Ontario’s Auditor General, Shelley Spence, released her 2024 audits this week, and we looked at the first report of the series, titled “The Public Accounts of the Province of Ontario.”
Readers who follow us on social media may have seen our writing about Ford’s “bust out”, and the AG report includes a number of critiques which support that thesis.
For the unfamiliar, a “bust out” is a classic mafia tactic that has been adopted by private equity in recent years. Fans of The Sopranos will recognize the move – take over a company to get inside, run up its debt, cut off its revenue streams, sell off its assets. Once all the cash and capital has been squeezed out, you leave it for dead.
In the case of Ontario, Team Ford has been running a bust out since their installment in 2018. The twist, when bankrupting a province vs. a business, is that a bankrupt province provides even more opportunities for profiteers (particularly our oligarchs, and party faithful) to take over what remains of public services in Ontario, including healthcare and education.
If you believe plundering and then bankrupting Ontario is Team Ford’s goal, the AG report contains details and criticisms to support that belief. (more...)
What the AG's report tells us about Ford's Bust Out
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