Wednesday, June 27, 2012

After all, they're not transit riders


Securities regulators' fines called 'a farce, CBC News, June 28, 2012
"Nearly two-thirds of penalties levied by provincial securities regulators across Canada in the past five years have not been paid, a CBC News investigation has found.

"...Quebec had the best rate of collection, at 77 per cent, while British Columbia had the lowest rate, at 2.9 per cent.

"The B.C. Securities Commission (BCSC) says collecting fines is difficult because violators often skip town, run out of money or end up in jail..."
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8 comments:

  1. "The B.C. Securities Commission (BCSC) says collecting fines is difficult because violators often skip town, run out of money or end up in jail..."

    or because their corporate legal team leaves to start up an IPP....referring to Pamela Egger, former Senior Legal Counsel, Corporate Finance, BCSC.....who became Vice President, Corporate Affairs for Swift Power....who rapidly sold out to foreign owned Fort Chicago Securities after landing one of the first under the radar EAO approvals for an IPP project

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  2. Exactly what I thought when I heard this this morning, Norm. Also they aren't welfare or disability recipients who accidentally received an overpayment, or unemployed or under employed college graduates with outstanding loans.

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  3. I just remembered when I looked at the graph again that the BC Mining Stocks Casino is likely the crookedest market in Canada if not North America or the Universe. Remember how Doman and Bennett the Lesser's prosecution for insider trading was rushed through the BC Commission to save them from facing the more stringent sanctions they were likely to face from Ontario. Saved by double jeopardy...........

    I'm sure they got another chuckle out of the fact that the teacher's union was stuck with a lot of their dumped loser stock when they unloaded.

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  4. "The B.C. Securities Commission (BCSC) says collecting fines is difficult because violators often skip town, run out of money or end up in jail..."
    Wouldn't that same excuse apply to all the other jurisdictions as well?

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  5. Down near the bottom of the CBC article, there's even a better graph which shows the money that is OWED versus the money that has been collected. eg. "BC $116.03 Million Owed, $3.45 Collected"

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  6. Good piece,as usual,by Mr. Baines. Substitute Translink for securities regulators in his piece and the description of the scofflaws fit perfectly with fare-evaders.the difference is the response to the two scenarios. Translink is spending 180 MILLION DOLLARS to capture 3% evasion by retro fitting stations and securities folks don't give a rat's-ass about recovering penalties. Guess whe the lobbyist was for the winning fare gates bidder? None other than Ken Dobell! This province is truly a kleptocracy.

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  7. Four hours ago, I tweeted @jordanbateman of The Canadian Taxpayers Federation saying that I was looking forward to their press releases on this issue. They've been on top of TransLink waste so I'm sure, in the interests of taxpayers, they'll be on this quickly too.

    No response so far. I'm sure we will hear from the CTF very soon.

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    Replies
    1. I'm holding my breath,Norm. Tell me when to come up for air.

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