[wd9]

Going with the boss scenario, the government is in charge of deciding contingency funds as above, how they are paid out, initial payments, etc. It would seem the board financially makes day to day decisions but the real funding is approved by government.

If the BOD and CEO were in control of the money, THEY would decide what happens with that fund. They don't. Confirms what i've believed all along that the BOD is completely neutered and are a public relations figure for farmers. Never do we hear a single word from the appointed directors. Never. Do they make the actual financial decisions? Its actually quite a mess in board governance. Just thinking out loud with all this.