Taking from the taxpayer at the benefit of the private sector is a conservative mantra

The Teranet fire sale Term two of Ugly Harris PC government in ON

In 2003, the Ernie Eves government sold its 50 per cent stake in Teranet, the province’s electronic land registry service, for $370 million. This valued Teranet at $740 million, but the profits from Teranet’s operations indicate clearly that this was much too low. In 2003, Teranet’s profits were $118 million on sales of $190 million, giving it a stunning profit margin of 62 per cent. With profits like that – and considerable growth potential – a better estimate of the company’s value would have been closer to $2 billion, not $740 million. The difference was all money lost by the people of Ontario – and gained by the private investor who snapped it up at a fire-sale price.23