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Monday, July 13, 2009 

Ahh ... The Glories Of The 'Unfettered' Free Market!!

It is hard to imagine that right wing conservative types actually want to DECREASE the amount of scrutiny and accountability that currently exists in Canada's financial industry. Anyone who says that the industry is 'fettered' by too much regulation and government interference, needs a swift kick in the ass!

But how do Canada's right wing thinkers react to this story? .... They fault the victims!

"Quebec's securities regulator has ordered the assets of a small Montreal investment firm frozen after several investors came forward complaining they had stopped receiving payments and the owner of the firm could not be reached.

In a press release, the L'Autorité des marchés financiers says it has ordered a stop "to all activity, direct or indirect" of the Earl Jones Corporation in order to probe its assets.

A message left on the answering machine of the longtime investment adviser based out of the Montreal suburb of Pointe Claire earlier today suggests investors might not see their money again.

"If you are calling regarding your account with us, we are not in the position to remit your funds," a male voice on the recording says.

"In the meantime, phone calls and mail will not be answered."

Earl Jones has managed assets and estates for more than 20 years."

CBC News

Radio-Canada, La Presse, Le Devoir all mention that Earl Jones never was registered with the provincial financial authority.

What's worse is that nobody ever bothered to check into his licencing or registration.

It's a testament to our nature that we take a person into our confidence (even financial) and not bother to verify his qualifications.

But, that raises a question. Shouldn't this person have come to the attention of licencing authorities before now? After all, others in other fields ply a profession or career--fake doctor, or fake lawyer and soon get caught out.

Why the laxness about Jones?

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