Canadian Academic On BSX Deal
A Canadian academic who has written a highly-critical book about offshore financial centres today [Jan. 23] derided the recent decision by that country’s TMX Group’s to buy a stake in the Bermuda Stock Exchange.
University of Quebec sociologist Alain Deneault — author of 2011′s “Offshore: Tax Havens and the Rule of Global Crime ” — said by allowing the BSX deal to go ahead, Canadian regulators were circumventing “the very [financial] rules that the Canadian government itself put in place.”
“While it did garner some national attention, it would appear no Canadian dailies have grasped the full measure of the news,” he said in an article entitled “Dangerous Liasons” in Canada’s “The Dominion”. “It therefore went virtually unnoticed when the TMX Group Inc., which manages the Toronto/Montreal stock exchange and is at the heart of the process turning Canadian legislation into a regulatory and financial haven for the global extraction industry, became one of the principal shareholders of the Bermuda Stock Exchange [BSX], a well-known, and highly controversial, tax shelter.”
The Montreal-based sociologist said “the announcement revealed the contemporary tendency towards integration between so-called democratic political regimes and ‘states of convenience’, nations whose banking and fiscal regulations are linked to the process of global money laundering.”
So when did a sociologist became an expert on matters involving international taxation and stock markets? Typical hatchet job from a hyper-biased “academic”.
This ‘academic’ may have meant well and simply had his french written works poorly translated, or, he’s an idiot venting an opinion without gathering and checking his facts. Wasted my time reading that drivel.