Monday, April 09, 2007

All in the family

So you've heard by now that BC Rail have leased/sold Vancouver Wharves and its terminal infrastructure to Kinder(Enron) Morgan(Enron).
Kevin Mahoney, BCRail President, burbled on about the rigour of the selection process and how a crown corporation selling off yet another one of our assets is a really good deal for us, like we were buying that, before he went right off the, uh, rails:

"Kinder Morgan's broad experience in environmental management of port facilities and commitment to environmental stewardship were key factors in this agreement."

Ross at Gazetteer has recent details of Kinder Morgan's "commitment to environmental stewardship", including some from just this last week, here : Kinder Geyser Surprise. And in his post below, B.C.'s New and Improved Kinder and Gentler Enron, Ross also provides a little refresher course in the management practices of Mr Kinder and Mr Morgan's former company.

Kinder Morgan previously bought BC Gas (renamed Terasen) in 2005 so now they control both the product and the distribution process. Nifty bit of privatization there.
Then on Aug 28, 2006, The Carlyle Group, yes that Carlyle Group, announced on their website that they, along with investment partners AIG and Riverstone Holdings, would be acquiring Kinder Morgan pending anti-trust clearance from the FTC. That clearance was granted on Jan 25, 2007.

But no worries. In a piece in The Republic of East Vancouver from June 2006, Kevin Potvin points out that Canada has been really well-represented at Carlyle :
Former ambassadors to the US Allan Gottlieb and Frank McKenna, PowerCorp's Paul Desmarais, Alberta Premier Peter Lougheed, Bombadier CEO Laurent Beaudoin, Bank of Nova Scotia CEO Andre Bisson, Encana CEO David O'Brien, JRI CEO Hartley Richardson, and Bell Canada CEO Lynton Wilson.

Plus The Carlyle Group was started by a former Enron executive so it's really still all in the family.

The excuse for this mishmash of what is basically other people's pillaged posts is wanting to see them all in the same place. One I'm missing is Arundhati Roy's piece on how Enron pulled all the same crap in India years prior to launching their corporate assault on US citizens. Couldn't happen here though, right? I'll dig that one out tomorrow anyway. Just in case anyone's thinking three time's a charm.


West End Bob said...

Thanks for putting this all in one place - Makes it even more disturbing, doesn't it?

The Kinder-Morgan purchase of the Terasen assets was just a hint of things to come, unfortunately.

RossK said...

Ya, it really is an Archie and Meathead thing, because the deal with Carlyle is essentially an 11 digit ruse to take the entire thing private.

And here's a bit of sad clown trivia for you.

Cost of the North Van Wharf stock, etc......$40 million.

Cost of the acquisition of the Enron pipeline infrastructure when this, the latest phoenixian swindle, was born....$40 million.

Q said...

It would have been safer selling to Dubai Ports World or the Bin Laden family.

Alison said...

WEB : Yeah, the Scold of Doom - that's me some days.

Ross : Good lord.
Thanks for letting me pillage your posts btw. ;-) Really just didn't want to see them disappear off the bottom of your page without linking them up google a bit.

What really pisses me off about this is the blood money. Carlyle has made a fortune off Iraq and members of Canadian Council of Chief Executive who were also members of Carlyle, like agri-biz Hartley Richardson, plumped for Canada going in to Iraq too.
And these people forge gnugov policy!
Probably deserves a separate post.

Q : Ironic that in all that Vancouver newspaper coverage of the US freaking out about Dubai Ports taking over P&O in the states, none of the local papers I read saw fit to mention that Dubai owns the second largest Vancouver Ports terminal.

Anonymous said...

I'm beginning to smell a conspiracy from the very git-go over this whole fiasco of Terasen. It now think this was in the works from the very beginning. I also always knew that Gord and US corps are very, very connected and I am not happy about the corporatization of my province. And, I am more hopeful that the new provincial election may turn the tide..Please BC citizens do your duty and halt the give aways of our province.

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