Maybe central planning didn’t work at this time, but trust us, it will work at some point in the future. The question remains, why do we even have such a bank in the first place?
The head of the Canada Infrastructure Bank defended $900,000 spent on a now-cancelled power line project, arguing the project will ultimately get built and the due diligence the bank did was entirely reasonable.
The bank agreed in 2021 to offer a $655-million loan to the project and spent $900,000 on due diligence involving lawyers and outside experts. The project has since been suspended and the original owner sold its interest to another company. The loan did not go through, but the $900,000 had already been spent.
Why?
Them Liberal Graft Schemes ain’t going to fund themselves.
WE WE
I can see spending $900k on a project doing due diligence, but it could have been done for about $100, just by looking at how much actual surplus power generation that Ontario has (hint: it’s not much) on ieso.ca
And of course the idiot politicians insist that they need to pay the useless people to get the best.
How is this best?
Many firms probably could have done the same due diligence for $75,000 or less. What does it cost to review financial statements and directors’ meeting minutes?
https://m.youtube.com/watch?v=zZz2HF5KtrY