Repudiate Carbon Tax and Odious (Fake) Debt

Repudiate carbon tax or carbon cap and trade transactions approved by BC Office of the Premier and financed with odious (fake) debt or credit. Sue law firm, private-equity and hedge-fund groups which use bogus science or insiders to game bcIMC pensions on the Chicago Climate Exchange.

After the May 12, 2009 election, a Reform government will repudiate any Intergovernmental Panel on Climate Change (‘IPCC’) or Kyoto-related debts, taxes or penalties which are placed, directly or indirectly, on its citizens or businesses or public assets by any jurisdiction outside the province of British Columbia.

Reform leaders will prove that the IPCC’s carbon-driven climate change model fails to explain climate change and should be rejected for two reasons; science fraud and securities fraud.

Reform notes that the Sidley Austin law firm and newly-bankrupt KPMG Consulting have been structuring hedge funds with odious (fake) debt or credit in support of ‘naked short selling’ or securities fraud on bcIMC assets on the Chicago Climate Exchange and other futures markets.

Reform has researched the consequences for pension fund members of naked short selling in respect of bcIMC shares in the American Insurance Group (‘AIG’) in the custody of RBC-Dexia.

On March 31 2001, the bcIMC inventory showed

AIG 1,243,013 shares at $90,313,453 Value $72.65 per share

On March 31 2008, the bcIMC inventory showed

AIG 2,287,510 shares at $101,695,088 Value $44.47 per share

Reform can show that Sidley-Austin hedge fund clients used RBC-Dexia as a ‘short bucket’ in 2008

Price per share at March 18, 2009 is $1.35

The bcIMC AIG holding is worth about $3.1 million a drop of 96% of the value of March 31, 2008.

Reform BC accepts that, to lawfully repudiate ‘IPCC’ debt, the province's cabinet ministers and scientific, business and legal advisers must prove the debt was incurred without public knowledge and consent, that it is not in the public interest and that the creditors were aware of these facts.

Following these proofs, the onus will be upon the creditors of the Chicago Climate Exchange to show that the funds were utilized for the benefit of British Columbia. If the creditors cannot do so, before an international tribunal, the debt is unenforceable.

Reform BC believes the public did not know of or consent to a 1999 scheme by the BC Treasury Board to legalize joint ventures and off-book partnerships between law firm, private-equity and hedge-fund groups of a kind that would by 2009 have destroyed hundreds of companies.

The BC Treasury Board and the BC Office of the Premier have allowed off-book entities to hide debt, pump profits, enrich insiders and launder money with partners compensated through some combination of user fees, government subsidies, service payments or concessionary rights.

Joint ventures are structured as public-private partnerships or among public sector bodies only.

Reform believes these non-share capital corporations, wherein no single partner or member owns or holds a controlling interest in the corporation, are designed to keep odious debt off the province's Summary Financial Statements and outside the scrutiny of the B.C. Legislature.

Kyoto/IPCC debts are being incurred when RBC-Dexia as a creditor is aware of the facts.

In the early '20s, a new Costa Rican government passed a law to renounce odious debts entered into between the previous government and the Royal Bank of Canada.

The law was challenged in Great Britain vs Costa Rica and heard before Chief Justice Taft of the U.S. Supreme Court sitting as arbitrator.

The challenge failed and the law of odious debt was upheld in a 1923 ruling with the decision depending not on the mere form of the transaction but upon the good faith of the bank in lending the money.

The Royal Bank failed to make out a case for lending the money to the government for legitimate public use. The bank knew however that the loan was to be used to enrich the retiring president after he had taken refuge in a foreign country.

Reform believes RBC-Dexia will fail to make out a case for lending money to the government to finance the acquisition of carbon credits for legitimate public use.

Reform believes the bank knows that the fake loans or debt will be used to enrich insiders of the Chicago Climate Exchange, including Canadian privy councilor Maurice Strong and the American Al Gore.

Information on Reform Party of B.C.
Can be obtained by contacting:

David Hawkins, Leader of Reform BC: 604-542-0891
Ron Gamble, President of Reform BC: 604-980-7779

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"Clarity, Equity and One Set of Books!"
Fair Tax - Payroll Credit - No Odious Debt

www.reformbc.net

Authorized by Ross Eccles, financial agent,
604-922-9865