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September 19, 2005

Bill Cara, meet James Bond, Mon., Sept. 19, 2005, 12:42 PM

I have a confession to make. My wife has always wanted me to be a securities regulator, but I couldn't bear the thought of joining bureaucracy. You see; if something stinks, I like to speak my mind.

Yes, I do agree that perhaps I speak my mind too frequently " often tilting at windmills " but I have never been afraid to call a spade a spade, given that I truly know in my heart that's how I feel. The problem with most people today is that they have an ax (axe?) to grind, or that they have been browbeaten by the politically correct, or maybe just by politics.

I don't like to take many risks with capital " so many people call me a perma-bear " but therein lies a serious problem. Too many owners of capital do not fully appreciate the capital risks they do take, and too often they end up losing capital they need for living life. And too often there is fraud involved.

As I see it, securities regulators have failed miserably at their mandate of serving and protecting" the investor. I have written previously about the need for an ombudsman in capital markets who would fill that role.

So today, one of the world's top experts at securities regulation contacted me to set up a meeting for later this week. The agenda is to plan our own ombudsman " an organization that will hear the plight of damaged investors, do the research, make a judgment, and, where necessary, organize a group of plaintiffs and bring in the class-action lawyers.

I think we'll start with Canadian-listed securities, since this is a small jurisdiction, and when we get the model down pat; we will quickly go to the States. That means that for any trader (retail or institutional) anywhere in the world that gets ripped off by problems in these jurisdictions, there will be a place to go where the research and the judgment will be independent and objective.

This is not a small undertaking, and it will require a lot of help from a number of securities lawyers. But, I have to say that the people who want me to do this are world-class in every way, as you will soon discover.

I'm wondering if they'll outfit me with a Hasselblad Camera Signature Gun or an Aston Martin DB5? As for the James Bond women, my wife does make it a little difficult doing my work with a blindfold on. :-)

Posted by Posted by Bill Cara on September 19, 2005 12:42:32 PM | Category: Stock Patrol

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