Laughing all the way to the bank.
While there is widespread outrage over Trudeau letting things deteriorate to the point where the government spent $4.5 billion to nationalize the Kinder Morgan Trans Mountain Pipeline, Kinder Morgan executives must be feeling pretty good about it.
So good in fact, that two of them are about to get $3 million in combined bonuses.
According to the National Observer, both Kinder Morgan Canada president Ian Anderson and Trans Mountain Expansion vice president David Safari are going to be getting $1.5 million bonuses.
The announcement comes after Justin Trudeau announced that he would spend $4.5 billion of Canadian taxpayer dollars to nationalize the Trans Mountain pipeline.
It’s a great deal for Kinder Morgan, who got paid tons of money to give up a pipeline they were once willing to spend billions on expanding.
And that $4.5 billion only covers the sale of the pipeline to the Canadian government, it doesn’t cover any future construction costs.
So, while taxpayers pay for Justin Trudeau’s failure to create a strong foundation for energy industry investment, Kinder Morgan execs are laughing all the way to the bank.
This is a pattern often noted when it comes to highly-regulatory governments. Regulations often work out in the favour of big corporations, who can buy their way around them or get paid off for any damage they suffer. But medium and small businesses, plus working people, taxpayers, and investors, end up paying the real price for heavy regulations, and get ripped off relentlessly.
The fact is it never should have gotten to this point. The Trudeau government was weak, pandered to the radical left in B.C., and refused to create a climate of confidence for the Trans Mountain expansion. As a result, the only way to potentially salvage the pipeline – nobody can be sure it will be built at this point – was to give the US-based company a huge taxpayer bailout/nationalization. It’s an epic failure by the Trudeau government, and we are directly paying the price.
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