Insider trading scandal rocks Bay Street

11 posts / 0 new

Sat, 2010-11-13 15:52

Doug

Sounds more like business as usual, really, except that someone blabbed.

The OSC investigation goes beyond Mr. Finkelstein and includes a constellation of deal makers, traders and brokers and friends who allegedly parlayed corporate secrets into personal profits. It has not only entangled one of Bay Street's premier law firms but also two of the country’s top banks, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank. The banks and Davies declined to comment on the specifics of the case, but said they were co-operating with the OSC.

Unlike insider trading scandals of the past that centred on individual bankers, executives or low-ranking lawyers, this investigation reaches right into the heart of Bay Street’s deal machinery. The alleged breach of trust at such a senior level casts an unflattering light on Bay Street's ability to police itself.

Sat, 2010-11-13 15:59

Bacchus

Hmm lets see the Lawyer should be disbarred then jailed and the 2 execs should be jailed and all should be fined for AT LEAST the amounts they made through this

Now the question is, will this happen? I know what I think

Sat, 2010-11-13 19:11

George Victor

You're thinking of the history of OSC effectiveness, Bacchus. :)

Sat, 2010-11-13 20:12

Fidel

[url=http://www.nupge.ca/news_2007/n25my07b.htm][color=orange]Federal NDP[/color] calls for a Canadian Securities Commission[/url] Party launches campaign to crack down on corporate criminals (2007)

NUPGE.ca wrote:
Canada lags behind the world

Canada is the only G8 country that has not done anything in recent years to toughen its laws on corporate accountability.

“Germany, France and the U.K. all have new laws in the post-Enron era,” notes Wasylycia-Leis. “The United States and Australia introduced tough legislation on accounting and whistleblowers, both under conservative governments. We’re calling on victims of corporate crime to take the lead and join us in fighting for reform. That’s the only way this minister will act.”

It's the democracy gap. We could have had ourselves a real G8 country. What's afta NAFTA?

Sun, 2010-12-12 22:18

George Victor

Fidel, would you mind keeping your Goldman Sachs tidbits to a thread like this, rather than dumping it in the Deer Hunting with Jesus thread where it has no goddam business being...at all!

Mon, 2010-12-13 08:05

Fidel

Don't you think that's overreacting, George?

Mon, 2010-12-13 09:46

George Victor

It's a two-year-old thread based on a book review and damned near its 100-post death. It is not the place for general criticism of Wall Street finance capitalists. It is a peek at redneck America.

Mon, 2010-12-13 10:09

Fidel

I was reading the Algorithms and Red Wine link you posted just prior. He goes on and on about everything under the sun including Goldman and 'idiot software developers.' I dunno. I found it hard to peg what the topic of discussion really was.

Mon, 2010-12-13 10:34

George Victor

That's Bageant. The thread topic is Bageant, and the redneck culture of hill country, Virginia, and elsewhere. If you find his take on America confusing, just say so. I believe he represents the non-alienated American working class of the 1940s and 50s. He explains what happened to them, between then and now.

But now we're adulterating another thread about insider trading on Bay St.

Mon, 2010-12-13 10:43

#10

Slumberjack

I'm surprised at you Fidel. Have you no respect for holy places.

Mon, 2010-12-13 11:44

#11

George Victor

But he is thankfully not into making snotty inputs out of the blue, unlike the perennially verbose and conceptually challenged.