Recently, I noticed a deposit made into my RRSP (401-K for American readers) account. There was a notation that this was the proceeds of the class-action law suit against Nortel Networks. For those of you not familiar with the case, senior executives at the (former) behemoth communications company conspired to perpetrate accounting fraud that resulted in perhaps millions of investors losing almost one third of a trillion dollars. Criminal charges against those principles are still in the courts.
Hundreds of thousands of people, myself included, had their life savings wiped out. Right now, you might be thinking "Good for you--you got your money back". Let me give you a clue as to how much of my money I actually got back--I did not break out the champagne when I saw the amount of the deposit. In fact, I'm not sure that it could buy a bottle of Dom Perignon. I chuckled--it was so laughable. I lost almost $400,000 and a successful law suit netted me $199. That's right. There's no missing zeros--one hundred and ninety nine dollars. What I would really like to know is how many tens of millions of dollars the lawyers got for getting me my $199.
The kicker to all this is how much more money lawyers stand to make by defending the thieves and cheats behind all this misery. I'd be willing to bet my $199 that most if not all the guilty will get off with a slap on the wrist if not outright. It's no wonder that things never change. There is no justice.
Showing posts with label fraud. Show all posts
Showing posts with label fraud. Show all posts
Wednesday, 23 September 2009
Thursday, 12 March 2009
Karma (and the law) catches up
The chickens have come home to roost. Peter Pocklington may die in prison if he's convicted of the fraud charges filed against him in Palm Springs, California stemming from a personal bankruptcy filing in 2008. If the name doesn't ring any bells, "Peter Puck" is the former owner of the Edmonton Oilers of the National Hockey League who was vilified by the entire country of Canada for selling Wayne Gretzky, the greatest hockey player who ever lived, for about $18 million to the Los Angeles Kings.
The man collected enemies like kids collect hockey cards. He brought in strike breakers to settle a company dispute with workers at a company he owned which eventually closed. He had another company bailed out by the Canadian government to the tune of hundreds of millions of dollars.
In his personal bankruptcy papers, he claimed he was worth $2,900. He um, forgot to mention the luxurious home he has, the contents of a storage locker, the investment companies he owns offshore and last but not least two bank accounts. This man used to boast a wine collection worth $750,000 and a house full of Renoir sketches.
At some point he left Canada because he was displeased with its socialist leanings. He preferred to be among "people who are impressed with those who get up early and make things happen." He made things happen, alright--mostly disasters left in his wake. He has had more failed companies than Michael Jackson has had surgeries.
He has a United States citizenship application currently being reviewed, but now, at 67, he is a broken man with $20 million in debts and possibly facing prison time. I'm not so sure that the Americans are as enamoured with him as he is with them. Good riddance to bad rubbish.
The man collected enemies like kids collect hockey cards. He brought in strike breakers to settle a company dispute with workers at a company he owned which eventually closed. He had another company bailed out by the Canadian government to the tune of hundreds of millions of dollars.
In his personal bankruptcy papers, he claimed he was worth $2,900. He um, forgot to mention the luxurious home he has, the contents of a storage locker, the investment companies he owns offshore and last but not least two bank accounts. This man used to boast a wine collection worth $750,000 and a house full of Renoir sketches.
At some point he left Canada because he was displeased with its socialist leanings. He preferred to be among "people who are impressed with those who get up early and make things happen." He made things happen, alright--mostly disasters left in his wake. He has had more failed companies than Michael Jackson has had surgeries.
He has a United States citizenship application currently being reviewed, but now, at 67, he is a broken man with $20 million in debts and possibly facing prison time. I'm not so sure that the Americans are as enamoured with him as he is with them. Good riddance to bad rubbish.
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