February 24, 2005

RECONCILE B.C.'s $40 BILLION PUBLIC DEBT
TO $60 BILLION PUBLIC EQUITY

Reform BC invites you to explore text and links below as they relate to the fourth issue that the Party will bring into the May 17, 2005 election campaign.

A Reform BC cabinet will instruct the Auditor General to prepare and present to the B.C. Legislative Assembly, a provincial balance sheet that reconciles an estimated $40 billion in taxpayer-supported public debt with the estimated $60 billion in public equity held on behalf of clients of the British Columbia Investment Management Corporation (bcIMC) in the custody of RBC Global Services and RBC hedge fund managers or private investors. http://www.bcimc.com/publications/pdf/Inventory/Inventory20040331.pdf

Reform BC will ensure that the provincial balance sheet consolidates all Hedge Fund PIPE (Private Investment in Public Equities) agreements involving bcIMC's inventory of public equities. The balance sheet must provide clarity to the B.C. Legislative Assembly on any PIPE-like off-book partnerships between B.C.'s public servants, NDP and Liberal government insiders, RBC's board of directors and the 26+ private ("special") investors of the CAI Group based out of Vancouver, Montreal, Toronto and New York.
http://web.archive.org/web/20010802031822/www.caifunds.com/Special.htm

Reform BC believes that a provincial balance sheet is essential because RBC's Hedge Fund PIPE agreements appear to rely upon illegal pre-payments (loans) to the CAI private investors listed above. CAI investors appear to have executed "deals", possible requiring the corruption of government insiders and public servants, to obtain ownership or custody of B.C.'s public equity at fire sale prices. Such PIPE deals - frequently called "death spirals" or "toxic PIPEs" - appear to explain the NDP-Liberal giveaways of Workers Compensation Board funds, BC OnLine land registry system, the BC Hydro-Powerex energy trading desk, BC Rail and the B.C. Medical Services Plan.
http://www.klng.com/files/tbl_s48News/PDFUpload307/10634/SENC0804.pdf

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For More Information contact:
Ron Gamble, President of Reform BC: 604-980-7779
David Hawkins, Forensic Economist at Hawks' CAFE: 604-542-0891
 
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