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Mr Hyndman recommends a slower pace!!! The BCSC has been unable to get up to speed since its inception. The SEC, which
has also largely been a dismal failure, has at least had more
success than Hyndman's crew in apprehending and prosecuting a few of the scammers - many of whom operated using Canadian
brokers (and banks). Not only does Canada need a national regulator, but the financial system needs a global regulator.
Let's quit stalling and get on with it!
@ 2009-02-24 17:51
Capitalistic huberis uber alles! Capitalism is theft. Get a bible and a handgun! Its very simple. Some thieves are in a greater hurry than others and need to slow down or the victims (oops, buyers) will be frightened away. At the end of the day, sell when you see daylight.
When capitalism erodes, only theft is left. Look around at this world and say it isn't so.
@ 2009-02-24 18:12
I tend to generally agree with Mr. Hyndman's comments.
On a side note, is it just me or is time for reporter David Baines to retire...his articles are so boring and often rehash the same stories over and over and over(lack of material) -- hence hang up the pen. Also, the TSX, TSX Venture are much better markets than he gives them credit for. Take one scam (of the dozens and dozens) that has occured in the US market (senior board - NY, Nasdaq, Amex) and all of the "junior market" scams in Canada combined don't even come close to the finanial damage of one US senior board scam.
I don't even bother reading Baines' nonsense anymore.
@ 2009-02-24 20:13
Why does this guy make over $500k per year, especially if things are so slow? Does he even show up for work before noon?
@ 2009-02-24 23:00
observer -- you are correct -- the Baines stories are getting to be boring / irrelevant in the big scheme of things -- especially given what's gone on in the capital markets in the States. He should go do his digging in the SEC files and write about the real scams happening on the larger exchanges (NY, Nasdaq etc).
I am a believer in less regulation but better enforcement of policies.
@ 2009-02-25 03:17
There are still plenty of juicy Vancouver scams if you dig deep enough, really entertaining stuff to write about. I'm sure Baines would love to hear your stories.
@ 2009-02-25 03:41
Ode to Joy an article featuring two of my favorite proactive, productive, persons.Can you get this egofest on youtube?
@ 2009-02-25 11:55
no baines should not retire, he is one of a few honest people left in vancouver.
i think he is a great guy.
@ 2009-02-25 12:01
Don't worry about David Baines. Like many so called 'journalists' Mr. Baines deludes himself that he leads some noble cause while living in poverty and continuing to chase ambulances for $50k per year plus gas allowance and meal expenses. I for one enjoy that he must continue to beg for interviews and grovel for information from people he imagines take his work seriously and that he further imagines consider him their equal. If I happen across a Vancouver Sun on a Saturday morning while dining in a restaurant(I would never actually pay for a Sun)it amuses me to observe him attempting to persuade readers that his references to some twenty years past transgression has relevance today. He suffers a worse fate than anyone he writes about! How ironic!
@ 2009-02-25 12:15
A downside of a single National Securities regulator is that staffing will be drawn from other Federal Agencies. Do we want the people who set up the Gun Registry administering a National Securities Commission. In the event that such a body did get off the ground, a quarter of the staff would be away at any given time taking French and/or English lessons or on management retreats - not exactly a way to promote cost efficiencies - one of the main reasons that some advocats use to justify a national regulator.
If a National Regulator made sense, why do we not have a Federal Hunting and Fishing Commission to regulate fish and game laws and harvest limits across Canada. Oh! I forgot we have DFO. Perhaps that's why the cod stocks on the East Coast have been depleted and maybe why most salmon stocks on the West Coast are in trouble. They don't have a DFO equivalent in Alaska and the commercial and sports fisheries there are in great shape. Keeping decision making Local is usually the best alternative.
The SEC, the national securities regulator in the United States, missed the Madoff fiasco even after being warned by a whistle blower years in advance. In a parallel situation in Canada, the complainant would dial-up a securities regulator in another Province. The latter option must be kept open.
@ 2009-02-25 12:51
“All business proceeds on beliefs, or judgments of probabilities, and not on certainties.” Capitalism and the market are based on someone taking a risk and laying it on the line. That's how America and the West was built.
Regulation is indeed important and required but it must be done in a way not to impede capital flows or opportunity. Too many times we have turned to specific policies in haste only to regret the future.
With respect to David Baines.... It is my opinion that his articles tend to be one-sided and lack any real forethought. He uses sensationalism and bottom feeding tactics in his writing. It's not that he doesn't have a place but perhaps his writing is better relegated to a tabloid.
@ 2009-02-25 13:51
How can anyone take this fool seriously? His crony has put his name forward to be the head of a National Reg. Im sure he would be all for it then -more pay-less work-get fatter.
what a joke.
@ 2009-02-25 13:51
johnnycat - your comments about Baines are hilarious. I agree though -- his "journalism" efforts should now come to end. Much of it is irrelevant and very outdated (rehashing old stories). Longman -- perhaps a tabloid is a better place for his articles.
@ 2009-02-25 14:55
Interesting that the harshest critic of Hyndman here is a communist. Yes, if you want to kill capitalism, start by choking it with regulation.
The trouble with Baines and other BCSC bashers is that they are blind to a key point: regulation is pointless if there are no businesses to regulate.
Make the regulation too onerous and they will have their wish: no more small public companies.
@ 2009-02-25 17:20
"I don't even bother reading Baines' nonsense anymore..."
The Bainsey Boy...he's like a tired old institution in this city. But yes, he's way past his prime and his stories show it.
But then again, two of his largest benefactors are also fading away. One was driven right out of the province with the promise of scandal nipping at his heels...whilst the other is just old, fat and cranky, albeit - still a force to be reckoned with if he can make it past the fine wines.
Without these fonts of information, our Boy has lost all relevance.
I haven't read his stuff in years, but I'll bet its the same old tired pitch and still shooting darts at sitting duck targets. Not ONCE has the Boy covered the evil duo of financial death from West Vancouver. Oh well, not every man is born brave.
@ 2009-02-26 11:44
The only thing left for the regulators now is to regulate each other. Baines has 30 years of VSE history to keep writing about, the only trouble is there are fewer and fewer people who even know what he's talking about. There are no more mailers and high flying pump and dumps out of Vancouver. Even the gold digging women have stopped looking for money, they know it pointless.
Unemployed, zero account balance
@ 2009-02-27 10:41
Even in our community, Darla is looked on with pity and slight embarrassment. During the parade, he was nowhere to be found. Come on Dar', show us your pride?
@ 2009-02-27 12:01
Free snacks at Costco, no wonder there are so many people roaming the isles now. I hope Dougy is enjoying his $500k+ per year job. Does he even bother showing up for work before noon?
Former corner office occupant
@ 2009-02-27 13:56
I love the reactive policies of Hyndman and his cronies at the BCSC. Baines writes - BCSC reacts. This wouldn't be so bad if not for the fact that Baines sniper, gutter style of journalism went away with Walter Winchell. As newspapers are closing and the Vancouver Sun circles the drain so does the type of vindictive, irrelevant journalism such as the type Baines practices.
Baines picks a target without thought to relevance or seriousness of victim damage and hounds the issue until the BSSC takes over with their fascist authority and kangaroo court/hearings.
The damage they inflict on shareholder equity is staggering in light of the gravity of the offences the offenders are accused of like of filing insider trading reports, non 43-101 compliant news releases and not filling out forms properly. All the while the gossip sections show promoters who rip-off millions from unsuspecting Europeans through German pump and dump schemes using the OTC partying it up.
The hatchet jobs that Baines and his lackeys at the BCSC have done on some moderately and non-deserving have resulted in a shareholder equity burn that is an absurdity to the rational investors they are supposedly paid to protect. "I'm from the government and I am here to help you", perhaps Hyndman should do us all a favour and stay home except to pick up his cheque (I can only imagine what his severance package is going to look like).
The whole enforcement crew is desperate for the positive journalist PR resulting from public executions. This is to justify their excessive and almost irrational cost at the same time covering up their negligible results. I can only assume more regulation with enforcement focused on non relevant 43-101 wording, high closing, high volume and excessive accounting regulation. Surly there are enough crooks around , can't they a few that are peddling absolute nonsense
Gov't Protect me
@ 2009-02-28 16:15
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