Ontario’s Kleptocracy strikes deal to “sell” Hydro One shares to First Nations at a discount with your money

First Nations in Ontario will get the chance to buy shares in Hydro One, a public utility the Liberal government has partially privatized.

The government says it has reached an agreement in principle with the province’s First Nations to loan them up to $268-million to buy up to 15 million shares at $18 per share.

That is above the province’s book value, but below the $24-to-$26 range the stock has been trading in recent months.

h/t WS & Waffle

  • Drunk_by_Noon

    This is why public corruption is so damn harmful and so damn costly.
    They will shovel mountains of public money into the pockets of their politically connected friends, at horrible losses, simply because the politicians are insulated from any repercussions.
    Canada, your Indians need to be kicked off welfare just as much as our professional underclass does that reliably votes Democrat.

  • ontario john

    Well they sort of partly own Hydro One now. They have been taking down hydro towers in Caledonia and sell the metal as scrap.

    • dance…dancetotheradio

      Yeah, let them try that when the lines are energized.

    • mauser 98


  • ontario john

    And just when you think Wynne has run out of ways to waste money, the media is reporting that over 40 million dollars was spent preparing for a jail strike that never happened. And speaking of gay perverts, after much outcry from within and without the Anglican Church, OOOOOPs! It seemed a counting error was found. So Anglicans can marry perverts after all. Who saw that coming.

  • Surele Surele

    Darn, where did I put my kerosene lamps?

  • Spatchcocked

    And you wonder why the West wants to separate..

  • These guys can’t even look after a tool shed, let alone a house, let alone a corporation.

  • CodexCoder

    If corruption is not punished, it grows. This is so baldly and openly vote buying as to leave one almost speechless, but there will be no punishment, just whining. Ask anyone with a child (and believe me, the adult version is much worse) what happens when a bad behavior is not punished. Wynne is an irresponsible spendthrift with a credit card that has no apparent limit, and she cannot conceive of how much she resembles Louis XVI of France.

  • Cat-astrophe

    Now that’s free market.

  • Alain

    People better stock up on candles and get wood heat, since they will be held hostage by the “warriors” the next time there is any dispute over claims of land ownership or whatever.

  • Concerned Canadian

    “loan them up to $268-million” Really. You mean give them 268-million.

    • Waffle

      The supreme irony (and insult) in all of this is that FN are a federal responsibility — not provincial. So where is the esteemed Mr. Brown-nose on this little matter?

      Pitchfork time, sheeples.

  • irishrus

    WTF category