Has corruption permeated the Regulators?

April 10, 2005 by e-mail to: drumheller.stettler@assemble.ab.ca

The Hon. Shirley McClellan
Minister of Finance Alberta
#224 Legislative Building
10800 – 97 Avenue
Edmonton, AB, T5K 2B6

Dear Minister McClellan,

Further to our letter dated March 25, 2005, we are writing today to advise you that we fully support the concerns expressed by Diane Urquhart regarding the ASC Commissioners Report in her e-mail to you dated April 10, 2005.

While we would like to have confidence in our provincial securities regulators, recent revelations including the Auditor General's Report, the Gomery Inquiry evidence and the recent allegations against the Alberta Securities Commission do little to inspire trust in the established authorities.

It seems that Elliot Spitzer using a fresh approach to investor protection, with his bureau for investment protection, has blown the lid off widespread wrongdoing and corruption. He was aided by TruthTellers to expose the wrongdoing.

In Canada we are fortunate to have individuals like the Hon. Sheila Fraser and Justice Gomery who are able to pursue the truth. We also have heroines like Ms. Bedard who are prepared to tell the truth despite attempts to intimidate her and destroy her credibility.

Now we have Mr. Jean Brault. Although we do not respect him for his participation in the wrongdoing, we do believe that he is showing courage to come forward and testify when so many others have appeared unwilling to tell the truth and even attempted to make a mockery of the inquiry.

Ms. Urquhart is a very capable and competent young lady who is dedicated to helping to make Canada a better place in which to live and invest. She has taken the time to investigate and expose some of the issues that are the root cause of many of the problems that investors face.

There is need for objective independent oversight of the investment industry and the regulators. Ms. Urquhart has provided knowledgeable comment. We fully support her views on this topic.

Further, we believe it is time that there is an inquiry into our regulatory system. It is no longer acceptable that we simply fiddle with the rules or the existing regulatory structure. There are industry accepted practices of wrongdoing that are costing Canadian taxpayers billions of dollars every year in lost savings.

There is cover-up so the public does not know. It is time to expose what is happening, and to make appropriate changes before Canada becomes entrenched as a nation that harbours corruption.

We trust that you will give Ms. Urquhart's submission your serious consideration and take appropriate action.

Yours truly

Stan I. Buell, P.Eng.President


cc. Hon Ralph Goodale – by e-mail to: goodar@parl.gc.ca
Hon Tony Ianno – by e-mail to: Ianno.T@parl.gc.ca
Hon David L. Emerson – by e-mail to: Minister.Industry@ic.gc.ca
Ms. Diane Urquhart – by e-mail to: urquhart@rogers.com