Rosen lumps Canada in with sinners

"Now does anyone want to argue with me that we don’t have Enrons and Worldcoms in Canada?" Mr. Rosen asked after completing his long list. "If so, say so now because I’d like to strangle you in front of a live audience."

National Post
October 9, 2003

Rosen lumps Canada in with sinners
‘No prosecution zone’
Scott Adams and Ian Karleff

Al Rosen was in fine form yesterday at the Independent’s Day research symposium. Those familiar with Mr. Rosen wouldn’t have heard anything new from him yesterday, but his railings against the Canadian accounting powers and the market regulators is almost always worth repeating.

A forensic accountant and partner at Accountability Research, Mr. Rosen is a loud critic of weak market regulation and accounting guidelines in Canada. Yesterday, he almost looked like a minister in a pulpit, waving his arms in the air and warning the masses about devilry, temptation and corruption.

"There are all kinds of people coming into this country. Why? Because it’s a no prosecution zone," Mr. Rosen said at the Toronto conference of independent research houses.

Canada was recently praised in the media for not having an Enron or Worldcom fraud to deal with, which frustrated him to no end. Perhaps Canada hasn’t had a fraud on that scale recently, but Mr. Rosen listed more than 20 cases in the past 10 years or more of large, public fraud at companies in Canada.

"Now does anyone want to argue with me that we don’t have Enrons and Worldcoms in Canada?" Mr. Rosen asked after completing his long list. "If so, say so now because I’d like to strangle you in front of a live audience."


Risks: Canadian securities regulation weakest link into North American capital markets, Enron-like scandals, Forensic accounting, Canada, 20031009 Rosen lumps

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