Tuesday, January 20, 2009

Corruption - Bay Street

According to CBC:

Bay Street is just as bad as Wall Street. They said that Corporate Fraudsters have stolen from 1 Million Canadian investors, stealing $20 Billion per year.

The Gambino family was one of the largest Mafia families in U.S. history.  They generated $500 million per year in revenue.  Bay Street makes the Mafia look like boy scouts.

This is because our police (OSC and IDA) don’t convict anybody. The staff at OSC and IDA are incestuous with the companies that they are supposed to police. OSC’s CEO used to be ScotiaCapital’s CEO.

In 2002-2007, the US convicted 1,236 white collar criminals. Canada convicted 2.

Is this why Dan Duic and Andrew Rankin, who were charged for the biggest insider trading case in Canada's history, never got any jail time?

In 1997-2004, SEC filed 328 Insider Trading cases. OSC filed 6.

Conrad Black and David Radler stole like crazy in Canada but never got charged. The US was pissed off at Canada that they had to convict them instead of Canada.

OSC’s CEO makes $707K/yr whereas SEC’s CEO makes $158K/yr.


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