15 February 2007

Lloyd dismisses all charges

Just watched trained monkeys Lloyd Robertson and Bob Fife "exonerate" the Fiberals on Income Trusts on CTV's national newscast. They actually used the word "gossip", which I hadn't previously recognised as a legal term.

Of course, Lloyd and Bob just read what's on the teleprompter... they're not actually allowed to think for themselves.

You get a different opinion when you ask, say... a Forensic Accountant.

"It's just, to me, impossible that it was only person involved," said Al Rosen, a prominent forensic accountant who has accused the accounting profession, governments, regulators and police of failing to protect ordinary investors.

"So, unless this guy's a multimillionaire and has dozens of brokers he deals with, this charging of one person makes no sense."

"I can see why the RCMP wants to close the whole thing down with one prosecution. But there was just too much trading volume that particular day in just too many stocks. So it can't possibly be one guy trading on his own behalf."
Let's also not forget how forthcoming former Liberal Leadership candidate Scott Brison was, when asked about emailing a stockbroker buddy... just before the announcement became public...
When asked later whether he personally had a communication in which he might have speculated on the outcome without firm knowledge, Mr. Brison said "No," adding, "You're asking me something in terms of communication that I don't remember."

"I don't recall anything."
UPDATE: MSM not totally on board
The force set out to find a stock market schemer who whispered a big secret to serious money players who, overcome by greed, drove up trade volumes and prices of several trusts in such ham-fisted form it was impossible for market watchers not to flag the trades as suspicious once the Goodale announcement on income trust taxation rolled out a few hours later.
LAST WORD: Business as usual?
Eight years ago, The Globe and Mail analyzed 28 friendly deals over a one-year period, each with a value over $150-million, and found half of the target companies saw their share price rise at least 25 per cent between the time the two companies first began talking and the night before the deal was disclosed to the public.

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Anonymous said...

Criminal Liberal Party of Montreal.

NateDawg said...

If it had been a publicly traded company who's Chief Financial Officer had leaked a corporate announcement early, the CFO would be crucified, the CEO would be charged, and the entire board of directors would be forced to resign. The law should apply equally to government and the private sector.

Peter Loewen said...

I, for one, am glad this thing is over and that someone has been charged. And I also don't think the Liberals have much to complain about. It's right that Canadians knew they were under investigation and it's at least partly their problem if the investigation seemed plausible. Also, it would have been reasonable for Goodale to step aside during the investigation.

Now, all that is to say that if this involves more than one person then I think the RCMP would not be suspending its investigation. I just don't know what motivation they would have to stop. And trading evidence from that day to the contrary doesn't show much, I think. The volume in income trusts was certainly higher, but that can easily be explained by people knowing a decision was coming down and gambling on it, and then others following suit.

Peter Loewen said...

Also, I think Natedawg is wrong and I'd ask him to give me one example from the corporate sector where action that dramatic was taken.

Brian Lemon said...

The RCMP has a track record of applying lip service to investigations that might track back to elected liberals.
Think APEC;
Think Somalia (oh that was the Army and JJ Chretien cancelled that);
HepC Criminal Charges;
The Liberal Party of Canada and THEIR bureaucracy and THEIR legal system are inter-twined like a ball of earthworms.

Peter Loewen said...

Yeah, Brian, you see the problem is that the RCMP did a number of the Liberals by announcing the investigation. So it's quite a conspiracy that they would help the Liberals by announcing that they are under investigation during an election. Whether you think it was fair or not (I am inclined to think it was) it certainly stretches the imagination to argue this somehow helped the Liberals.

Neo Conservative said...

brison, who used to be in the private financial sector, emailed a stockbroker buddy shortly before it was announced, saying that he should "be happy" very soon. when confronted by the media... he lied about it... then had to fess up.

apparently not enough for the rcmp... it's enough for me.

forensic accountant al rosen says definitively, the trading activity points to a large number of people involved.

maybe serge will flip on the others when he realises he's the sacrificial lamb.


Peter Loewen said...


The Rosen stuff suggests that lots of people were involved in trading but not necessarily in receiving inside knowledge.


Neo Conservative said...

ah... peter... i do admire your faith in your fellow man. but i think you are sadly mistaken.

i worked tech support for a large international financial institution and often had occasion to visit the trading room. in this case, fortunes were made... and the rcmp could track back every single suspicious transaction and squeeze the brokers involved... but they won't... there's too many influential people, who piggybacked on the initial leak, involved in the aftermath.

as for possible initiators, brison, for example... despite the email to a stockbroker buddy before the announcement, gets a total pass.

the cops have their sacrificial lamb and unless there's a lot more pressure, it'll end here.