From the Desk Of Securities Expert Larry Elford.
there is no joke here, but I had to start somewhere. I am currently in discussion with a soldier and a judge at the moment however, and funny story, they both thought that there was no way their retirements were at risk due to financial industry misconduct.......because they "have a pension".
(ignoring for the moment that the soldier has lost money in Concrete Equities........)
I remembered Canada's top investment consulting analyst, Diane Urquhart, of Toronto, wrote extensively about how the public service pension plan has lost a billion or two in 2009ish due to buying "magic beans", or investments which had no redeemable value, but were allowed to be sold to people with the help of legal exemptions granted by various Canadian provincial securities commissions..............
I will get to the point..........I promise.
When I did the research and uncovered about $2 billion had gone into these "magic beans", at PSP investments, I added it to the approx $1.5 bil in "exempt market products either failed or failing in Alberta at the moment......and the $1 billion the Alberta government lost when the Alberta Treasury Branches put 47% of every deposit dollar into these things......and here is the punch line
A judge, a military man, and a retired RCMP officer walk into a bar in Alberta...............and learn that the three of them have been financially raped, in secret (kind of fraud-like:) and possibly a fourth and a fifth time if I were able to interview them each in greater detail........and look at their personal investments. You see, each of these individuals has a pension with the Public Service of Canada (PSP pension)
No joke yet.
And the irony of ripping off the judges pension plan, is that judges gave the perpetrators of this fraud immunity from civil prosecution (they had also applied for immunity from criminal prosecution.......but we have no police in Canada doing this work so........nevermind).......judges gave them immunity from any liability......while they ended up robbing judges, and soldiers, and postal workers, and taxpayers, bank customers and you ............
The further irony is that the securities commissions who allow such ripoffs (exempt products, exempt from our laws, exemptions to our laws) to occur on a near daily basis, the irony is that most securities commission people seem to be lawyers.
Adding insult to injury is that when the RCMP IMET top guns seek to prosecute the highest level financial crimes, they have members of the investment industry and securities commission members on joint management committee's inside the RCMP IMET. These kind folks help the RCMP to close the file and write up fascinating apologetic reports making it appear as if stealing $32 billion dollars is truly unfortunate, but not criminal.....or words to that effect.
Ain't financial self regulation great? No criminal codes applicable!
Notes, links, data, sources pasted below in no order and without regard for order, coherence, relevance or pretty:
Urquhart believes the restructuring process allowed banks to skirt their responsibilities since they were not required to buy the ABCP back from investors.
"No Canadian banks required a government bailout because they had sold the toxic asset backed commercial paper from their inventories to their customers and because they were not forced to buy this bad paper back like the other banks of the world were required to do," she says. "Also, unlike in other countries, the Canadian bankruptcy courts gave full immunity from lawsuits by the ABCP owners against the Canadian banks and investment bank distributors of this toxic product. So, it was not the Canadian banks that took massive write-downs, but the customers of the Canadian banks and investment banks."
“PSP investments recorded a 22.7% loss during fiscal year 2009”
Source, Paul Cantor, Chair, Public Service Investment Board page 4, Public Service Investment Board annual report 2009
(these investments are those which fund the pensions of public servants in Canada like Judges, RCMP, postal workers, etc.)
“Think of the irony of losing nearly 1/4 of the judges and the RCMP members pension fund, while gaining immunity from civil prosecution from these same judges, and having the ability to sit on joint management committee within the RCMP to help close the criminal file on the scam.......high level systemic fraud is the best paying game in Canada.”
PSP Investments is a Crown corporation created in 1999 by Act of Parliament (the Public Sector Pension Investment
Board Act, or the “Act”). PSP Investments’ mandate is twofold: managing the funds transferred to it by the
Government of Canada for the Canadian Forces, the Reserve Force, the Public Service and the Royal Canadian
Mounted Police (“RCMP”) pension plans in the best interests of the contributors and beneficiaries; and investing its
assets with a view to achieving a maximum rate of return without undue risk of loss, having regard to the funding,
policies and requirements of the Plans and their ability to meet their financial obligations.
Page 92 of this 2009 report shows approx $2 billion was invested into the “magic beans” of toxic sub prime mortgage investments......which did NOT meet Canadian Securities Acts and received from each securities commission in each province that sold them. (this in the PSP pension investment account)
Recovery of some of these funds is possible. Experts vary on the amounts likely to be recovered.
Page 111 begins coverage of the CANADIAN FORCES PENSION PLAN ACCOUNT for 2009
Pages 111 to 120 show about identical numbers for this Canadian Forces plan (losses of nearly $2 billion) and I suspect they are pooling the losses over all their four pension accounts)
report shows approx $2 billion was invested into the “magic beans” of toxic sub prime mortgage investments.....
go here http://youtu.be/aNh5laKO22o if you need the "ground up" primer about securities commissions helping to rob Canadians through the use of legal tricks.
http://youtu.be/aNh5laKO22o This link contains a 32 minute video describing some of the thousand other ways that securities commissions have sold out the public protections of Canadians, while enriching themselves and financial interests in the process.