There is an element of trading and financing that I believe is fraudulent and dismissive of ethical values permitted on the TSX. It reflects badly on not only the Toronto Stock Exchange but, the Canadian Regulatory Authorities, the Canadian Seciurities Industry, Corporate listers on the TSX and the political structure of Canada as an ethical place to do business. My reference is to the practice of permitting insider trading that is opportunistic and exploitative in the extreme on the part of all of the above practiconers. I am referencing the abysmal lack of Canadian Securities Industry regulatory controls.

First, I understand that any time there are significant sums of money involved, there are bound to be those who attempt to manipulate the system to their advantage and do so in an unethical fashion. Such behavior knows no national boundaries as it is a normal function of unconstrained avarice and greed. However, it in my opinion, is irrefutably apparent that the laxity of Canadian Securities Regulatory Authorities is at best an enabler of Securities fraud and potentially a beneficiary of its own lax standards and practices. Practices which the defition of their mission are to prevent.

For reference I cite the actions just yesterday of insider trading of Connacher wherein Connacher "insiders" less than twenty-four hours following a dilutive share offering, dumped 12,500,000 shares of their own stock and simultaneous with the offering of an over subscription on the offering. An obviously dilutive of the stock action and thereby depressive of the SP.

Such evidences the willing complicity of Canadian Governmental Authorities and law to facilitate inappropriate prejudicial discretionary behavior towards a group of "priviliged insider" investors based on knowledge only they can possibly posses.

There is only one word to describe such prejudicial behavior. Corrupt!

Brian Miller