A judge, a military man, and retired RCMP officer walk into a
bar in Alberta...............
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."
(from
viewtopic.php?f=1&t=140&start=15#p2386http://www.youtube.com/watch?v=9K_N0uOXkQA&feature=share&list=FLy8dpTRZHEz-0JBa_l0w7AQ===========================================
“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
http://www.investpsp.ca/pdf/PSP-AR-2009-complete.pdf(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.”
============
MANDATE
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)
http://www.investpsp.ca/pdf/PSP-AR-2009-complete.pdfRecovery
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.
Below a portion of an additional story of how Bay
Street can rob the police pensions, get protection from the same police they are
robbing, AND offer to "help" from these police when they do not know enough
about financial crime..........help to close the file so no one looks
inept...........funny stuff, entire article found here
http://www.investoradvocates.ca/viewtopic.php?f=1&t=79&sid=844fb72fe280bcbb90322683bd767f1fadminSite%20Admin%20Posts:%202236Joined:%20Fri%20May%2006,%202005%209:05%20amLocation:%20alberta"The
seventh crime was watching the RCMP get involved, who then invited in their
Ontario Securities Commission (OSC) person who "advises" them on large scale
financial crimes. (did I mention this OSC gave the fraudsters the
permission.......?) The file was quickly closed without interview of experts or
expert information who offered help to understand the crime."
"The eight
crime was letting OSC persons help the RCMP close the file and write their final
report, despite having twice been given official complaint of criminal code
violations by this same OSC in the granting of the legal exemptions (Breach of
Trust, sec 122) The RCMP, in a naive fashion that some have come to expect and
some find quite insane, actually allowed persons named to be criminally
complicit in a $32 billion dollar theft, to participate in the investigation and
final report of the $32 Billion dollar crime. Such power and trust that the
"reputation protection system" for this money industry has in our Canada.
"
"The ninth crime, is that while the RCMP lets members of the OSC and
other self regulatory bodies onto their joint management committees, to share
with them information and help "solve" the crime, when the reverse is required,
the RCMP do not even have the ability, nor the right to even ask the OSC, or
other bodies representing investment dealers, to share with the RCMP details of
their own investigations, fines, and/or any information. A one way street
exists, allowing the most trusted fraudsters in Canada INTO the RCMP and nothing
OUT for benefit of the RCMP."
I could go on, but it seems to be enough
for now. Your pension plan was robbed robbed. Your Canadian economy was
defrauded. Your "Harper" government bailed out Canadian banks up to $186 Billion
with your money (in secret no less) Judges (public service pension) robbed,
postal workers, University of Calgary, Governments from top to bottom (again
your tax dollars chipped in) two or three suicides resulted, depression, mental
anguish, domestic problems, alcoholism, etc. Minor detail for a big operation.
"Thanks for the money Canada". We will be back in a month or two with another
"great idea" for you. Signed, your Canadian Bankster.
Source
