Invest Skeptically

The Star ran an interesting series on regulation and enforcement in the Canadian securities markets. The tone of the work is best summed up by the quote, attributed to Barbara Stymiest, calling Canada’s securities enforcement an “international embarrassment.” Here are the links:

• Why the OSC so rarely gets its man
  “More than 450 employees work at the Ontario Securities Commission. About 40% are paid more than $100,000 a year. Their dismal track record begs the question: What on earth are they doing?”
• Who’s in charge?
  Graphic of the “Canadian enforcement mosaic” (David Wilson).
• Why white-collar crime team fizzled
  “Launched four years ago to clean up markets, police squad is now best known for its failures.”
• OSC chief takes it all in stride
  “Under fire for perceived regulatory failings, David Wilson says he ’sleeps pretty well’.”
• Fraud squad lacking credibility
  “The elite teams became bogged down by bureaucracy, staff turnover, lack of leadership and low morale.”
• Richer rogues not on radar
  “New study on corporate crime suggests system is stacked in favour of influential industry insiders.”

For further depressing reading the ROB Magazine did a lengthy article on the Ian Thow (formerly of Berkshire Investment Group, which is now owned by Manulife Financial) case.

And also: Diane Francis’ take on the RCMP’s poor record on white-collar crime.