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Financial crime more than every other crime combined?

PostPosted: Wed Aug 05, 2009 11:41 am
by admin
Stock Factoid: In 2000 , Nortel was worth $366-billion on the Toronto Stock
Exchange, making it by far the country's most valuable company. It was a global
phenomenon. Nortel employed 95,000, ran R&D labs around the globe and promoted an
international brand that reminded everyone Canada was a high-tech powerhouse. In June,
2009 it was delisted from the TSX and will be sold off in pieces.


I will use this forum to compile a list of known damages due to financial fraud, financial abuse, etc BY so called trusted professionals, so that it can be compared to the dollar cost of each and every other crime in Canada combined.

Justice Canada web site puts the total dollar cost of crime in Canada at $40 billion each and every year. Lets start adding up the financial costs of bad professional behavior:

1. Nortel $366 billion lost while top executives stole as much as $120million (one guy's take) in phoney bonus schemes.