In it’s feigned attempt at providing so-called “balanced” journalism on the far reaching income trust matter, Kevin O’Leary acts as the token advocate on behalf of income trust investors on BNN (Bubble News Network). I say token, because Kevin’s advocacy hasn’t advanced much in the last 2 .5 years and he exhibits as much interest into getting into the heart of Jim Flaherty’s fraudulent tax leakage matter, as Mark Carney does. Meanwhile Amanda Lang is the ever present naysayer on income trusts and all things wonderful Jim Flaherty and Mark Carney on income trusts (for all intents and purposes, in the minds of knowledgeable viewers).
So in the interest of the integrity of the financial press (I think I am the only person worried about such a thing these days?), I have to ask the question about whether Kevin O’Leary has an embedded conflict of interest based on what I learned from his full page ad at the back of the Globe’s (sister company of BNN) April 18, 2009 Report on Business that features a head shot of Kevin O’Leary and the following, mail before midnight tonight, scheme:
O’Leary Canadian Income Opportunities Fund
Exchange Option (exchangeable until April 24, 2009)
If you own securities of any of the following issuers, you are invited to exchange those securities for Units of O’Leary Canadian Income Opportunities.
Whereupon it lists 96 income trust issuers from Advantage Energy Income Fund to Zargon Energy Trust.
DOES THIS NOT REPRESENT A CONFLICT OF INTEREST???...............of course it does, but what would I know I only spent 25 years on Bay Street most recently as the Executive Managing Director of Equity Capital Markets at a bank owned dealer where I spent my entire career worrying about the integrity of the Canadian capital markets, which is probably why I got into so many differences of opinion with other “Bay Streeters” when I sat on the IDA’s Corporate Finance Committee and other industry committees. I was more interested in doing the right thing. They were more interested in making money.
Wednesday, April 22, 2009
Posted by Fillibluster at 10:48 AM