The Ontario Securities Commission has initiated an investigation into the possible leak of information from Liberal Finance Minister Ralph Goodale's office, according to an informed and reliable source.
The allegation is that confirmation that income trust funds would not be taxed was provided to certain traders during the business day prior to the general announcement. Suspicious activity in income trusts on November 23 suggests that the information was used by those in the know to position themselves for quick profits when income trust values surged on November 24, the day after the announcement.
Ralph Goodale's office is named specifically as being a subject in the investigation.
I am attempting to get confirmation.
If this turns out to be true, expect renewed calls from many quarters for the resignation of Finance Minister Goodale until the investigation is completed.
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Remember the guy at the top of the security exchange is a Liberal buddy, expect to see a news release days before polling that there is nothing wrong with the trading, voila vote Loberal they are corupt free.
Posted by: Barrie McClarty at December 22, 2005 12:14 PM
Either that or the OSC doesn't want an investigation into itself by a new government. I wonder if they were delaying just long enough to see how things were going with the election?
Posted by: "Expert" Tom at December 22, 2005 12:17 PM
Barrie, according to the NDP website, David Wilson has agreed to remove himself, at least partially, from any investigation, due to his ties with ScotiaBank, his previous employer.
If the investigation has been formally announced, and Goodale's office is indeed named, there is no question he will have to step aside.
Goodale would have been better off stepping aside a few weeks ago. The announcement of him stepping aside in January just as the campaign heats up will be more damaging then if he stepped aside earlier.
Here is the link to the NDP release I mentioned previously.
http://www.ndp.ca/page/2337
Posted by: Concerned Torontonian at December 22, 2005 12:42 PM
"according to an informed and reliable source"
Perhaps, given your track record, you could tell us who your source is this time. It's not Carol Jamieson is it?
Posted by: PeterP at December 22, 2005 12:51 PM
Concerned Torontonian:
The fact that he has stepped aside is meaningless. Do you think that the person who is currently second in command isn't going to do exactly as he wants? Otherwise he might face a demotion when David Wilson resumes his duties.
Posted by: ferrethouse at December 22, 2005 01:00 PM
Awesome. Here's to the hope this blows up right around ballot time and turns five or more seats to the CPC.
Posted by: mark at December 22, 2005 01:24 PM
"I am attempting to get confirmation."
You do that. Meanwhile, I am attempting to get confirmation that you diddle children with a loofah. But rest assured I won't post it on MY blog until I know for sure.
Posted by: fleabag at December 22, 2005 02:17 PM
Related?
"In a decision Tuesday, Ontario Superior Court Justice Ian Nordheimer ordered the Crown to release hundreds of pages of documents used by the RCMP to secure search warrants against Royal Group Technologies and others, including former [Liberal] Ontario finance minister Greg Sorbara." >>
FP Comment 22 Dec., 2005: headlined: "GOVERNMENT REINED IN".
Excerpts of decision printed.
Unable yet to find link(s) to decision.
Posted by: maz2 at December 22, 2005 02:49 PM
FYI Angry, your trackback URLs are not working...
Posted by: Bob at December 22, 2005 02:50 PM
Fleabag - Did I read this post of yours right?
"Meanwhile, I am attempting to get confirmation that you diddle children with a loofah."
Are you for real? If you are, you are one scary individual....yikes!
Posted by: mike at December 22, 2005 03:29 PM
There's no way CBC doing a segment on this last night (in which they gave the impression there was likely insider trading) was coincidental.
They got a heads up and did a "set up" piece.
It's gonna blow soon.
Posted by: Biff at December 22, 2005 03:31 PM
If I remember correctly, McGuinty & Co just appointed a (retired?) judge to the OSC "board" last week, after the IT kerfuffle became publicly known. I suspect the two things (judge and investigation commenced) are highly related.
Posted by: Erik Sorenson at December 22, 2005 03:31 PM
Flebag! somebody shit in your cornflakes.
Posted by: craig at December 22, 2005 04:20 PM
Fleabag obviously doesn't understand what Angry said. Angry is attempting to get additional confirmation beyond his current source to find out if the OSC is actually investigating Goodale's office. An investigation may find that someone in Goodale's office leaked info, or it may find otherwise.
Either way, Angry isn't saying Goodale or anyone in his office is guilty of securities fraud, only that the trading patterns of the day of the announcement suggest that there may have been a leak...and this warrants further authorities to take a closer look.
Posted by: Shabbadoo at December 22, 2005 04:35 PM
"Fleabag obviously doesn't understand what Angry said." No, Shadadoo, I think he did. I told fleabag about Angry and his loofah, so he has a source. He - like Angry - is trying to confirm.
Posted by: PeterP at December 22, 2005 04:58 PM
Peterp and Fleabag = IQ of a toaster
Posted by: Jeff Cosford at December 22, 2005 08:15 PM
Jeff--don't insult toasters--they at least are good for toasting bread!
Posted by: George at December 22, 2005 09:12 PM
Today I am profoundly pessimistic about the guts and intelligance of my countrymen, I am also pessimistic about the integrity of the same. I'm thinking that the Liberals must have bought enough votes accross this naive and sorry land to land themselves another mandate. 8 points ahead of the conservatives in the polls?!? I'm now inclined to move to another country like Bolivia where at least the prime minister is honest about his criminality if nothing else. I'm just disgusted.
Daryl
Posted by: Daryl Haaland at December 22, 2005 09:32 PM
I'd rather have the IQ of a toaster than the integrity of one. Angry's apologies over his gutless anonymous sources sound pretty hollow when he keeps dragging them out. Never out into the light, mind you. Ring and run is a coward's game.
Posted by: PeterP at December 22, 2005 09:50 PM
8 points! I wish, how about the new Leger poll has the CPC back 12 points
Urgh!
Posted by: Spencer at December 22, 2005 09:57 PM
Paul Martin had Gomery investigate Adscam too. I am sceptical any Paul Martin Liberal will get investigated to the full extent of the law.
Posted by: wade at December 22, 2005 11:03 PM
For your information...a letter sent to the NY Times, The Washington Post and the Wall Street Journal
From: David Walters
Sent: Thursday, December 22, 2005 12:04 PM
To: 'Arthur Sulzberger'; 'Bill Keller'; 'Caroline Little'; 'Jim Brady'; 'Sonja Zambrana'; 'Karen Elliott House'; 'Paul E. Steiger'
Subject: Public Confidence in Canadian and United States of America Capital Markets
A letter was recently sent to the Securities and Exchange Commission setting out concerns about recent trading activity in stocks, which are listed in both the U.S. and Canada, just prior to a major announcement by the Canadian Government.
Throughout my entire professional career, I have devoted myself to practicing good ethical behaviour. I have reviewed the matters identified in the letter, sent to me and noted below, which is addressed to the Director of Enforcement, Securities and Exchange Commission, Washington, D.C. and I am concerned. It is my view that any time that there is a dramatic increase in the trading volumes and share prices of securities, listed for trading on public stock exchanges, before a major announcement by a Government Official, such activities should, indeed, must be investigated by the appropriate Regulatory Authorities. As a former Deputy Director of the Ontario Securities Commission, I am very concerned about the trading activities, on November 23, 2005, in a number of securities listed for trading on the Toronto Stock Exchange and also listed for trading on either the NYSE, the AMEX or the NASDAQ. Such activities may have violated the integrity of the capital markets both in Canada and the United States of America and undermined the confidence that Canadian and American investors have in such markets.
For your ease of reference, I am attaching a list of securities, traded on the Toronto Stock Exchange, which are also interlisted on U.S. Exchanges.
As well, I am pleased to attach a copy of my Curriculum Vitae.
David D. Walters
Posted by: ann at December 22, 2005 11:44 PM
Fleabag, is that you?
I thought that you were on the Dust My Broom assignment? Anyway, there's coffee and doughnuts down here in the lunchroom (Timmie's). There is a girl here tonight who looks just Belinda; is that coooool? Shamara said that Belinda herself might drop by here in January. Awe...maw...gwad!!!!
:-". Hee Hee, that's the new Chretien face print that Simon told us to use when ever we send emails between party members. Too funny. My brother's boyfriend knows the guy who hit him in the face with the pie in PEI.
Anyway, come on down for a coffee and doughnuts.
Carbon Monoxide
P.S.
Here's that web site Monique said you were looking for.
http://www.drphil.com/
Flea, I heard about you not being aloud around your newphews anymore. Raw deal Spunkie but both Beth and I just want to let you know that we support your issues. Wow, look at what we did for the marriage thing and that only took less than 5 years to put it on the radar. Your day will come Flea. FOUR MORE YEARS!!!!!!!!!
Kisses,
Janet
Posted by: Mr. X. at December 22, 2005 11:47 PM
PeterP says: I'd rather have the IQ of a toaster than the integrity of one. Angry's apologies over his gutless anonymous sources sound pretty hollow when he keeps dragging them out. Never out into the light, mind you. Ring and run is a coward's game.
You're absolutely right. By the way, did they ever find out who leaked that '97 Harper speech?
Posted by: Reluctant Ninja at December 23, 2005 09:31 AM
So the OSC leaked the investigation, when they say they don't disclose details about in-progress investigations?
How ironic.
Posted by: john g at December 23, 2005 10:55 AM
I'll believe that the OSC is serious when some charges are laid.
Cheers and Joyeau Noel everyone
Gerry
Posted by: gerryinmontreal at December 24, 2005 12:14 AM