Folks, you aren't going to believe it! The Lord Tories "implemented" a policy that was illthoughtout and not properly budgeted in order to win votes.
No, I'm not talking about the shadow toll fiasco that continues to cost NB taxpayers hundreds of thousands of dollars per month to pay for out of province drivers to use our best roads.
No, I'm not talking about the deathbed conversion by the Tories in 2003 to fixing the insurance problem that they failed to fix and saw New Brunswickers hosed by insurance companies for three more years.
No, I'm not talking about having an agreement-in-principle for Orimulsion but a failure to sign that deal and then going ahead with retrofitting a powerplant anyway and then finding out the other party is no longer willing to sign the deal.
No, I'm not talking about dramatically increasing adminstrative costs at NB Power to enable its priviatation and then backing down when that option is unpopular.
No, I'm not talking about allowing a city to negotiate a deal with a third party that the province will have to pay for and then, without participating in the process, ratifying the deal after the fact by pushing legislation through the legislature.
No, I'm not talking about undertaking unsustainable tax cuts and making up for the lost revenue through the back door by increasing gas tax by 50% and doubling of user fees.
No, I am not talking about 3 out of 7 budgets being called, essentially, lies by the Auditor General because they claim surpluses where deficitis exist.
No, I'm not talking about the HST rebate that was supposed to cost $45 million + adminstration that was budgeted for with $13 million and had no administrative plan.
I'm talking about another fiasco. It has been revealed that the reason for the for the $60 million payout to save the Shippigan credit union is because of Tory legislation that put the province on the hook for any failures in these organizations.
Worse, the Tories left the position of Superintendant of Credit Unions vacant for over three years which is what allowed this problem to come into place and then, because it was popular, and probably saved them a lot of their Francophone seats which they were expected to loose, they came up with the bizarre policy of protecting all assets to be lost by a credit union as opposed to the national standard for banks and province-by-province for credit unions which is up to $100,000.
Spinks says this should be some kind of a loan. But that obviously doesn't make sense. Thanks the the legislation passed by the Tories, there Credit Union has two options: 1) take the money the government is offering or 2) fold, have the government reimburse everyone who losses money and then open a new credit union. There is no option here but to stabalize the credit union. Moreover, it has been revealed in the legislature today that some of this money may be paid back, however the comptroller has said that it would be inproper to account for it as anything but an expense as there is no guarantee it will be paid back until such time as the credit union returns to profitability.
Spinks also says there should be an investigation of fraud, etc, well, because we thankfully have filled the long standing vacancy in the office of the Superintendant of Credit Unions it will be.
Also, I think it is dispicable that the Tories are alleging that this is a "sweetheart deal" being undertaken because former Liberal premier Camille Thériault is the president of the Credit Union Federation.