money – NEWSMAGRENFREW

Last tax year, Renfrew property owners were assessed a 10% tax increase to compensate for the additional burden the completion of the Ma-Te-Way complex represented when the dust finally settled on that project. That 10% increase yielded somewhere in the area of $1 million dollars, and it was proposed at the time that the full additional amount raised be applied to the Ma-Te-Way debenture for the entire thirty-year term of that instrument.

It seems like a clean solution. Sure, nobody’s going to host a block party and applaud a 10% additional hit on their property tax bill, but you grit your teeth and carry on, taking some small measure of comfort knowing that the increase will be perpetually applied to the debenture debt load and interest. But it still chafes to know that you’re paying this levy increase so that the books can look a lot better for property owners thirty years downstream from now. But you do it because you’re an awesome citizen prepared to do your bit for the common good.

Good for you, and thank you.

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What do you call it when one party of a deal profits from the misfortune or disadvantage of the other party? When one party enters into the agreement with eyes wide-open, with intent, and full knowledge that the other party is in a vulnerable situation, or the other party is misrepresenting their authority, or not having the full approval of a superior person or body to exercise that authority with respect to the deal in question? When one party knows, or ought to know, that they are perhaps fleecing the other party, or the third party that person ostensibly represents?

What do you call behaviour like this?

Exploitation comes to mind as a start. Taking advantage of someone else’s stupidity or possible malfeasance or misrepresentation, recognizing the advantage you possess, and seizing the opportunity to do just that.

Maybe opportunism is the correct word instead, just for the fact that you saw the opportunity, recognized it for what it was, and looked like you jumped on it to your advantage, possibly to the disadvantage of others.

What about predatory? Where you may have recognized the situation, inserted yourself into it knowing that an unfair advantage could be obtained, and pursued that unfair advantage for your own benefit. Where maybe you actively worked in concert with the weaker party all along, creating the situation where your advantage and their disadvantage would be cemented by contract, knowing that once signed, that contract would be considered valid except for very rare circumstances.

In business, they might call this business savvy, good business acumen. They might say a deal is a deal and the other party should have known better. They might say it’s not their fault the other party was stupid, or didn’t follow the proper rules, or that the people above that person didn’t exercise their proper due diligence. They might say it’s not their fault everyone on the other side of the contract appeared to be asleep or intimidated. Business is business. If you can’t play with the big boys, get the hell out of the ring.

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Tag: money

DEBT AND TAXES

SEEMING TO TAKE ADVANTAGE OF ANOTHER’S WEAKNESS