Financial Regulators Running A Side Business?
Financial Regulators Running A Side Business?
Posted on November 17, 2018 | Larry
Elford | Written on November 17, 2018
Comments
Letter type:
Open Bombardier has lost $8 bil in public investment market capitalization (todays Globe) in the last month. Why? Because 12 executives needed to dump millions of shares? Why because they knew the company was failing and they wanted a chance to sell their shares before the public found out.
How did they (company insiders) dump their shares in secret? They applied to the provincial securities commission (your government regulator in each province) for an “Exemption” to the laws on public disclosure. Why would the regulators sell permission to skirt the laws? Because the financial industry pays the total salaries of the regulator...even the gov regulator is industry funded.
So for salaries in the $400k to 700k range (top four executives at the BC Securities Commission share roughly $2 mil for example) the financial industry gets hand-picked, handmaids, who will sell out the public interest repeatedly....Why would they do that?
Because that is how self-regulated (lawless) capitalism works. Regulators do what they are told, by the industry who pays them, or they lose their six figure job. A breach of the public trust, yes, but who is going to ever know that they do this sometimes 500 times per year?
$8 billion in lost public investment value is roughly equivalent to the financial cost of 1.5 million street crimes at an average harm per crime of $5000. I forget now, what was the question?