LAPP protected themselves from AIMCo’s $2.1 billion loss with downside protection plan done over AIMCo’s wishes
As the investigation by outsiders into the Alberta Investment Management Corporation or AIMCo’s $2.1 billion loss on an exotic volatility-based strategy continues other details are trickling out. Notably that AIMCo’s biggest client, the Local Authorities Pension Plan or LAPP had a downside protection plan independent of AIMCo that actually made money while its pension fund manager was losing it.Read more
More than a month has passed since Alberta Health Minister Tyler Shandro promised the government would pay the province’s health care aides a $2-per-hour coronavirus-crisis top-up — and there’s still no sign of the money.Read more
If you’re having trouble paying your rent, you’re not alone. COVID-19 has stuck Alberta with the highest unemployment rate highest of any province in Canada. Alberta is very slowly re-opening its economy and coming out of lockdown but that doesn’t mean that you have a job or that it’s any easier to pay your rent.Read more
Government announces long-term-care bailout--but will workers get any of it?
The UCP government has announced $14.2 million in additional monthly funding for long-term and senior care until the end of the pandemic. But will that money go to paying for workers, or just lining private operators’ pockets?Read more
We have friend of the pod Jeremy Appel on to talk about how his latest story for the Progress Report, The Manitok Manoeuvre, as well as the Sprawl getting shutout of the media bailout, the Herald caring more about "big beef days" than dead meatpacking workers and the Progress Report's transition to a full-time media organization.Read more
The case of Manitok Energy shows just how easy the Alberta Energy Regulator makes it for oil and gas executives to dump their environmental liabilities onto the Alberta public.Read more
Management at the Cargill meat packing plant in High River violated the Occupational Health and Safety Act by shutting workers out of the investigation into the plant's coronavirus outbreak, according to documents provided to Progress Alberta.Read more
As of May 8, the outbreak at the Cargill meat packing plant in High River, Alberta, is the single largest workplace outbreak of coronavirus in North America. The plant employs 2000 people--946 workers have already tested positive for COVID-19. The virus has already killed one worker at the plant and another worker’s father.
Despite the objections of United Food and Commercial Workers Local 401, the union representing these workers, Cargill reopened the plant on May 4. Progress Alberta has been on site to hear from the workers. One of these workers, who asked to remain anonymous, told us about their experience at the plant.Read more
The High River Cargill meat packing plant is the single largest COVID-19 outbreak from a single facility on the continent.Read more