3 replies to this topic

[pmorris]

The Chronicle-Herald has reported the Auditor General's findings and there's yet another aquaculture hangover from the Dexter era:

 

'He called the $25 million loan to Cooke Aquaculture high risk, adding that there’s “no security for the loan” and the “net economic benefit to the province is negligible.” Perhaps worst of all, the funds aren’t limited to use in Nova Scotia.'

 

See the full article at http://thechronicleh...fNk56Bc.twitter

[fivepoundtrout]

When giving out a loan of tax dollars do they factor in what the company is worth at all? I mean cooke aqua made over 500 million in profits last year, not revenue, profit! And they give no bonuses to their employees and pay minimum wage, and they also hate promotions ( I know I worked for them). They shouldnt need to be asking for more money, and if they are its because of all the ISA salmon kills this year, which if that is the case we will never see the money back.

 

Our government takes a sword and hacks and slices away all of the funding to all government departments, but gives loans to companies that may not be able to pay it back? And if they do pay it back it at the expense of our environment?

 

Im sorry but our government is an absolute joke. And when I say government I'm not talking about the thousands of good people who work for them(hr reps, consultants, it tech etc.) Im talking about the overpaid pompous, useless leaders we seem to allow to govern us. We need to make some serious changes in 2015.

 

End rant LOL

[Terran]

Paul,

 

What seems truly disturbing is the fact that there are many great innovative ideas that are forced to turn to Internet "Crowd-Funding" for financing because our Government simply is missing the boat on small business innovation.

 

Most of these start-ups are seeking 1/100th the financing that Government ladles out to these large corporations. And what are we getting out of those loans, Job Funds and Loan Guarantees? The minute the money dries up...the big guys pull out.

 

Blackberry, Convergys, Xerox. All within a month of Dexter losing the election. Hmmm  Cooke's loan - well we know where that's headed. Forestry companies...similar. Ships Start Here...when? Wait for the Federal election or an announcement on changes in procurement.

 

Meanwhile, small businesses with great ideas and chances for true innovation practically beg for a pitance of what is given the large players. Only to end up refused or forced to look for "angel investment".

 

How many small start-ups could have come from the money wasted courting the big players? Could the outcome have been any worse?

 

Time for this Province to adjust it's thought process and look at where we came from and what built our economy.

 

Time to stop climbing into bed with the "Players". We only end up f**ked and feeling used afterwards. (Excuse the language)

 

As for Cooke and their taking $25 million. We'll see what come out of that "sound" investment.

 

But, imagine what could have been done with that money.

 

My opinion, for what it's worth.

 

Terran

[Shimanoman]

I would really like to see the terms and conditions of this "loan" to Cooke.  I suspect that it is more of a "Grant" if the truth be told.  At any rate, if Cooke actually makes so much money in profits, why is it that they have to ask a provincial, or federal government for loans to expand??  Why can they not access funding in the manner which other successful businesses do??  Is it because financial institutions (Banks, credit unions, venture capital groups, etc,etc) have looked at their books and wouldn't touch them with a barge pole??  From where I sit, I suspect that these "loans" come very close to "boondoggles".  I say turn off the public teat that they have been sucking on for so many years.  Put any government funds into disease free, drug free, chemical free, escape free, land based, economically run, sustainable, and profitable, aquaculture operations.

 

Regards...