Another nail in the coffin of the myth of the free market. It's a market and it ain't free, it's controlled by them in power. Despite all their monetarist ideology when the crisis hits they run to their nanny state.
It began in August when Quebec based National Bank, not the Central Bank, bought back its loans and shored up its Mutual Fund Altamira. Because investors, consumers, you and me, are ignorant of the market risk of some their investments.
It was followed this week by the Bank of Canada joining with the private/public investment and banking sector to develop a bail out plan for institutions.
National Bank's news release on behalf of Altamira funds may have been most educational from the investor's perspective. The bank noted that Altamira money market funds offer no assurances they can maintain their net asset value and protect against losses. It also pointed out that money market funds are not insured by Canada Deposit Insurance Corp., as are high-interest savings accounts and guaranteed investment certificates.
In shoring up the money market franchise for the mutual fund industry, National Bank has also highlighted the fact that these funds are not risk-free. This brings us back to high-interest accounts, a corner of the financial marketplace where there happens to be some stiff competition these days. The rates are higher than money market funds, fees are non-existent and federal or provincial deposit insurance offers a safety net. What a deal.
And when they say they are protecting investors ferget about it. They are protecting their investment. They are speaking of commercial investors like our pention funds and private equity as well as mutual funds.
After all the Ruling Class takes care of its own, and their investments.
And Purdy Crawford is a player. After all he founded the Atlantic Institute for Market Studies (AIMS), which is the East coast clone of the right wing think tank the Fraser Institute.
A plan to rescue about $35-billion of illiquid asset-backed commercial paper moved a step forward yesterday as holders of the debt formed a committee to oversee how the proposed restructuring would happen.
And, in another sign that Canadian money markets may be inching towards stability, the Bank of Canada yesterday announced it was restoring standard collateral conditions for providing liquidity to financial institutions on an overnight basis. "While money markets continue to experience difficulties, there has been significant progress in the functioning of the overnight market," the bank said in a statement.During the height of the recent stock-market turmoil in mid-August, the bank widened the kinds of collateral it would accept against lending to include such instruments as provincial securities and commercial paper, as well as the standard government of Canada paper.
Meanwhile, the committee overseeing the commercial paper rescue plan will be chaired by Osler, Hoskin & Harcourt lawyer Purdy Crawford and will include representatives of Canaccord Capital Corp., Canada Post, National Bank Financial and the Caisse de depot et placement du Quebec.
"Our investor committee will be looking to implement a solution that addresses the best interests of investors generally, and at the same time allows for a successful restructuring and a return to market stability for these investments," Mr. Crawford said in a statement.
Under the so-called "Montreal Proposal" troubled asset-backed commercial paper (ABCP) would be converted into longer-term debt with maturities stretching out in some cases several years into the future as a way to improve chances that investors will get their money back. Details of how the conversion will happen will likely be sorted out by this new committee.
Canadian investors stuck with illiquid asset-backed commercial paper should hang on to their investments while an investor committee attempts to find a solution that will get their money back, said the head of a committee overseeing a rescue plan.
``Hopefully if everybody stays cool and somebody doesn't start pulling plugs, this thing will work out without them having any losses,'' Purdy Crawford, who was named yesterday to lead the committee, said in a telephone interview today. ``If everybody stays cool, that's the key.''
A Pan Canadian Committee Chaired by Mr. Purdy Crawford has been formed today to oversee the proposed structuring process of the Third Party ABCP. This Committee, which includes investors who were signatories to the Montreal Proposal plus other significant holders, brings a broad cross section of investors with a national perspective, relevant experience and associations with each of private business, institutional investors, government agencies and crown corporations. Comprising this Investor Committee are now:
<< - Mr. John Crichton, President and Chief Executive Officer, NAV CANADA. - Mr. Alban D'Amours, President and Chief Executive Officer, Desjardins Group; - Mr. Gordon J. Fyfe, President and Chief Executive Officer, PSP Investments; - Mr. Doug Greaves, Vice President Pension Fund and Chief Investment Officer, Canada Post; - Mr. Rowland Kelly, Interim CEO, Credit Union Central of British Columbia, representing Credit Union Central of Canada; - Ms. Karen Kinsley, President and Chief Executive Officer, Canada Mortgage and Housing Corporation; - Mr. Mark Maybank, President & Chief Operating Officer, Canaccord Capital Corporation (Canadian Operating Subsidiary); - Mr. Dave Mowat, President and Chief Executive Officer, ATB Financial; - Mr. Ricardo Pascoe, Co-President and Co-Chief Executive Officer, National Bank Financial Group; - Mr. David G. Patterson, Chair and Chief Executive Officer, Northwater Capital Management; - Mr. Henri-Paul Rousseau, President and Chief Executive Officer, Caisse de dépôt et placement du Québec; - Mr. Jim Scopick, President and Chief Executive Officer, Credit Union
Purdy is an excellent example of the modern member of the capitalist ruling class. They secure their positions of power through interlocking boards of directorships. He adapted his corporations during the mean and lean eighties and then in the booming nineties to create large cap companies capable of predatory take overs or become subject of take overs themselves. He adapted corporations into a new tax shelter; Income Trusts.
He recognized the current condition of capitalism; mergers and acquisitions in the age of modern financial globalization. This resulted in large scale accumulation in a single company, selling off parts of itself to global flows of capital.
It resulted in the selling off of Canadian companies to foreign investors in order to mass enough capital to take over someone else, or be gobbled up in the process if your gamble fails as was the case with Inco ,which Purdy was a director of .
And as he did with Imperial Tobacco severing it from Imasco. Which was finally bought out by its parent, the notorious cigarette smuggling BAT.
As a spokesperson for big tobacco he defended targeted marketing at youth. This qualifies him to speak on; Ethics, Values and Business Success - Purdy Crawford (May 11, 2006)
As a securities adviser he promotes his ideal of market consolidation with a single Securities commission in Canada. In a way this melt down in the market has proven his point and in rescuing the paper market will lessen the objections to it by provincial mandarins.
With Purdy's connections to Montreal the city and the exchange, as well as having a home there and being on the Board of McGill. Gee where do you think they would put a national Securities commission.
Does it all really matter as far as small investors are concerned? My hunch is, not very much. Of course we would all welcome a lean, mean federal commission spearheaded by a home-grown Eliot Spitzer to keep Bay Street in line. However, that is far from what Mr. Crawford and some of the other reformers have in mind. Their blueprint calls for another bureaucratic restructuring rather than a caped crusader.
Take a look at the Crawford Panel’s proposals. We are to have a new agency composed of 13 provincial and federal representatives, each having a single, equal vote, which would approve all the rules and select the regulators. In other words, the existing 13 commissions would be gathered under one roof and given equal power. The mind boggles. Can you imagine Ontario, Quebec, and Alberta all being consistently on the short end of 7 to 6 votes?
- First of all, enhancing regulatory efficiency by creating a common securities regulator that is principles-based, proportionate and tailored to the unique makeup of Canada’s capital markets.
- Secondly, strengthening market integrity by enhancing investor protection, pursuing the highest standards of governance and enforcing our laws more vigorously.
- Thirdly, by creating greater opportunity for business and investors by pursuing free trade in securities with the United States and other Group of Seven (G7) countries. And I’ll come back to that in a moment about where that is at in terms of our discussions internationally.
- And fourth, improving investor information by promoting financial literacy, particularly for young Canadians, by developing new financial education materials.
So these four building blocks make up the foundation of our Capital Markets Plan. None are mutually exclusive. They all support one another, and I would like to take the next few minutes to focus on one building block in particular, and that is strengthening market integrity, which begins with enforcement.
Canadian Securities Commission,
Calgary, Alta (or Montréal, PQ?)
PORTRAIT OF A CAPITALIST
Toronto Office Email: email@example.com Tel: (416) 862-5869 Year of Call Fax: (416) 862-666 Ontario 1958
Nova Scotia 1
Purdy is a native of Five Islands, Nova Scotia, and a graduate of Mount Allison University, Dalhousie Law School and Harvard Law School. He pursued his legal career with Osler, Hoskin & Harcourt LLP, practising primarily in the corporate/commercial area. He left Osler to join Imasco as C.E.O. in 1985 - retiring as C.E.O. in 1995 but continuing as non-executive Chairman of Imasco Limited, CT Financial Services Inc. and Canada Trustco Mortgage Company until February 1, 2000.
Purdy rejoined Osler as Counsel in March 2000. He sits on the boards of several large Canadian and U.S. public companies. Purdy is Chair of the Five-Year Review Committee, appointed to review securities legislation in Ontario, and former Chair of the Securities Industry Committee on Analyst Standards. In 1996 he became an Officer of the Order of Canada. He was inducted into the Business Hall of Fame of Nova Scotia in 1997 and became a Fellow of the Institute of Corporate Directors in 1999. In 2000 he was inducted into the Canadian Business Hall of Fame and named Ivey Business Leader of the Year. He is Chancellor Emeritus of Mount Allison University.
He was the Chairman of the Atlantic Institute for Market Studies (AIMS), Chancellor of Mount Allison University, and Chairman of AT&T Canada Corporation. He was a corporate director for SEAMARK Asset Management Ltd. and is currently a member of the board of the Canadian National Railway Company. He is a Governor of the University of Waterloo.
Born Nov. 7, 1931, in Five Islands, Nova Scotia
Allstream chair, corporate governance advocate
1958: Starts practising at law firm Osler, Hoskin & Harcourt; specializes in corporate-commercial area. Becomes senior partner in 1970.
1985: Joins tobacco giant Imasco Ltd. as president and COO. Is named CEO in 1986. Transforms it into a diversified holding company.
1995: Retires as Imasco CEO, but continues as non-executive chair until February 2000, when Imasco is bought by British American Tobacco.
G7 Summit, Halifax, Purdy Crawford, co-chairman of the summit sponsorship committee.
1999: Joins AT&T Canada as a director. Becomes chairman a year later. Oversees its transformation into debt-free Allstream.
2000: Rejoins Oslers as counsel. Chairs Ontario minister of finance's five year review committee, which examines securities regulations.
He is chairman of the Ontario Government's Crawford Panel on a Single Canadian Securities Regulator.
The CPP Investment Board has hired Toronto lawyer Purdy Crawford as an external adviser on conflicts of interest and ethical conduct, providing a new contact for whistleblowers.
John MacNaughton, chief executive officer of the CPP Investment Board, said yesterday no other federal Crown Corporation has created a similar position with an outside, independent person in the job.
The CPP Investment Board was formed in 1997 to manage the assets of the Canada Pension Plan.
It is currently responsible for overseeing $31-billion in equity, real estate and infrastructure assets, and will also assume control of a further $35-billion in bonds and cash investments over the next few years.
Clearwater Seafoods Income Fund, the Board of Directors of CS ManPar Inc. (the managing partner of Clearwater Seafoods Limited Partnership),
CRAWFORD, Purdy, O.C., Q.C., B.A., LL.B., LL.M.; b. Five Islands, N.S. 1931; e. Mt. Allison Univ. B.A. 1952; Dalhousie Univ. LL.B. 1955; Harvard Law Sch. LL.M. 1956;
Member of the Board of AT&T Canada
Member of the Board of Avenor
Member of the Board of Camco Inc.
Member of the Board of Canada Trustco Mortgage Company
Member of the Board of Canadian National Railway
Member of the Board of CT Financial Services Inc.
Member of the Board of Dominion Textile Inc.
Member of the Board of Foot Locker
Member of the Board of Imasco Limited (as Chairman, 1985-2000)
Member of the Board of Inco Limited
Member of the Board of Maple Leaf Foods (1973-)
Member of the Board of Nova Scotia Power
Member of the Board of Petro-Canada
Member of the Board of Trinova Corporation
Member of the Board of Woolworth (-1997)
Governor Emeritus, McGill Univ.; Chancellor, Mount Allison Univ.; called to Bar of N.S. 1956, of Ont. 1958; student with Osler Hoskin & Harcourt 1956, Assoc. Lawyer 1958, Partner 1962, Sr. Partner 1970-85; cr. Q.C. 1968; Special Lectr. Osgoode Hall Law Sch. 1964-68, Univ. of Toronto Law Sch. 1969-71, Bar Admission Course 1969-72;
Co.-Secy. Atty. Gen.'s Comte. on Securities Leg. 1964-65; Chrmn. Ont. Taxation Sub-sec., Cdn. Bar Assn. 1966-68; Treas. Nat. Taxation Sec. 1968-70; Past mem. various comtes. on taxation and of Bd. Govs. Cdn. Tax Foundation 1970-72; Cdn. Inst. of Ch. Accts. Special Comm. to Examine Role of Auditor 1977-78; Accounting Rsch. Adv. Bd. 1977-79;
Chrmn. & C.E.O., Imasco Ltd. 1985-95;
Officer, Order of Canada 1996;
recreations: bicycling, golf, skiing;
Canada's Outstanding CEO of the Year™ Advisory Board
Canada's National Ballet School, Honorary Circle Members
Canadian Institute of Chartered Accountants Advisory Board
Board Member; Dalhousie University, McGill, University of Western Ontario, UPEI.
Clubs: Mount Bruno Golf; Parrsboro Golf (N.S.); Mount Royal; Forest & Stream; Granite; Toronto; Devil's Pulpit Golf & Country; York Downs Golf & Country; Caledon Ski; The Club Pelican Bay (Florida);
Homes: Five Islands, N.S. (summer) Belfountain, Ont., Toronto, Ont. and Westmount, Que.;
Office: Toronto, Ont.
I want to thank Purdy Crawford for his introduction. Purdy is truly a great Canadian. I speak for a whole generation of leaders in many different spheres across Canada – who would say that Purdy Crawford made a difference in their lives. If you had to choose one role model, Purdy Crawford would be, for many of us, our first choice.Of course for workers, Purdy is less of a role model, as he sits on the board of CN. No doubt in part it was thanks to his government connections that helped push the Federal Government to legislate away CN workers right to strike this spring.
Ed Clark, President & CEO, TD Bank Financial Group
Remarks at the 2007 Mount Allison University Convocation.
So explain to the CN workers about how E. Hunter Harrison's compensation made off their backs, is judged 'equitable'.
Then there's Purdy Crawford. At 74, he serves on several corporate boards and is currently heading the initiative aimed at creating a single national securities regulator.
"I guess I'll slowly retire as I feel less energetic, but retirement is not the way I think about it," says Mr. Crawford, the former chief executive officer of Imasco Ltd.
Canadian workers should prepare to work beyond 65 while Purdy and pals use their pension funds for capital investment and promote extending the age of retirement.
Indeed, on a superficial level the notion of "holding corporations accountable" must seem rather appealing to a relatively broad cross-section of society, including many social and community advocates who have jumped on the corporate governance bandwagon. The language of "social responsibility" is often invoked in discussions of governance reform. Those calling for tighter control over corporate managers are often called "activists." But to whom are they asking that corporate managers be held accountable? And on what criteria? These are important questions not always addressed by those, including those on the left, beating the drum for new governance standards.
While discussing the high falutin ideals of directors control over the corporation, and its impact on CEO compensation he leaves out the need for more civil society representation on the board, from union elected directors to environmentalists, consumer adovcates, non-lawyers, etc.
Of course not everyone is so enamored with Mr. Purdy's defense of corporate Canada when it comes to white collar crime.
Early on, the boards I was on were public boards of companies I was the lawyer for. That's a no-no today, and properly so. Boards then, depending on the circumstances, were quite the creation of the CEO. You still get quite a bit of that in the US, but here that shouldn't happen very much anymore. At least it doesn't happen where I'm involved.
Over the last eight or nine years, boards have taken much more control of companies, and CEOs are much more beholden to boards.
When I joined Imasco, I thought I'd been around so I didn't have a lot to learn. That was true of a lot of areas, but it wasn't true of operations. It was an exciting learning curve to understand how Shoppers Drug Mart operates and start adding value.
The same was true with Imperial Tobacco. I became a great believer in great operators. Business schools pay a lot of attention to strategy, but they don't pay enough attention to execution.
I went in at Imasco to become the CEO. I wouldn't have gone to become a lawyer. I might have done that today, by the way--the legal general counsel office reporting to the CEO has become much more significant. The remuneration is comparable to a fairly outstanding lawyer in a law firm. There are no pension plans with a law firm.
"The importance of good governance for confidence in Canadian capital markets" by Purdy Crawford
In the wave of corporate scandals that followed the burst of the bubble on the stock market, confidence in the business community has been badly shaken across North America. And in the subsequent wave of recriminations, business has been confronted with unprecedented scrutiny from government and regulators. Business leaders have been forced to ask about the nature, purpose and value of their enterprises beyond their bottom lines. Purdy Crawford, former chairman of Imasco and Canada Trust, was an advocate of corporate governance long before it became a flavour of the month. He looks beyond the recommendations of the Bennett- Broadbent Report and the Saucier Report in Canada, as well as the Higgs Report in the UK, and offers some simple rules for corporate governance, particularly for enhancing the independence of corporate chairs and directors.
BOARDS OF DIRECTORS - MONITORING FOR
Counsel to Osler, Hoskin & Harcourt LLP
Thursday October 21st, 2004
Purdy Crawford addressed the
October luncheon on the topic of
fiduciary governance. Mr. Crawford
used the Globe & Mail published
rankings of Boards of Directors
of companies that comprised
Canada’s benchmark S&P/TSX
composite index as the springboard
for his analysis on certain problems
in governance rating systems. He identified the inherent
weaknesses of this “tick the box” type approach to measuring
corporate governance and expressed his personal belief
that good long-term financial performance, or an outstanding
C.E.O., should rank higher than any ranking of the
Board of Directors. Mr. Crawford went on to talk of the
distinction between what he named fiduciary governance
(governance designed to police the integrity of the firm)
and value creating governance, and was of the view that
Canadian corporations have performed far better than those
in the US in terms of the former. Despite the current trend to
regulating fiduciary governance, Mr. Crawford expressed a
firm belief in the importance of sound leadership and
discussed the ethics and integrity program at Allstream
Corporation as an example of a solid and effective
approach. Mr. Crawford concluded his remarks by
emphasising that a culture of ethics and integrity is critical
to market credibility and maintaining confidence in the
leadership of the organization.
Then, in 2002, in the aftershock of Enron, and following investor demands to tighten up shoddy financial reporting practices, US Congress introduced the Sarbanes-Oxley Act and Canadian regulators later responded with their own set of rules. As John Carchrae, CA, chief accountant at the Ontario Securities Commission, explains, this brought greater prominence to the COSO and
COCOframeworks which, although already in place, were not yet in widespread use. (For more details, see “Internal control in evolution” below.)
Purdy Crawford, who was president and CEO of Imasco Ltd. from 1986 to 1995 and a board member of several large public and private companies, is one of those who witnessed the changes in the internal auditor’s role first-hand. More than 10 years ago, he says, “the internal audit function in big companies tended to be sleepy. They were laid back, they were not a strong group.”
Eight or nine years ago things started to change, says Crawford, who is presently counsel at Osler, Hoskin & Harcourt LLP and is a member of the Canadian Business Hall of Fame. (He also sits on Manitoba Telecom Services Inc.’s board.) CEOs at the helm of corporate giants like General Electric began recruiting “swat teams” of talented internal auditors to be the eyes and ears of the company, uncovering weaknesses and helping management devise solutions to improve processes. “Today, SOX and proposed Canadian-equivalent requirements have certainly underlined the importance of the internal audit function,” he says. “One big role of internal auditing is to ... help external consultants or financial people to set up control mechanisms if they don’t exist or if they need to be strengthened.”
Not only are highly regarded lawyers such as Purdy Crawford, Q.C., and Jean Fraser, of Osler, Hoskin & Harcourt LLP, Garth Girvan at McCarthy Tétrault, and Les Viner at Torys reading about leadership these days, they are thinking about it, talking about it and taking action. Purdy Crawford, who has rejoined Oslers after most recently serving as Chairman of Canada Trust Financial Services and non-executive Chairman of Imasco, says even before he stopped practising law in 1985 to go to Imasco, he found the Harvard Business Review more interesting than the Harvard Law Review. Les Viner debates theories from the latest management literature. And James Riley at Ogilvy Renault extracts lessons in organizational growth, competition, and strategy from John Keegan’s The Face of Battle and other such military classics. They articulate such psycho-management terms as 360° feedback, EQ, and the importance of “vision”. What has the world come to?! These are supposed to be hardened, no-nonsense corporate lawyers.
“There is a revolution brewing,” exclaimed Tom Peters in 1989. That revolution, the Information/Technology Age, has since arrived and has far exceeded Peters’ predictions in terms of how massively and pervasively it would impact on the rules of economic wealth and growth, what competitive advantage is, and how people live and work. There is another revolution brewing today: in professional services. As global legal services converge and consolidate, as multidisciplinary practices enter the market, as corporate mergers escalate causing even more consolidation in the business client base, and more and more work is transacted cross-border, Canadian law firms find themselves in a difficult position. By all accounts, business is booming.
ASC Chairman Bill Rice and Other Securities Regulators & ExpertsSee:
Ignore Today's Canadian Press-Decima Poll
Add Alberta Securities Commission Chairman Bill Rice to the list of Canada's securities regulators and legal experts trying to convince us there are few high profile white collar crimes in Canada and that Canadians are less aggressive in the pursuit of law and order than Americans. Bill Rice, David Brown (former OSC Chairman and Current Chairman of the RCMP Restructuring Task Force) , David Wilson (current OSC Chairman) and Purdy Crawford (Bay Street securities lawyer and recognized architect of Canada's current securities enforcement system) are out of sync with the knowledge and standards set by Canadian society, as they are expressed in today's Toronto Star - Canadian Press report on the Canadian Press - Decima poll of Canadian attitudes towards the U.S. Conrad Black verdict and his expected jail sentencing.
"The survey of more than 1,000 Canadians found that only 8 per cent think the American jury was too severe in convicting Black on four of 11 charges earlier this month. Forty-eight per cent say the jury got it about right and 22 per cent said the verdict was not severe enough.
"Decima found that most respondents 69 per cent would like Black to see jail time in addition to paying a fine. Just 10 per cent believed a fine is ample punishment. Some 29 per cent felt he should be sentenced to 10 years or more in prison, with another 40 per cent feeling that one to nine years would suffice."
Meanwhile, this is what Bill Rice, David Brown, David Wilson and Purdy Crawford have had to say about white collar crime in Canada:
"There's always room to improve, admits Alberta Securities Commission chairman Bill Rice. That includes changing the perception that Canada doesn't aggressively pursue rogue executives. Rice, a former securities lawyer, feels Canada too often is an easy target. Without a trial to match the visibility of Enron or WorldCom, regulators here come up short by comparison. The reality, he says, is that aggressive, U.S-style punitive action isn't the Canadian way when it comes to stock market scandals. "There is an extreme cultural difference in our approach to criminal law enforcement. We certainly don't send people away for 25 years for these kinds of things. "I happen to think our public would be horrified by it."
(Calgary Herald, "Business Scandals dog Canadian markets," dated May 28, 2007)
"David Brown, past chair of the OSC, said, "Canada's come a long way ... I think all of the pieces are in place now. We all need to give it a little more time." And he added that the lack of high-profile convictions in Canada could have something to do with a lack of high-profile crimes. "We don't seem to have seen here in Canada the high-profile failures that they have in the U.S.," he said." (Toronto Star, "Soft on White Collar Crime," May 29, 2006)
"But a small minority of firms and individuals prey on investors. Unfortunately, this small group has a disproportionate impact on the perception of Canadas capital markets. I understand the challenge of trying to close a gap between perception and reality." (OSC Chairman David Wilson Speech, "A Common Objective: Strong Investor Protection," April 26, 2007)
"Purdy Crawford, a lawyer who headed a commission that urged the creation of a single national securities regulator, said he was disappointed Canada didn't take the initiative to prosecute Black before he went to trial in the United States. "The best thing that ever could have happened to him would have been to have been prosecuted here," said Crawford, although he added the U.S. authorities' "no holds barred" approaches are also overzealous to a fault."
(Canadian Business Online,"Securities Enforcement Still Lacks Teeth Experts Say," July 17, 2007)
Canadians are well aware that economic crime is a serious problem in Canada, so the efforts of Bill Rice, David Brown, David Wilson and Purdy Crawford to coverup this fact are falling on deaf ears. The longstanding efforts of these men to coverup white collar crime and to mitigate Canada's prosecutorial response to it can only be interpreted to be a breach of trust to the Canadian people.
In a recent survey (EKOS Survey, Wave 3, 2005-2006), Canadians said economic crime was the most serious problem in Canada at 67%, gang violence rated second at 66%, and gun crime and organized crime both rated third at 54%. Terrorism rated last at 14%. When asked about what type of crimes Canadians were personally more concerned about, those polled rated economic crime first at 68%, gang violence second at 59%, gun crime third at 51%, property crime forth at 48%. Terrorism rated last at 30%.
(RCMP Integrated Market Enforcement Teams Accountability Framework - Fiscal Year Ending March 31, 2006)
On April 26, 2007, the National Pensioners & Senior Citizens Federation (450 clubs and chapters with 1,000,000 members), the United Senior Citizens of Ontario (1000 clubs with 300,000 members) and the Small Investors Protection Association jointly requested a national inquiry on the malfunctioning of Canada's securities and accounting regulation and white collar crime enforcement system.
railroad, CN, Imasco, Imperial Tobbacco,
Purdy Crawford, ruling class
asset-backed commercial paper , unions, labour, strike, Hunter Harrison,labor, workers, Canada
homes, mortgages, housing, bubble, US, economy, Canada, sub-prime mortgage, Wall Street, crash, recession,Smoking,