FOOL ME ONCE, SHAME ON YOU, FOOL ME TWICE… Quebec Government Open To Bailing Out Bombardier Again

What’s the incentive for Bombardier to make a profit when they just get bailed out every time they fail?

As Bombardier once again struggles to succeed even as many of their competitors do far better (and without needing bailouts), and even as they face an investigation into an ‘interesting’ stock sale plan for their executives, it looks like they could get bailed out again.

Here’s what Quebec’s Economy Minister Pierre Fitzgibbon said after a meeting with Bombardier CEO Alain ‘Bailout’ Bellemare:

“There’s no requirement for us to invest,” Pierre Fitzgibbon said Friday morning, but he said he made it clear to Bellemare “that would there be a requirement, would there be an opportunity, we would be open for business.” The aerospace industry is “of paramount importance to the province of Quebec,” he said.”

Both the Quebec government, and the Federal government have given Bombardier repeated taxpayer-funded bailouts.

And what have they gotten in return?

Job cuts, less Canadian ownership, and the sell-off of major assets to foreign companies.

Meanwhile, Bombardier execs betrayed their workers by slashing jobs even as they paid themselves gigantic bonuses – rewarding themselves for pathetic failure.

Yet, despite all of that, the Quebec government remains open to ‘investing’ (AKA bailing out Bombardier) again.

This is a big reason why Bombardier has become so uncompetitive. Rather than actually having to compete, their executives know that no matter how badly the perform, they can still get huge bonuses and just beg governments for more taxpayer money to keep things going.

And the politicians keep getting fooled over and over and over again.

Brutal.

Spencer Fernando

Photo – YouTube

*****

A QUICK MESSAGE: My ability to share my viewpoints and analysis depends on the support of readers like you. If you can, I ask you to support my writing with a monthly contributor through Patreon or by contributing through PayPal at the button below:



11
Share Your Thoughts

avatar
10 Comment threads
1 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
11 Comment authors
tommy hawkshawn harrisBen EbyBrucealan skelhorne Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Diane DiFlorio
Guest
Diane DiFlorio

Fooled or blackmailed? Somebody knows where the bodies are buried I suspect.
What an outrage!

Plastic
Guest
Plastic

Getting fooled?
A) It’s not their Money
B) Follow the Money

Eric Blair
Guest
Eric Blair

“And the politicians keep getting fooled over and over and over again.” That’s because most, if not all of them, are of the lawyer class or some sort of social activist who have not one iota of experience in running a business. Just look at Bombardier, they make airplanes and they make trains. Sure they are transportation related but the difference is vast. Ever here of Boeing or Airbus making anything other than airplanes? Thought not.

peter black
Guest

We are now into outright EXTORTION. Another bankruptcy flag goes up – Executives bailing out of their stock. How stupid can politicians be. VERY VERY STUPID. There will be a lot of egg on a lot of faces . Too bad taxpayers can’t sue for incompetence and conspiracy to defraud the taxpayers of Canada.

Ben Eby
Guest
Ben Eby

What has Bombardier ever given back to Canada? Canadians are sick to the gills of these thieves. If that company was located anywhere else in Canada they would be ancient history, and all Canadians would be better off. Bombardier and Trudeau are operating a den of thieves here, and all of them should be jailed!

Del
Guest
Del

The ultimate corporate welfare scam. Quebec uses welfare transfer cheques to subsidize a failed poorly run company. Bombadeer isn’t getting Quebec money, they indirectly get it from Canada.

NancyW
Guest
NancyW

Oh I doubt they are fooled, it is just giving “all of them” big bonuses at the whole countries expense, these Bombardier bailouts have been going on so long now, and these same people sit on Trudeau’s family trust foundation board of directors along with B Mulroney etc.. Quebec has their own laws, their own CPP, their own immigration laws or used to, and now again, can have their own way etc.. they are separated from Canada in many many ways but receive big money from the rest of Canada, and consider themselves as Canada’s natural rulers (even Trudeau has… Read more »

alan skelhorne
Guest

its a quebec thing, they know trudeau will give them what they want.

Bruce
Guest
Bruce

No…this can’t happen again. Is every politician in or from Quebec insane, corrupt or both? Indirectly, given equalization payments that prop up the Quebec economy come from Alberta, ‘bertans have a genuine right to be pissed. And don’t call me redneck because I was born in Quebec and didn’t escape to the real world until I was 22.

shawn harris
Guest
shawn harris

Bombardier is where all good taxpayers dollars go to die. Bombardier if anything is a clear cut case for investigating tax fraud, embezzlement of shareholders money, and for being nothing more than a pyramid scheme. No government to date can show that Bombardier has ever even tried to repay any outstanding loan, let alone find the courage to demand repayment. The top leadership at Bombardier must be investigated for fraud, criminal collusion, along with the past governments of Quebec. For it has the real appearance of both the governments and executives at Bombardier exchanging very expense favours to keep both… Read more »

tommy hawk
Guest

True political idiocy knows no bounds.