AND NOW: INSIDER TRADING from Peaktalk
It’s not unusual for governments to share market sensitive information with key financial players who may want to adjust their portfolios ahead of certain policy announcements. As a fresh arrival in Asia in the early 1990s my moral compass was... [Read More]

Tracked on November 27, 2005 11:44 PM

The income trust screw-up has really damaged the LP.

The principle holders of ITs have been retirees and those close to retirement. The mis-handling has collectively cost these owners tens of billions in savings and they are pissed. The LP has easily lost 10s of thousands of votes at the very least and hurt to the very core their credibility and prudent fiscal managers in a very personal way.

Yeah right, fact is most folks don't even know what an income trust is let alone the ramifications. In many GTA ridings Mr. Martin could be outed as a goof and he still could win.

This only adds to the already revolting stench emanating from that herd calling itself "Liberal". If they're not culled in the election, Canadians will be puking their guts out and fainting dead away as the stench will become deadly...

...like a chemical or biological weapon.

Viva el revolution nonviolente contra Pablo “El Culo Sombrero” Martinez y Los Libranos! Viva Esteban “Che” Juan Ponce De Leon Harper y son hermano “Don” Juan Layton! Viva Canada!

This shows Canadians yet again the utter disdain the Lie-beral's have for all Canadians and proves that they are solely interested in lining their own pockets at our expense. If Canada was a true democracy these thieves would be cooling their heels in jail right now. I suspect after the next election there will be Fiberal's faced with the prospect of prosecution for their criminal deeds and will either face sentencing or more likely they will flee to a country that has no extradition treaty with Canada. Why, because they're cowards!

" If Canada was a true democracy these thieves would be cooling their heels in jail right now." LMAO.Good one Bruce.Democracies do not allow for this to happen.Gets in the way of "rights".Only republics like the U.S. go after white and government criminals.*sigh*

Billions lost? Billions gained? Did the Liberal friendly Bay street people sell off trust funds before Mr. Goodall started scaring the market? Then buy back before the "leak" at the lower price? Would this be part of the pay back for supporting Mr. Martin's leadership campaign or even to pay them for supporting the Liberals in the next election?

I see nothing unusual about how the Income Trust taxation information was leaked to a favoured few by the Liberals. It's the Canadian way, for God's sake. This is no different from Adscam, HRDC boondoggle, illegal lobbying and a multitude of other Liberal scams which benefit the favoured few.

No one will be punished. No one will go to jail. No one will be identified as a "wrongdoer" in any manner, shape, or form.

Again ........ It's the Canadian way and don't kid yourself; Ontario will vote Liberal again.

Definition: "MARTINIZE"-- (MARTIN-IZE)
To Martinize is to Clean (News), to Launder (Money), to sterilize (information), Sanitize (Liberals), to Deodorize (stench of Corruption), to Entitle Etc.

Of course they will vote Liberal again, but it is just baffling isn't it. Sure, as long as gays can marry I don't care if there are theives in office and it costs me billions of dollars. Of course, I'm not gay and never plan on it but their freedoms are my freedoms - and that's what those scared little voters think when 'Liberal' flows through their head.

I said I wouldn't return to Canada until Limp Lip left office, but now I'm even more disgusted by what I see. Bad timing for me....

- Power at all costs.
- Never at fault for anything.
- Arrogance is standard.
- Ego driven.
- Care not for others, but really good at pretending to.
- Stand for nothing.
- Core beliefs are always negotiable.
- No real purpose other than the vanity of power.

If this sounds like Paul Martin and his liberal hordes .. then it's important to know that this also defines a psychopathy.

Since most normal people are frequently suseptable to falling into the 'identity trap' where you believe others feel and think much as you do or should, psychopathS get a pass because most of us cannot fathom their warped head space. We can feel remorse and they simply cannot. Not having conscience is dangerous and often fatal for whom and what they contol.

They are real and they are in power everywhere because, like Arnold's terminator, THAT'S ALL THEY DO!

Another trait of such people is to be 'thick skinned' ... just like politicians. I mean to say .. could any of you reading this put up with what these fools endure daily. Wouldn't you die of embarrassment and shame at some of the failures and lies that they are continually being caught up in?

Think about this when you consider what you actually vote for.

People with normal dispositions, feelings and sense of reason simply cannot tolerate the political venue and therefore stay away. Only upon occasion will one step forward to try to make a difference.

Preston Manning was normal or he would never have put his job on the line for reasons of principle, fairness and what may be best for the party and counrty. Rather, he would been more like Cretien and Martin who cling to threir political blankets like the shit-smear that they are.

Okay .. the coffee is wearing off now .. good morning...

Up date: On CTV news conservatives hold press conferrence, questioning insider trading. Way to go bloggers!
I hope that this is covered to the max!

Good on them. Jason Kenney pointed out that just before this announcement, there was heavy trading in 13 of the companies prior to the closing bell, which was too much of a coincidence to ignore. But being the OSC, don't look for much co-operation given the incestuous relationship between Bay Street and the Fiberals. Don't want to burst any bubbles,but apathy has served the Liberals well over the years, and I'm certain that's why you have a compliant/complicit media and major corporations who are happy with the status quo. But it might incense a few people who didn't get in on it, and every vote counts. What a way to run a country.

Grey Cup

Martin Booed at Grey Cup coin toss. No cheers, just jeers.

Great news about the criminal being booed at the Grey Cup. That bastard needs more embarrasing moments like that to show how much he's despised.

Despite what the pollsters are trying to tell y'all, BCers don't like the Libs much. OT a tad, but did anybody see Jane Taber's interview with Layton on QP today? She was totally dismissive of him and his points of view, and laughed at him when he suggested they might pick up seats in PQ. Looks like Mr Bird's orders have been given: anybody who supports or sides with Tories is fair game. It's only going to get worse.

You can prove insider trading transpired just by looking at the trading price / volume before and after material information is announced. Anytime the price begins to trend down or up to the price after the material info is made public there is insider trading going on. All of this is known to the OSC , but don't expect that liberals will prosecute liberals.

So the trend up in unit prices, as the tax disability that inept Goodale had implied would be placed on trust units and which had already been capitalized into values (decreasing values) was removed was predictable and the tax benefit that would flow to corporations (and their shareholders) by a tax reduction is also capitalized into share values (ie a share value increase).

All of that is certain, and knowing market players are aware of capitalization and its potential. They would not miss the opportunity to profit on information as certain to be determinant of value as the removal of a tax impairment previously indicated and the removal of a present tax impairment afflicting corporations .

The question is, which of the little liberal piggies or crony capitalists deeply embedded in the lieberal party fleeced the market with insider information? If the price records show that telltale gradual rise to the price at the moment the material information is made known to the market, then insider trading is present. And surely the trail leads, from crony capitaliost supporters of the liberals, back to finance, the only possible source of this information.

Identifying the insiders (which includes persons trading on insider information received second hand) is easy - they are the ones who bought before the info became public, all that remains is to trace them to the source of the information. For such information, all roads lead to Ottawa, this is not the kind of information that is at all predictable- it is the very opposite of what finance had been telling the public, hence its effect ont he market when revealed and its value as inside information - . Since the capitalization effect is a function of the extent of the tax benefit conferred - you could not trade on it unless you knew the specifics, in order to predict the price delta and assess whether it was worth it to trade.

As is the usual liberal modus operandi, the small investors got shafted by the liberals - your neighbors, friends, family - they lacked the insider information and thought the price rise produced by the insider trading was a great time to get out, to escape yet another liberal tax hike. The broader victims - every canadian, as the already weak canadian markets are revealed as 3rd world, remarkable since the insider information originated with the government. amazing. beyond corrupt. every canadian issuer will pay for this, every canadian citizen will suffer for it, but most won't know it.

How much of any insider gains will be transferred to the liberal party as donations? Never forget the liberal pathology -steal, lie, reward your friends, steal some more. I left canada last year because it really is a banana republic with icicles - and this is yet more confirmation that I was right.

The large marine corps honor guard contingent on the field was amusing. If they had brought a Federal US Prosecutor along, we could have seen some real entertainment.

G/Thieves: That was really helpful. Thanks. Would it be possible for the Libs to raise some much needed cash that way? I'm thinking they're bullshitting the public and the cupboards might not be as flush as they're saying, so in order to run the campaign they intend, and finance their promises, they'll have to come up with a lot of lolly in a hurry. If they could wipe $32billion out of the trust funds in a week, is it possible they could raise a portion of that in 2 or 3 hours? I can't even do my income tax, so I'm really lost when it comes to this stuff.

very informative post gov't, with the Librano$ as broke as they claim to be and Christmas not being the best time to fundraise how else do you expect them to get campaign funds?
BTW it was great to hear lots of booing when PMPM came onto the field in Vancouver!

Both Conservatives & NDP are calling for an investigation.This acting together cannot be dismissed as partisan; it's bi-partisan. Who put Jack's head together again? Insider trading, anyone? >>>

Opposition says look for leak in Goodale's office
Last Updated Sun, 27 Nov 2005 18:21:17 EST
CBC News

The Conservatives and the NDP have called for an investigation into the possibility that important information was leaked to Bay Street from Finance Minister Ralph Goodale's office last week.

* FROM NOV. 25, 2005: Did Goodale's income trust announcement leak early?

Finance Minister Ralph Goodale (CP File Photo)

The calls came less than a day before a vote in Parliament that's expected to bring down the Liberal government and send the country into a rare winter election campaign.

On Friday, CBC News reported that trading in many income trusts and dividend-paying stocks became much heavier than usual late Wednesday – just before the government announced that it would not tax trusts and would cut the tax on stocks that pay dividends.>>> via nealenews

I sorry I missed Paulie being booed at BC Place, any chance CBC will show replays?? Jake

Re: Grey Cup boos

I was surprised Martin was there. Even mildly popular leaders sometimes get a jeer or two at games. I saw this coming a mile away. He kind of looked a little taken aback and the other guy walking out with him (CFL commissioner I think) gave him a "don't worry about it" pat on the back.

Access to gov't officials and upper echelon bureaucrats in the liberal gov't is a function of one's alignment with and donation history to the lieberals. Its who you know in the PMO, according to Dithers himself (a rare moment of lucidity). I doubt that Bay Street's big donators and fundraisers for the liberal party would be excluded, the investment bankers and M&A lawyers would all have access to finance, probably even the highest level.

Was the mininster the source of the inside information, if it was leaked? I doubt it, I can't see goodale being that dumb, but nobody knows at this point. I suppose its possible, finance had made a mess of the issue already, gravely injuring small investors who hold many of the units in these trusts, at a time when he no doubt knows the gov't is in the process of falling - for the second time.

So maybe finance decided to try to return value to these assets, in order to neuter a potential election issue (financial mismanagement or incompetence). But trying to return value to assets your ineptitude had stripped of value cannot excuse the insider dispersal of the information, a new case of ineptitude, if it took place.

Its this simple - if you have that telltale rise in the unit prices and corporate stock prices that meets the price set at the moment the material information is revealed, then insider trading took plce (b/c, per se, inside infomation is material infomation that cannot be discovered by the market). Such a change in tax policy for specific business organizations is per se unpredictable and inside information, its material information because it is likely to have an effect on value - per se met because of the capitalization effect the tax preferences have on asset values.

So, could it represent a conspiracy to enrich the liberals at the expense of confidence in the canadian markets and the expense of the small shareholders or unitholders who'd seen finance's ineptitude wipe out billions in market value (again by the capitalization effect)? As ruthless as they are, I doubt the liberals are that organized, its not as easy as stripping billions out of the government, where secrecy is paramount and rewards for playing along with the liberals are great.

No, if there is insider trading, I'm sure it is just well connected crony capitalists and card carrying liberals taking advantage of the access they had, and finance's blundering incompetence, not yet another underhanded scheme to finance the liberal party because the public refuses to donate (as in adscam, although there apperars to be a large dose of lets steal from the taxpayer and get rich as well).

But because I surmise these persons' access to the upper echelon is a function of their donation history to the liberal party, this is not the first time they've received info and access; regardless, what difference is it that they donate first and get inside info by good luck (that finance is staffed by chimps) or by malevolence (that finance wants to reward friends of the liberal party), before or after the delivery of the info? There is no difference, even if they donate nothing in the future, an incestuous benefit to the liberal party is present.

Actually, seing as the liberals are about to lose the election, most crony capitalists will be inclined to give less - why pay for access you won't get. But whose to say they won't want to keep their investment in the liberals producing?

So maybe if there was insider information leaked that was material info and which was traded upon, the insiders who traded and made a mint would give some back to the liberals, because,at the very least, the best way to avoid prosecutuion is to keep the liberals in power (even if securities markets' regulation are a provincial jurisdiction, no cooperation from Ottawa makes prosecution impossible), a fact our old PM surely knows.

I'd be interested to see any charts people have of the unit and stock prices in the days leading up to the public announcement of the tax benefits conferred, that will establish beyond any doubt if there was insider trading, and public records will reveal who traded (we'll see if they are linked to the libs).

I hope the media runs with this, if there is insider trading I think Goodale's done as a minister, regard less of its genesis (ie rogue finance operative, conspiracy to enrich the liberal party or the time honored liberals taking care of liberals at the expense of ordinary canadians) - if its present, maybe its time to go to a crown corporation, Ralphie - how 'bout the wheat board?

Talk about stupid though.

Insider trading isn't that hard to pick up. There's a statistically significant blip in buying (or selling) prior to the release of information. Absent "information" there would be no economic reason for a sudden upsurge in buying. Then just follow the source of buying and bingo. Given that those who used the info are not likely hardened criminals, but rather an everyday financial joe relying on a good "tip", chances are they'll sing like canaries (assuming there's something to sing about).

Discouvery of Insider trading is a function of volume not price. If you have a anouncement that is a material change in the circumstances of a stock and in the couple of hours preceding the anouncement a unusual increase in volume along with the price moving in the direction that the anouncement dictates then you have suspicious circumstances.

Actually, its the fact that the price is moving towards the price that exists with the material information before that information is publicly available - thus the transition to the price begins before the public knows, the insiders are either buying or selling, and this change in demand is what is represented in the volume, but what distinguishes insider training from other changes in demand is the price movement -- the insider knows that because X corp has been deprived of regulatory approval for its miraculous cancer drug, its earnings are less, its share value is less etc - so the insider sells 100% of his shares, flooding the market and causing the price to drop, if he does this enough, he begins to move the price towards where it would be in light of the information, because every time he sells a share at a price above the market price in light of the information, he profits. The insider stops selling when the price reaches the price at which the share would trade in light of the information - to sell below that is to forgo profit (or increase loss, depending on what price he got into the stock) or, if the information is such to cause the price to rise, the insider stops buying when the price reaches the price at which the stock will trade with the information known - to pay more is to suffer a loss, because the price will drop back.

So its the movement of the price towards the price which represents full knowledge that is critical - the volume is just the insider's attempt to get in or out at the most profitable moment (the time of the greatest delta, ie the difference between price now and price with full knowledge of the material information)- the movement of price to the market price with full knowledge before the full knowledge informationis made known to the public which is what betrays insider activity, volume is merely an indice, it is not proof - price history is the proof that sends the OSC investigator on his way to see who traded and link them to a person who had the material information - then the uglyness starts...

Watch price, pre and post announcement of the material information - if the insider is truly effective (has enough capital), then there will be no price change at announcement - the stock's price is already there thanks to the insider.

So what's the harm in that (sellers or buyers acted in response to price stimuli, right, no one put a gun to theor heads) - its all about market confidence. Things are already "fixed" enough in canada as it is - anti-competitive, anti consumer practices abound, regulated industries to protect incumbents, a political structure so free of checks and balances that it guarantees corruption (structure determines conduct), why add a fixed stock market to the list of indignities being a Canadian entails?

Re: Grey Cup boos

Michaeale Jean managed to survive with out any boos, but by then the Cup was being awarded and most of the fans were in party mood.

Note to Jean: instead of standing there in a "look at me, look at me" stance, you really should hand the Cup to those big hulking dudes in green and gold behind you that you're ignoring.

Helluva a game (again for the umpteenth time). Don't know how the CFL does it, but it's always worth tuning in to the championship game. The NFL is all hype, the CFL is all excitement.

Some facts and figures folks. These #'s are from the US but the two markets are similar. 80% of all securities transactions are conducted by institutions. Those istitutions comprise Pension funds. ie Public employees or Teachers. Actually in the States the single biggest pools of Capital are these 2 institutions then come the Hedge Funds which can be characterized as Pools of Capital that usually want professional money management but don't want to have the restrictions placed on them that mutual funds do. Mutual Funds generally can't short the market. Then the Banks. Banks are heavy market players. Finally Mutual funds. In Canada the government also uses the money for Old age pensions in the market.

This story will have legs for one reason and one reason only it seems some of the institutional money didn't get included in the alleged leak and they are pissed about it.

To understand why you have to understand how institutional money works. And that requires an explanation of a short sale. That would be selling a security at a higher price in order to hopefully purchase it back at a lower price. xyz is trading at $10 you don't own the security but can borrow it to sell. Hopefully it goes down to $5 and you can buy it back and return the security you borrowed to the owner. This works because all players have different time horizons and different agendas so usually there are securities to borrow.

This is not about some institutional money missing out on a chance to make some bucks on inside information. A lot of that money would have been short the market so they didn't just miss an opportunity to make money but being short got run over by the longs who had an edge that they didn't have. That would translate into some pretty huge losses.

In the states stock positions held by some institutions are so huge that it takes weeks to unwind them. California public employees pension fund is so huge (400 billion in assets the 3rd or 4th largest pool of capital in the world) that they use futures and options to offset changes in their positions because the costs and time involved in exiting a position is prohibative.

Canada's capital pools aren't that big but still are pretty big in some cases. For instance Ontario teachers pension fund is a major player in the world not just Canada. At 80 billion in assets they are nothing to sneeze at.

Goodale changed his position on the trusts because he was getting a lot of pressure from pension managers and RRSP managers. RRSP managers tend to be the Banks.

So we will see where this goes.

Gotta agree with Matt 100%. Most exciting Grey Cup in the lifetime of a lot of Edmonton fans.

What the hell was the GG doing? She would have kept on holding the cup if it didn't become out of reach for her. Then, she still jumped up to slap the underside of the base. Did I see her right at the end of presentation with her arm around one of the Eskimo players?

I'd hate to think of what would have happened if Montreal won !

Govtbycrooks:

Information released in advance to a small group of medium sized investors could not materially affect price. A large, significantly large investor must be involved. Be it a private investment consortium or public mutual fund.

Check the trades and trace them back to the point of origin and then check for political connections or donations.

The Canadian market is small enough that a private group of very wealthy investors could move the market. Not so in the USA.

If the securities commission or the RCMP are curious enough and johnny on the spot (I wouldnt hold my breath) the trades will become public.

NFL-40something cup games. CFL 93 cup games, yahoo!! this was the best game ever! PMPM is a huge Montreal fan of course...sweet

PMPM Booed! Yeah! But I think that they turned the mics down..... Oh well he deserves it! Insider trading, oh man! The paper trail will tell...and as for the GG I think I missed it at the after party!! Good time to have her on! Not much to miss. Tomorrow is going ot be quite a day.....

Time to "depopulate" the liberanos.

Horny Toad

Listening to CFUN tonight in Vancouver, 9 pm Sunday newscast. They just covered this insider trading issue and seemed to indicate there was much interest in it, saying more would probably come out of it Monday.

If the source of the insider trading is traced back, I will be surprised if it is all just Joe Schmoe in Regina.

My suspicion is that a good deal of it would be investment corporations held in privacy in Swiss banks acting as buyers from outside the country. Even anstalts in Lichtenstein.

Because of the privacy laws in Switzerland and Lichtenstein (and a number of other offshore havens), the principles involved in the insider trading can act with impunity because the laws in the countries that hold their accounts (XYZ Corp, or Blue Sky Investments) do not allow their names to be revealed.

In other words, wealthy individuals in Canada who are connected to the Librano$ could instruct their offshore banking accounts to make purchases for them without ever having to reveal their identity.

Sometimes some mafia pump-and-dump schemes are not too dissimilar.

why not leak the budget to Bay Street its where the old money and the status quo meet at the corner.

Booing the chief thief?? Joe Sixpack has never been better represented.

Wait till the Libs unveil the "Kyoto Kuffs for the Kanadian Ekonomy" and call it a great economic opportunity- one the car industry cant afford but the oil industry can

"Suppress the West"- the rallying cry.Release the East the intent.

Another "Organized Crime" by the Thieving Liebrano mafia bastards! And yet the gentle sheep slumber on....

Thanks, Kate. Here is my e-mail complaint as sent to CBC

Given that Charles Bird is a lobbyist for Bell Globemedia (owner of The Globe and Mail and CTV) and is the Ontario campaign chairman for the federal Liberals and that the CBC is funded by the 'government'- otherwise known as the Liberal Party of Canada, I'm deeply concerned about the tilted playing field of the media.

There is entirely too much loose talk thrown around without it being ascribed to anyone other than unknown 'political commentators'. If you're going to make allegations such as "Some political observers said the calls for investigations were signs that the looming election campaign could become nasty.", we want to know just who these 'observers' are. Staff of the PMO? Media pundits looking for a senate seat? A CBC janitor who believes he's in the know?

This is shoddy journalism at best.

That's it. I've had it.

The next time I'm asked for an opinion from a MEDIA type, I'm gonna feed 'em some of my dogs "tailings" otherwise known as "bio-solids".

Sick of the media "slant" that they don't even TRY to conceal.

had it up to here....

For whatever ( or what little... ) it's worth, I have taken to posting your blog and its pointed "comments" in the pseudo-blog I run at Free Republic:

http://www.freerepublic.com/focus/news/833678/posts

The MSM is naturally protecting the Liberals. The MSM doesn't care if they're crooks, therefore they ridicule any and all calls for criminal investigation.

The MSM will, I solemnly promise everyone, do everything in its power to get the Liberals reelected again.

This is why we the bloggers MUST counter the crooked MSM with all our might.

Canada depends on us now!

BTW, be certain to watch my own site closely. I'm on the case like stink on an elderly gorilla.

Just did a post on Liberal "star" candidate Michael Ignatieff. Guess what about him? He has expressed "disdain" for Ukrainians. See for yourself.

http://thecanadiansentinel.blogspot.com

Don't think that this instituionalized corruption which now infects our markets, will not have an impact on trading...I mean even China has a better record of bureaucratric insiders screwing people investing in its markets

insider trading -
remember Bill Bennett. a flurry of phone calls to the broker moments before the market opens and couldnt convict because they couldnt prove that he said "sell"

has there ever been a BC premier not caught in a scandal?? Damour De Cosmos ? maybe.

pravda has dropped the story altogether. CBC concentrating on native affairs again. suspect with their 7% audience share , 50% is the captive native audience in the north - so maybe they really do cater to their audience as well as themselves.

Good Lord! The level of institutionalized corruption and en-bloc vote-buying is absolutely stunning!

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