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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Gene Poule who wrote (22788)5/5/1997 1:09:00 AM
From: Adrian du Plessis   of 28369
 
The pattern of past salt jobs in Canadian stock history is entirely consistent with the way events have unfolded in the Bre-X affair. Company principals and promoters of such past scams as New Cinch Uranium have stayed around (and active in the Canadian junior markets) after claiming ignorance of the salting. The lack of regulatory (securities agencies, police etc.) follow-up in cases like New Cinch, Timbuktu etc. encourages, rather than discourages, those who would perpetrate these schemes from occurring again and again. Only these days the scam artists are aided and abetted by mutual fund managers, analysts with national brokerage firms and banks, and their like, and the worthless stocks may be listed on the Toronto Exchange as well as those more familiar havens of fraud artists -- the ASE and the VSE. As the veteran promoter Murray Pezim accurately commented some weeks ago, the only difference between Bre-X and the scams we've all seen before (and will see again) is the number of decimal places. Credit the mutual fund bubble, with its hypesters posing as analysts, and an increasingly lame business press for contributing to the disaster. A lot of people had a hand in this one -- may they get what they deserve. Of course, the history of these events in Canada suggests most will just carry on getting rich from misleading the public investor.

For info on New Cinch (a 1981 mirror to the Bre-X scam) and other market news and culture items, visit the Big Top, Sideshow and Midway section of the howenow web-site under construction @ imagen.net
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