June 18, 2008 - News

Roseau River In Turmoil
The community has had its water turned off by the Pembina Valley Water Co-op, because it is four months behind in paying its bills. Chief Terry Nelson has called it an act of terrorism, but Water Co-op C.E.O. Sam Schellenberg refutes that notion. He says everything was done to avoid this situation, but all they received were promises from Roseau leadership. Schellenberg says the Water Co-op shut off the supply because it could no longer continue to carry Roseau's Debt. Earlier this week, Manitoba Hydro shut of power to parts of the reserve because of a payment dispute. A number of Roseau residents are calling for the resignation of Chief Nelson and his council.

Subprime crisis a failure of values
THE WORD "values" has been thrown around a lot in business circles over the past few years. Everyone talks about them. Everyone has them written down. I was beginning to think they were just words in a corporate annual report. But values have meaning, and the recent subprime mortgage crisis has taught us that. Many have heard of the subprime crisis by now, but just let me give you a little primer. First of all, the word "subprime" does not actually refer to the mortgage itself or the interest rate on that mortgage, but rather refers to the borrower. These are real people. A "subprime" borrower is a person of below-average income, often with past credit problems such as missed payments or a low credit rating. In other words, in a financial sense, these are among our most vulnerable citizens.