Well, firstly, the CSC has nothing to do with the NYSE or Richard Grasso, nor does it have anything to do with Bernie Ebbers or Worldcom, regardless of whether Uncle Bernie is Canadian or not. The CSC is a course offered by the Canadian Securities Institute, which is merely endorsed by the IDA and the Canadian stock exchanges, and thus is not directed by them, or any of those brokerage houses you mentioned. The IDA is the Self-Regulatory body that oversees primarily the compliance side of the securities business. If someone wanted to go on their website to see their structure and how they work, it is www.ida.ca. I think that vin_seek is either someone that was screwed around by a bad broker or got just as greedy in the tech boom as those that he mentioned in his rant, and is now looking to take it out on someone. I'm quite sure that any of us can pick any industry and there will be some bad apples out there that taint the whole bushel. Even the industry you are in vin_seek.
The SRO structure is not the best structure, I'm sure, but it is the structure we have now. Instead of ranting on an escort review board, how about doing something constructive and thinking of a better structure, or making the existing one better? I have made my share of suggestions from inside the industry, but perhaps it would make sense coming from the client's perspective. I would personally like to see more client advocate groups that could put forth suggestions to improve the industry, such as more client friendly statements, better disclosure, and ratings of brokers in the industry, so long as these advocacy groups aren't led by zealots that are simply looking to seek revenge on all brokers for the mistakes of a few.
I think if you go through most of the major brokers, and some of your minor ones too, and there are mistakes, honest and not so honest, in their background. I was affected directly by CIBC's O&Y relationship. Not many brokerages and investment banks were completely innocent in any of the Enron, Worldcom, Adelphia cases, just to name a few. But there are many individual brokers and advisors out there that are doing the best thing they can for their clients, including increasing their education to serve them better. I like to think I am one of those brokers.
Unfortunately this thread got off on a tangent because vin_seek has a grudge against an entire industry. I believe that the original thread was to address whether it was appropriate for Cosine to study the CSC to learn more about investing and finance. I think many gave very good, although varied advice to Cosine about his options without tearing down an entire industry. I offer him my knowledge in order to help send him in a good direction, if he wishes. As for those that simply want to push an agenda based on emotions rather than fact, that is entirely up to you, but please, let us know the industry in which you work, and we will gladly give you a taste of your own medicine.
Coolguy "proud advisor".
