Friday, December 30, 2005

How long until the SEC investigates the IT scandal

Captain Ed has once again led the way in showing the depths of Goodale's Income Trust inside trading scandal. Especially noteworthy is that the head of the company that runs the TSE might be implicated as well:
Richard Nesbitt, CEO TSX Group: According to CTV, Nesbitt purchased $759,000 worth of stocks hours before the announcement and made $100,000 in profit the next day. However, he could not be reached for comment, yet his spokesman said that he was only filling up his core holdings before the calendar year end.
Since a lot of these companies trade on the NASDAQ or NYSE as well as on the TSE, it is coming imperative that the SEC investigate this matter as well, since it would not help the integrity of U.S. markets if everyone knew that any stock that was dual listed on the TSE was prone to manipulation. Sadly, I cannot trust the RCMP on this matter, as they have had a history of slacking off when it suited their political masters. The U.S. will have to do the heavy lifting, and all they will get for it will be ingratitude.

1 comment:

ian said...

According to Mike Duffy today, the SEC contacted the RCMP and said if the Mounties don't look into it, they would.

The Mounties would not act against their boss Paul Martin and company unless it was absolutely necessary. It was absolutely necessary.