‘Most everything in Canada is broken and Justin Trudeau carries a good deal of the blame.’ Canadian leadership, plus other letters to the editor for Nov. 28
: The Ontario Teachers’ Pension Plan seems to have fluffed off the $95-million it decided to invest in FTX, saying the amount only represented 0.05 per cent of total assets. This looks like a clear case of gambling with someone else’s money – retired teachers’ money – and certainly not careful investing.I have observed the ultimate upending of so many spectacular, and less so, con jobs over the years.
Enron, Bre-X, Bernie Madoff, Quadriga and Theranos are just a few that easily come to mind. Add FTX to the list. Upon their collapse, there is a frantic search for what went wrong. In most cases, there are “shiny objects” such as too-good-to-be-true investment returns, a “disruptive business idea” or high-profile board members that attract the gullible and those with fear of missing out.
So-called seasoned investors, analysts, prominent corporations and celebrities not only sign on, but promote the scam. Only after the fraud revelation does the ever-present evidence come as a “shock.” There are no rules, laws or regulation that can prevent the human stupidity and greed at the root of these schemes.
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