Sept 30, 2008
To: Rt. Hon Stephen Harper
At this time of financial crisis in Canada and North America, I am writing to request a public inquiry be held into some of the known root causes of todays and previous financial crisis.
As a twenty-year veteran of the financial services industry, myself and others from the industry feel we have an understanding of the systemic issues that allow these crisis to develop.
I have tried for some time to raise these issues into view, so that the public interest can be better protected. While I say that these causes are known, they are known usually to members of the financial services industry. They are allowed to be voiced rarely, if ever, and then only by those who no longer feel their jobs threatened by the code of silence that pervades the industry.
I feel it is now time to allow members and former members of the industry to be heard on this topic in a safe environment. It is time to have a peek behind the curtains at what truly goes on in the financial services industry. Without public airing of the common rot that lay at the foundation of these problems, we will in all likelihood continue to suffer from disaster after disaster.
The nature and intent of this proposed inquiry should be focused on the systemic practices of our financial services industry, as well as our financial regulatory system that allow financial abuse and predatory practices to flourish. The evidence and examples to be presented to this inquiry, demonstrate a collective and complicit effort to place profits and self-interest ahead of the interests of the public and before the duty of care owed to customers. We feel these issues can be best identified by persons who come forth without conflicts of interest.
If Bay Street and Wall Street, and by connection, the financial regulators, and self regulators have allowed us to get into the situation we find ourselves, perhaps it is time to take a look at some of the systemic foundational problems of the system they have designed? I feel it would be appropriate to entertain a glimpse at perspectives from experts who are able to come at the problem without the weighty encumbrance of an industry salary. Richard Nixon stated, “you can't trust the man who was picked by the man that made the mess to clean it up”.
I request that this public inquiry be conducted at all times in full view of Canadians, and at all times by an impartial and objective panel whose credentials are beyond reproach. I ask that financial industry persons not be allowed to investigate or judge themselves any longer.
I trust that the future financial health of our country will allow the request for this public inquiry to move into action at the earliest convenience.
I thank you for your time and I look forward to your action on behalf of Canadians.
Larry Elford (former CFP, CIM, FCSI, Associate Portfolio Manager, retired, 2004)
lelford@shaw.ca
PS. Other federal members have in the past, deflected responsibility for this inquiry down to a provincial responsibility. Some of the evidence that will be presented to this inquiry shows that the provincial regulatory regime has condoned, as well as aided and abetted investment practices that are not in the public interest. Practices, which allow a perfect storm like today’s crisis to grow. For this reason, it would not be appropriate to allow provincial agents to investigate themselves. I feel that this requires the federal government to act and to act decisively.
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