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Thursday, May 29, 2008

Monte Solberg brings home the bacon

Solbergcp10168261What happened to the Tory promise to scrap corporate welfare?

Tomorrow morning Conservative MP Monte Solberg is announcing additional funding for a publicly traded agri-business called Flexible Solutions International (FSI).

The company received a $1 million, zero-interest loan in February for a pilot project facility in Taber, Alberta. The plant will produce a chemical product that enhances agriculture yields. It sounds like a great idea, especially given the recent interest in agriculture investing. In fact, the company had a great first quarter in 2008.

But if things are so good, why the government money?  FSI’s chief executive officer Dan O’Brien says he took advantage of the loan to avoid diluting shareholders with a new stock issuing. It's an honest answer, and a smart move on his part.

But what’s in it for taxpayers? Very little, I'm afraid.

You can read this Western Standard news exclusive here.

Posted by Matthew Johnston on May 29, 2008 in Canadian Politics | Permalink


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