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FAIR Canada, the superannuation scheme for OSC hacks, has got yet another payoff from the regulator:

The primary advocacy group for Canadian investors is receiving $3.75-million in funding to help it continue to operate over the next five years.

The Canadian Foundation for the Advancement of Investor Rights, known as FAIR Canada, will receive annual instalments of $750,000 over five years from Ontario’s provincial securities regulator.

The Ontario Securities Commission (OSC) will provide the funding as an allocation from its “designated fund” – money collected from sanction payments that can be used for investor protection, compensation for victims who have suffered financial losses, whistle-blower payments and for third parties such as FAIR.
…
The funding comes several months after FAIR appointed a new executive director, Jean-Paul Bureaud, a former regulator who had worked for the OSC for 19 years before leaving in October, 2018. Mr. Bureaud replaced founder Ermanno Pascutto, who had returned to the position of executive director in early 2019 on an interim basis. Mr. Pascutto departed FAIR last month and is no longer on the board.

FAIR also boasts in an eMail:

In addition to OSC funding, FAIR Canada has received funding this year from the Investment Industry Regulatory Organization of Canada (IIROC), a national self-regulatory organization (SRO), and is having discussions with other organizations about contributing to FAIR’s future sustainability.

There’s just no shame in any of these guys.

How about that federal deficit, eh?

The federal government is planning a major stimulus program worth as much as $100-billion over three years to jolt the Canadian economy once the pandemic is under control, a pledge that is in addition to the hundreds of billions of dollars it has already spent to support workers and businesses through the COVID-19 crisis.

Finance Minister Chrystia Freeland announced the new figures Monday in a wide-ranging fall economic statement that is essentially a mini-budget, complete with billions in new spending and targeted tax measures.

The update pushes the projected size of this year’s deficit to $381.6-billion, up from the $343.2-billion forecast in early July. The report notes that the deficit could be just shy of $400-billion if the pandemic worsens, leading to more restrictions.

There is still no indication as to how we’re going to pay for it.

This entry was posted on Monday, November 30th, 2020 at 6:51 pm and is filed under Market Action. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.