Scandals are real time drainers. Last week, it was the stock options backdating mess at RIM. This week, and it’s only Monday, I’ve spent a lot of time answering press inquiries about the SEC’s charges against Nortel announced this morning. And I’m actually on vacation.
The Centre for Corporate & Public Governance has a statement on its website about the charges —late in coming for thousands of aggrieved shareholders and employees who have lost their jobs, to be sure. But the prospect of a process that will get to the truth about this unfortunate saga and perhaps bring its perpetrators to justice is no less welcome.
I find the OSC’s piggybacking on the SEC’s allegations of accounting fraud to be rather amusing. Canada’s regulators routinely show themselves to be bit players in the North American capital markets. They had a chance to change that with Nortel —a Canadian headquartered and founded company. They left the heavy lifting to their American cousins instead.
I’ll have more to say about this developing story later in the week.