Thursday, September 02, 2004
Canuck version of Enron. I wouldn't hold my breath for a Canadian version of Sarbanes-Oxley to result from this.
wait, are you canadian? if so you'd have to know that hollinger is hardly a canadian version of enron. very few canadians will have lost a real money in hollinger stock.
we're eating this story up because the entire nation of canada despises conrad black and his lizard-queen, parvenu biatch of a wife. it gives us no end of pleasure to see the two of them squirming to get out of a bind created by their own, thoroughly un-canadian admixture of greed, arrogance and intellectual posturing.
btw, the canadian version of enron is nortel. every canadian must know at least a couple of people who lost scads of money in nortel stock. and the damage just keeps on coming: 5000 layoffs within the next 3 months. meanwhile ex-ceo frank dunn is alive and well and building himself a mega-mansion in oakville. doubt not that when oxley comes to canada, the word nortel will be on everyone's lips...
Yes indeed, I am a Canuck broadcasting live from the Socialist Republic of BC on our Left Coast :-). Agree with you about NT, that's the scandal of the century on Bay Street. IIRC, NT was profiled pretty well in Om Malik's book Broadbandits.
I don't think shareholders' losses are negligible in Hollinger's case, although they are certainly much less than those in NT as you correctly pointed out. Regardless, my larger point, admittedly made in a somewhat circular fashion, was about the dismal standards of Corporate Governance in Canada. Didn't Mikey Copeland just get away with a slap on his wrist from the OSC after he had plundered Corel and pumped and dumped his stock at the height of Linux mania? Come to think of it, I think he'd even win the trashy-wife contest against Black :-).