CWB Financials tabled in Parliament

[TOM4CWB]

Dear Charlie,

I hear the CWB contingency fund lost another $89M on top of the $30M lost last year!

$120m down the drain... and this does not even include the 'discretionary losses' which shows the CWB doubled down... and actually lost twice as much as stated....in the contingency fund losses.

Now PPO grain holders/sellers must pay... again and again... for this mistake the CWB managers... failed to correct..


To deceive 'designated area' permit holders... by making pooling 'more' profitable than it was...and the CWB look like they were 'good' risk managers... by 'cross subsidisation' from cash prices (PPO contracts) to the pools... at the cost of 'commercial' grain growers that need to manage risk.

As the C.D. Howe Institute proved... backed by the financials tabled in Parliament... we commercial grain growers are loosing $$$Billions.

[charliep]

Actually I find the $169 mln loss on contribution of other revenue sources more interesting (page 45). The real loss was $229 mln with an explanation for the adjustment in the footnote. The CWB lost $49 mln in the previous pooling years for a total of close to $280 over 2 pooling years.

When I see these numbers, what does this mean to farmers? Is this money or a figmentation of someones imagination. To your tom4cwb, the losses on the producer payment options are real and will have to be paid by someone.

[charliep]

Page 92 is interesting. The deficit on the PPO contingency fund is $105 mln. The CWB transferred in $28 mln from the overall pooling accounts to finance some of this deficit. Likely the whole deficit should be cover by the general pooling accounts.

[Fransisco]

Just looked at page 45, what charlie just pointed out. And it looks to me like maybe they've been speculating on the futures and been on the wrong side of a whole bunch of trades.

[Fransisco]

I'm not seeing any kind of number for demurge just a footnote saying it was significant.

[Fransisco]

"Human resources increased $3 million, reflecting <b>merit</b> increases and higher benefit costs."

Below average market returns again this year so everybody gets a raise!

[Fransisco]

Propaganda(advertising) got a $400K boost this year, going from 1.4-1.8 million. Must be getting harder to find 1960's dinners with farmers drinking coffee in them all day.