IT IS TIME FOR BC TO BECOME ACTIVE
On 7/9/2016 11:26 AM, Alan Blanes wrote:
Thanks for this, Peter
From what I have seen, cheating local start-up companies out of being able to capitalize is just as egregious a form of abuse as allowing predatory investment dealers to ruin the retirements of investors who are being lied to with impunity by brokerages that are being indulged by the pseudo-regulatory system.
I had a conversation yesterday with Gerald Matier, Executive Director of the Insurance Council of BC. The level of parsing and dodging is so preposterous in the way the 'mandates' of the regulatory agencies have been constructed, as to be utterly worthless for the protection of rule of law. Mr. Matier told me the Insurance Council of BC is "limited to dealing the licenses of the people involved with the distribution of the insurance product, and has no jurisdiction to deal with the company that designed the product." In other words, the Insurance Council of BC is not interested in looking at 1) counterfeit contracts for GICs uttered by a company that pretended the contract does not exist, but 2) slips funds that the client intended go to GICs into a volatile seg fund under false pretenses and 3) Has been falsely advertising GICs in an ad in their newsletter - five years after the OFSI had no registration of the company for the sale of GICs. These documented illegalities go on and on - yet their violation of criminal code prohibitions is not being even questioned by the governance apparatus. Since the Insurance Council of BC steadfastly refuses to look at and evaluate the "products" ipso facto they have no interest in questioning the local vendors of unlawful products.
It is time for BC to become active with the Public Banking alternative. If we had postal banking and municipal banks and the revival of the actual legislated function of the Bank of Canada, capital markets would have a participant that is governed under the common law of contract and placing the criminal code as the primary regulative instrument.
Companies that have had their capitalization sabotaged should be involved with getting the Canada Chapter of PBI up and running as a formalized organization.
I would like to make sure that we get some discussion on this before the end of July,
As always there will be more..