Danielle Smith is cuckoo for cryptocurrency and wants to split from the Canada Pension Plan,

[applegrove]

Danielle Smith is cuckoo for cryptocurrency and wants to split from the Canada Pension Plan, here’s why that should scare you (Alberta Premier)

posted by Duncan Kinney | 30RTs

January 26, 2023

https://www.theprogressreport.ca/danielle_smith_is_cuckoo_for_cryptocurrency

"SNIP........

It might be a relatively harmless and money-losing affectation for a former talk radio show host turned business group lobbyist to have a mid-life conversion to the church of cryptocurrency. It becomes a lot less harmless when that person becomes the premier, can tell Alberta’s pension fund manager what to do and wants to take Alberta out of the Canada Pension Plan.

And Danielle Smith really is cuckoo for cryptocurrency.

.........

You might know AIMCo as the pension fund manager that famously vaporized $2.1 billion (and likely far more) in a single trade but it’s also a pension fund manager that’s far more vulnerable to political interference when compared to the CPPIB.

The government and AIMCo work together to decide on things like committee structures as well as financial, administration and staffing arrangements. And since AIMCo is an agent of the government of Alberta, it is subject to direction by the finance minister. The board of directors are political appointees put there by the government of the day. And most troubling, within the AIMCo Act is a section that allows the government to issue directives to AIMCo. In the case of one of these directives being issued, the government appointed board shall ensure it is "implemented in a prompt and efficient manner."

In 2020, I released a report detailing more than $1.1 billion worth of risky investments by AIMCo into oil and gas firms with many of those investments connected to the Alberta Growth Mandate directive instituted by the Alberta NDP in 2015. Of the 32 separate investments made under the Alberta Growth Mandate that we know about, 24 were in the oil and gas sector, five in real estate, one in agriculture and one in renewable energy.

......SNIP"