CWB Borrows $185 BILLION in 1998!

[parsley]

According to Linda Swanason's Jamuary 31 Letter to the Editor in the Western Producer, the CWB borrowed $185 Billion from the money markets to handle farmers' 21,668,373 tonnes of grain. Isn't the amount of dollars the CWB keeps churning in an an "operating" account enough to set off some alarm bells or at least make a few farmers gasp?

Parsley

[TOM4CWB]

Parsley,

Being that this was an election year, and the CWB cannot explain what really happened with these 185billion of churnings...

Now, what does the Liberal government really use the CWB for?

Bets are that the auditor general does not explain this little ditty...

[TOM4CWB]

Parsley,

Now in the Western Producer, CEO Arison is quoted as saying this is all a mistake!

Amazing isn't it that if something is too hot to handle it gets covered up and called a mistake, no matter what the implecations are for the integrety perception of the CWB!

How can the totally admit that this churning did happen, but now say the reporting was a mistake and it never did happen?

Doesn't this make all the commercial auditing we paid for that was done at the CWB over the last 10 years a farce and coverup?

Shouldn't we be upset and angry about how the CWB spindoctors and YESPEOPLE directors have handled this situation?

Doesn't this make clear why Appointed Directors who tried to bring integrety to CWB operations are either forced out or quit in disgust?

[TOM4CWB]

thalpenny and the CWB;

CWB CEO Greg S. Arason stated in the February 14th 2002 Western Producer,

"Ms. Swanson's letter references a reporting error in the Government of Canada Public Accounts. The actual activity for the year 1997-98 was $48 billion, an amount completely consistent with the CWB's average annual requirements.

The discrepancy in the Public Accounts was strictly a reporting error. Therefore, the figures do not reflect an increase in borrowing or of operating costs. The CWB has taken appropriate steps to ensure that the information that is reported in the future clearly presents the results of borrowing activities alone.

The CWB is keenly committed to making sure that our financial operations are reported accurately. Every year the CWB is rigorously audited by outside organizations such as Deloitte and Touche LLP, as well as our internal audits. This year, the CWB invited the Office of the Auditor General of Canada to examine our financial operations and we expect its report in a few weeks."

MY QUESTION IS,

IF "Every year the CWB is rigorously audited by outside organizations such as Deloitte and Touche LLP, as well as our internal audits",... why did you both forget to reconcile and audit the CWB books to the Canadian Public Accounts..., and what does this tell us when farmers are the people catching the mistakes... in your books?

Can you imagine the mistakes we could find... if we were really able to get a close look...

[cropduster]

I know this thread is old but it is certainly relevant! Nice to see our employees at the CWB spin doctoring at their finest with these new accountability meetings......when were they less?Certainly Ms. Swanson`s questions touched a nerve in the bureacy at Winnipeg that needed to be addressed.The major thing these employees seem to be good at is reactionism....never and I repeat NEVER leadership.Elected directors,organic policy(sad as it may be),auditor generals report(one time,supposedly),accountablity meetings have all came about from outside pressure never from within.Wouldn`t you think a 4-6 billion corp could exhibit leadership to it`s(mandatory)shareholders rather than spemding it`s time defending itself.In the US when corporations use creative accounting methods they are investigated publicly and thoroughly,not defended by the CEO in letters to the editor.Could this be a Canadian version of Enron....how would we know...we don`t even have directors voting records that are available to the shareholders.

[parsley]

As you quoted, Tom4CWB, "Every year the CWB is rigorously audited by outside organizations such as Deloitte and Touche LLP"....

Ha!...but the CWB can put the report on the shelf and put it in a dark room in the potato bin. So much for farmers being informed.


And you have to ask why is it that the entry for the interest money earned, is entered as a negative in a special section in the audit. Deloitte and Touche are reporting the way the CWB probably asks it to be reported, but this kind of accounting procedure, a camoflauge procedure, is not ethically acceptable. So does this mean that the accounting firms have adopted an Enron mentality? Farmers need to get a handle on the spending.


And Tom4CWB, when you say, ". This year, the CWB invited the Office of the Auditor General of Canada to examine our financial operations",
expect its report in a few weeks." ,we all realize that the AG will not inspect the areas farmers want examined..

Every farmer on this site should really watch and see if the AG is examining how much money is taken out of the pooling accounts to pay for licensing costs. Organizations asked for this examination. The Barley Growers did. The Wheat Growers did. the organic Growers did. Will the AG follow up and state this dipping cannot continue because the legislation does not allow it? Let's stay tuned.

How many of you saw your money being spent during Olympic-time advertising?

Parsley