Personal Finance

Bikini model picketing for small investors in Toronto Sun and Metro News

  • Last Updated:
  • Jul 4th, 2006 2:44 pm
Tags:
None
Sr. Member
Mar 21, 2006
505 posts
1 upvote
I think they are using the phrase "bikini model' wrong.

She is pretty bony for a bikini model.
Deal Fanatic
User avatar
Jul 27, 2004
7557 posts
67 upvotes
lochlan651 wrote:She is pretty bony for a bikini model.
for 20 bucks you get ribs, not filet mignon.
Back for a limited engagement.
Sr. Member
Sep 23, 2005
514 posts
7 upvotes
Brampton
15-20_God wrote:for 20 bucks you get ribs, not filet mignon.
lol
[OP]
Member
Jul 21, 2005
245 posts
15-20_God wrote:i would rather have a seasoned person who's worked in the industry as they would be in a better position to police it.
You'd rather have a fox guarding the henhouse. There are seasoned investor advocates in the industry such as Claude Lamoureaux of OTPP.com and Glorianne Stromberg (report fame) who is a former OSC commissioner.

As to your comment about credibility, the chair of the OSC whose firm underwrote YBM, touted Nortel and more has it?
Deal Addict
User avatar
Dec 5, 2004
1023 posts
33 upvotes
dback42 wrote:My purpose is more to bring attention to the issue and let the professional advocates fill in the details.
What do you really bring to the table then, apart from your angst? Unless you're working closely with some pro advocate, your attention bringing likely doesn't help them do their job much. If you think the protest with paid picketers and a bikini girl got the attention of legislators and regulators, you're mistaken.

There was a guy here in BC who used to walk around with sandwich boards on rambling on about how CRA and the justice system ripped him off. He was outside the courts for years protesting. Sure he 'raised awareness' of his issue, but did he actually make a difference or effect any change? Not likely.
dback42 wrote:There's lots of issues to cover including the statute of limitations reduction to two years instead of six, meaning if an investor is defrauded he now only has two years to run it thru the courts, a cumbersome process..
My limited legal knowledge seems to suggest that statutes of limitations only apply to the filing of court actions; the actual delays of due process and whatnot are irrelevant as long as you file your claim prior to the expiration of the limiting period.
dback42 wrote:For starters I'd like to see the Chairman of the OSC, market watchdog, who is always an industry insider replaced with an investor advocate.
What exactly would this be guaranteed to accomplish? The problem is that whomever the market watchdog happens to be, that person has to be able to put in place policies that allow investors to be protected AND that allow businesses to run relatively unencumbered. If you don't do the latter, then the investors get screwed no matter what you do with the former as the businesses cannot remain competative and then their value as an investment is not as great, thus hurting the investor. The tricky part isn't trying to be an advocate for the investor (lip service is easy), it's actually formulating and implementing policies that are a net positive to the investor. Critics of policy always look good because they never have to implement policy, they only have to point out its shortcomings.
Deal Addict
User avatar
Dec 16, 2003
4067 posts
124 upvotes
Toronto
lochlan651 wrote:I think they are using the phrase "bikini model' wrong.

She is pretty bony for a bikini model.
dude, don't say things like that. > :( Uncool
[OP]
Member
Jul 21, 2005
245 posts
TheDude79 wrote:My limited legal knowledge seems to suggest that statutes of limitations only apply to the filing of court actions; the actual delays of due process and whatnot are irrelevant as long as you file your claim prior to the expiration of the limiting period.
One of the problems as reported by SIPA which speaks for hundreds of members who've lost all or part of their life savings is that many investors who have been defrauded often don't realize it until the limitation date passes. An unsophisticated investor or pensioner may have lost part of his savings and not realize he's been ripped off, figuring it was bad luck, or the broker convinces him the investment will rally back in the long term. Often it's years before the fraud is known by then it's too late to file a claim. I know extending the limitations period is a priority for the small investor group.
Deal Fanatic
User avatar
Jul 27, 2004
7557 posts
67 upvotes
dback42 wrote:You'd rather have a fox guarding the henhouse. There are seasoned investor advocates in the industry such as Claude Lamoureaux of OTPP.com and Glorianne Stromberg (report fame) who is a former OSC commissioner.

As to your comment about credibility, the chair of the OSC whose firm underwrote YBM, touted Nortel and more has it?
i'd rather have someone experienced and know's what he's doing than someone that see's "oh mr. senior got ripped off by the big bad bank lets sue" mentality. understanding the industry, how underwritings work, how research is conducted, how recommendations are made are essential to this position.

everyone has made bad investment decisions. you make it sound like everything has to be a great investment and should never lose the client any money. you don't think any of these ppl never put their clients into a bad investment?

firms underwrite many companies. it sounds like you want everyone associated with the underwriting firm responsible for a companies shortcomings. i'm all for policing but please place blame where its due. should the OSC chair be responsible for nortel's and ybm's accounting irregularities that were provided by the companies internal finance dept and audited by a third party?
Back for a limited engagement.
Deal Fanatic
User avatar
Jul 27, 2004
7557 posts
67 upvotes
dback42 wrote:One of the problems as reported by SIPA which speaks for hundreds of members who've lost all or part of their life savings is that many investors who have been defrauded often don't realize it until the limitation date passes. An unsophisticated investor or pensioner may have lost part of his savings and not realize he's been ripped off, figuring it was bad luck, or the broker convinces him the investment will rally back in the long term.
so you're saying the investor is looking for a scapegoat for their own ignorance? there are cases where broker's have been negligent and in most cases, clients have been compensated. other times investors have been greedy, and dive head first into something they don't know about hoping to chase returns. if things go south, they try and place the blame on anyone but themself. follow the basic rules of investing and you'll be better off.
Back for a limited engagement.
Sr. Member
Mar 21, 2006
505 posts
1 upvote
'Sash[DSL wrote:']dude, don't say things like that. > :( Uncool
If saying someone is too skinny is uncool, guess Im uncool, and Im going to continue to be uncool.

It looks ridiculous. I'll keep pointing that out.

Deal with it.
[OP]
Member
Jul 21, 2005
245 posts
15-20_God wrote:i'd rather have someone experienced and know's what he's doing than someone that see's "oh mr. senior got ripped off by the big bad bank lets sue" mentality. understanding the industry, how underwritings work, how research is conducted, how recommendations are made are essential to this position.

should the OSC chair be responsible for nortel's and ybm's accounting irregularities that were provided by the companies internal finance dept and audited by a third party?
You don't think someone on the buy side can handle that job, why does it always have to be someone from the sales side. A compromise might be someone who has worked on both sides of the street and is respected by all stakeholders. An example would be Tony Arrell founder of Burgundy Asset Mgmt., a firm that caters to individuals, a member of www.ccgg.ca

Here's an article from today's Post.

Business urged to do more to fight fraud
ASC chief calls for lower tolerance for bad behaviour

Boyd Erman, Financial Post
Wed., June 28, 2006

Canada's business leaders must be more willing to turn in fraudsters and wrongdoers in their midst to aid stock-market regulators in their bid to fight crime in capital markets, Alberta Securities Commission head Bill Rice told an annual conference of the country's investment industry.

There is a greater tolerance for bad behaviour in business than there ought to be, Mr. Rice said, which may result from Canada's tight-knit business community or from a feeling that since everyone in the business already knows that something is wrong, regulators also must be aware.

A good example of the situation came in the case of Portus Alternative Asset Management. After the collapse of the firm, which advertised itself as a way for small investors to participate in hedge-fund-style strategies, many in the hedge-fund industry said that they knew all along that Portus was a sham based on its over-the-top performance numbers or conversations with its founders.

"You don't have to be a tattle-tale or a squealer, but even a lead would help," Mr. Rice said to a roomful of securities executives at the Investment Industry Association of Canada's annual conference, held this year in Whistler, B.C.

Mr. Rice, formerly the managing partner at Bennett Jones LLP, the biggest law firm in Western Canada, said that in that role he often shared a feeling that blowing a whistle on someone was "unclean" but that since becoming the head of the ASC 11 months ago he has come to realize that it is crucial. "It's probably the most valuable tool that regulators have and it ought to be encouraged."

Mr. Rice also offered up some other proposals to tighten regulation and toughen prosecutions of corporate malfeasance. He said that, amid unwillingness or lack of ability by police forces to enforce the laws, securities regulators must become more aggressive and move more quickly.

That may mean taking more risks, such as bringing actions against alleged wrongdoing before the cases are perfect, Mr. Rice said.
It may also mean looking at options such as appointing special prosecutors with expertise in business. The enforcement process "still takes way too long," he said.
Deal Fanatic
User avatar
Jul 27, 2004
7557 posts
67 upvotes
dback42 wrote:You don't think someone on the buy side can handle that job, why does it always have to be someone from the sales side. A compromise might be someone who has worked on both sides of the street and is respected by all stakeholders.
i never said that, all i said is that person has to be knowledgeable about the industry.

and that's a great article. however there is a difference between suspicion and concrete proof. sure some other fund manager with the same mandate may be outperforming me buy 10% but i can't call fraud on him unless i know for sure. in this business reputation is everything and i can't call everyone a crook unless i know for sure. i may suspect it but unless i work next to the guy i have no proof. i may think you're a thief, does that mean i should call the cops on you?

look up some old cases with the ida. they have challeneged many ppl and the decision came against them in court because there were holes in their case. if you're going to prosecute, do your homework and don't do it half-assed just for the sake of bringing it to trial.
Back for a limited engagement.
Deal Fanatic
User avatar
Jul 27, 2004
7557 posts
67 upvotes
dback42 wrote:I would say we've gained a degree of credibility by being added to this site which is known in the industry.
i've never heard of it, but it looks like a classy site. did you pay $20 to get it designed too?
Back for a limited engagement.
[OP]
Member
Jul 21, 2005
245 posts
15-20_God wrote:i've never heard of it, but it looks like a classy site. did you pay $20 to get it designed too?
It's an influencial site within the investor advocacy community, so much so the industry went to court to have it taken down. Its administrator is a former derivatives trader.
Deal Fanatic
User avatar
Jul 27, 2004
7557 posts
67 upvotes
dback42 wrote:It's an influencial site within the investor advocacy community, so much so the industry went to court to have it taken down. Its administrator is a former derivatives trader.
you mean like how hofo is an influential site for cell phone nymphos? have fun with your gripes.
Back for a limited engagement.
[OP]
Member
Jul 21, 2005
245 posts
Are there any suggestions for another publicity stunt for the cause in Toronto? it has to be safe, high profile and somewhere charges can be avoided. There may have been an opportunity at the finance ministers meeting but that has passed. It could be somewhere else where there is a lot of traffic.
[OP]
Member
Jul 21, 2005
245 posts
Small investor "bare market" protest chosen week's best photo on Toronto Sun online
[OP]
Member
Jul 21, 2005
245 posts
Are you ready for the next small investor demonstration RFDers. It's going to blow your minds.

Post or pm any slogans you'd like to see on a sign.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)