REAL example- response from OSC... Laugh or cry??I have often written about how absolutely useless our governing agencies are, and further how they pass the buck, and then trail off, ending up doing or accomplishing absolutely NOTHING. This is from about a year ago. Remember when the share price then was obviously being manipulated. Read this and think about it, in the context of their STATED MANDATE, what has happened here, what they have done to date, and the current ogoing situation. Then some of you, EMAIL your MLA. The ONLY way something will happen here:
1. Class action law suit.
2. MLA speaks up in parliament on the ongoing rip off(IMO of course, I am sure Severstal sees it differently, or do they???) , of Canadian investors by Russian Severstal business people, who by the way our current Prime Minister says we want to do MORE business with!!! Now does that top all or what??? Write him and ask is this an example of what we can expect???
3. The gold price continues up, which forces even Severstal hand when it comes to evaluation models. (most likely.IMO as our government agencies will likely do nothing and EVEN approve the PP at .38 - another something worth thinking about.)
So now read this response to me, which is among many. And I have kept them all, right to when they refused to respond any further. I think it got a little to intense, and after all, what did they do? And last remember Bernie Madoff revelations? Remember how people said that they continually warned, sent emails, letters, phoned etc etc. But NOBODY did anything? This is EXACTLY THE SAME. Different story, but same thing. So DO email all and anyone in Government, because the history here is telling and there will be no wiggle room for these folks when it all ends up with Severstal owning this, stealing it (IMO) from many shareholders, most of which are probably Canadian.
READ THIS RESPONSE and think about it. Has anything changed in a YEAR? Anything actually done, or is it worse?? Read and ask: did they do anything then, subsequently? I know, if you read, they DID forward it!!!!
Wow that was big! Notice how they say they are responsible, but.....
Its all nonsense, cop out BS, do nothing stuff.
"Thank you for your most recent messagesto the Ontario Securities Commission (OSC) once again alleging manipulativetrading in shares of High River Gold Mines Ltd. (High River Gold).
As we explained in a previous responseOctober 10, 2008, the OSC’s statutory responsibility is to administerand enforce Ontario securities law, which includes regulations relatingto abusive or manipulative trading. We also pointed out that theOSC has recognized the Investment Industry Regulatory Organization of Canada(IIROC) as a self-regulatory organization. IIROC regulates operationsand standards of practice for debt and equity marketplaces in Canada.
At that time we forwarded your concernsto IIROC on your behalf and we are aware that you received an acknowledgementfrom IIROC that they were reviewing your concerns. They are the appropriateregulator to review your allegations of manipulative trading and any furthersubmissions alleging further manipulation in trading of High River Goldshares should be sent to them directly. Your concerns may be e-mailedto inquiries@iiroc.ca. To expedite your matter I have again takenthe liberty of forwarding a copy of your concerns directly to IIROC bycopy of this exchange of correspondence. However, we expect thatany future concerns you may have about potential market manipulation willbe sent by you directly to IIROC.
Like other enforcement agencies, neitherIIROC nor the OSC may disclose the existence of any investigation or commenton any ongoing proceedings, so you may hear nothing further in regard tothese complaints.
If you have any evidence of any potentialbreach of Ontario securities law other than market manipulation, you arewelcome to submit it to the OSC for review. It is important to recognizethat regulators act on substantive evidence of a breach of the regulationswe administer. Chat room musings and speculation and suppositionabout the motives of market participants do not constitute substantiveevidence. Further, we have no authority to regulate matters whichlie outside securities law, such as matters governed in corporate law.
Sincerely,
Jeff Fennell
Senior Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314 or toll free at 1-877-785-1555