Wednesday, January 16, 2013

The DEAD useless BCSC

Further to our complex, grossly well compensated, and hard to understand anti-friends at the BCSC, Mr. David Baines has taken aim with that widely read sword of his many times, and with no impact whatever.

Opinion: As B.C. Securities Commission dithers, investors get burned
Each year, investors, many of them senior citizens, lose huge amounts of money in the exempt securities market

"Last week, I sent an email to BCSC chairwoman Brenda Leong and vice-chairman Brent Aitken asking what they are going to do to fix this mess. Rather than answering directly, they got BCSC media relations officer Richard Gilhooley to call me.

"Your concerns are shared by the highest levels over here," he reported. "But we want to make sure we understand the impact of introducing registration requirements. That analysis is ongoing."

There was a time when I would have accepted this response, but no longer. I have been writing about this problem for more than a decade and if anything, it's getting worse. While the BCSC dithers, investors are getting burned."

And "dithering" is being entirely generous given some of the horrid personal examples I have stamped forever into disbelieving memory.

Brenda Leong - $499,251

Brent Aitken - $443,631

One has to wonder mightily what brand of $ 30m annual budget organization, anywhere, blows that kind of dough on its two top dogs, and lets get serious here ... look and consider carefully how this organization funds itself and one must believe it acts in a manner that encourages and rewards incompetence. (and we just can't wait to take a gander for fiscal 2012 ... Pfft.)

We have been following EVERY BCSC news release for some time and the common thread is USUALLY that the offense occured YEARS ago, long after the dough has evaporated along with the evil-doers. The BCSC shoots the easy fish with NO damn consideration paid to the whales outside their cozy office windows ... and the SLI.v situation points that out with sickening clarity.

If this was the OSC, or gasp, America, the SLI disgrace would have been sorted out instantly, with Lori hoisted by her offensive petard as an example to other K9s weeks ago.

On the semi-bright side we can all rest assured the BCSC can find ample resources to toot its' own dopey horn ad nauseum ...

"We think investors and markets should be able to look to a regulator that is seasoned and keeps a steady hand on the tiller -- a regulator that knows when to act quickly, and when to wait for better information. They should be able look to a regulator that imposes requirements and rules on the basis of sound data and analysis, and so finds effective and efficient solutions."