January 04, 2006

National Securities Comm. - Income Trusts - Abortion - Old Films

Response to a reader: I don't remember seeing the comment before -- on a post from Bud or me last March (link below) so this is an update response.

Abortion as birth control: Based on my experience this Christmas season a child brings so much joy to a whole family, and over years: You have no idea how true what I wrote then is. I have seen this week two children related to that baby brother. What a wonder to see. They bring their love with them, as my favourite auntie used to say. Thank you for commenting. NJC


Montreal v. Calgary: Ontario sacrifices Toronto as home to a national securities commission, paving the way for an exercise in competing federalism Joe Oliver, Financial Post, January 04, 2006

Big news in the arcane but important world of securities regulation: Ontario has decided that the headquarters of a proposed Canadian Securities Commission (CSC) will not be in Toronto, or anywhere else in the province for that matter. The Purdy Crawford Blueprint for a New Model concluded [. . . . ]


Canada's uniquely decentralized regulatory system
a province offering key concessions that may prove persuasive politically

In the West, there is an abiding concern that
rules exacerbating the regulatory burden on small- and medium-size enterprises (SMEs)
inspired by the Canada Pension Plan Investment Board. A "council of ministers"
reduces Ontario's effective control of securities regulation
A Calgary HQ would appeal to Western
Quebec's position has been unequivocal
will in fact retain shared jurisdiction
It provides Quebec a more robust role than it has been able to secure in the current system
a bilingual head office in Montreal means senior positions for Quebecers, including quite likely either the chair or chief commissioner
by competitive federalism.

Might I suggest that with competitive federalism, that is, the federalism that has been in practice, there hasn't been much competition? The game kept up by the federal government has overwhelmingly bent in one direction. Make a guess. Enough, already! Canada exists from sea unto sea and into the North and the Arctic, though if the Liberals get to sign many more agreements, that may be ceded to ... whoever. NJC


Breach of trusts -- "The pattern looks like this: Announce a criminal investigation, then claim secrecy when it comes to the details." Terence Corcoran, Financial Post, January 04, 2006

How fascinating to see the Liberals swept up in an investigation of corporate crime by one of their own creations: the RCMP's Integrated Market Enforcement Teams. With much political fanfare, six IMETs were created across the country in 2003 as the Liberals rode the great post-Enron regulatory stampede to clean up allegedly rampant malfeasance in Canada's securities markets. Just two weeks ago Bank of Canada governor David Dodge released a rah-rah speech (delivered to an RCMP management retreat) in which he portrayed the police force's IMETs project as a great venture in the war on "economic crime." [. . . . ]

They seem to have taken his words to heart.
[. . . . ]


The income trust trading that has snared
If tipping is involved
the only other basis for a criminal investigation would be Section 122 of the Code: breach of trust
doesn't define
An annotation in a law book on the Criminal Code
It would be a great ironic tragedy if

RCMP interview Goodale in income trust probe NatPost, Jan. 4, 05

China's success goes beyond mercantilism Matthew Davis, Financial Post, January 04, 2006

Strong evidence of China's emergence as a global economic powerhouse are these twin facts: a large foreign exchange reserve that China is holding, especially in dollar-denominated assets, and a large amount of foreign direct investment (FDI) going into China that rivals FDI into the United States. [. . . . ]

A new National Bureau of Economic Research working paper argues that the mercantilist explanation is an "intriguing story, but the facts do not support it." [. . . . ]

Films -- old and older -- enjoyed lately and recommended

Scandal -- John Hurt
My House in Umbria -- the Umbrian setting is evocative; I want to visit. The story touched me; I could watch it again.
Miss Julie -- different -- on power and position
Robin Williams on Broadway -- If you can get over the word f****, he will make you laugh until the tears come.

Film recommended by a friend that I hope to enjoy.

Robin Williams in Carnegie HallI have not seen it yet


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