Fleming defends libel warning
By DAN WESTELL
Securities Industry Reporter
The Financial Post Wednesday, June 10, 1998
ÿThe Toronto Stock Exchange was not trying to intimidate a critic when it threatened to begin a libel action unless he stopped Internet postings, TSE president Rowland Fleming said yesterday.
ÿ"There is no intent on the part of the TSE to bully anyone," he said.
ÿBut Fleming and other TSE officers were unable or unwilling to provide an example of the allegedly libelous comments posted by options trader and Toronto Futures Exchange Governor Porter Davis.
ÿ"We pay good money for legal advice" and anyone who wants to see the alleged libels should hire a lawyer to do an analysis of the chat room where Davis was a regular poster, said TSE general counsel Len Petrillo.
ÿAnd there were lots of libelous postings, Fleming said. "For the past 15 months, it's almost been a daily occurrence."
ÿDavis stopped posting last week after he received the TSE's cease and desist letter.
ÿThe TSE said in a prepared statement, "this is the first time in the 150-year history of the exchange that we have considered such action. And this action was a last resort, not taken lightly. We believe in freedom of speech and that diverse and alternative views from all our stakeholders are valuable."
ÿBut points should be made through "appropriate channels" which "best facilitate constructive debate that best serve the interests of all our stakeholders," the statement said.
ÿTSE chairwoman Barbara Stymiest said that, "Mr. Porter's input through postings on the net has not been constructive or helpful."
ÿFleming said he was not troubled by the professional criticism, but personal comments were "unprofessional and uncalled for."
ÿMeanwhile, posters complained of the TSE's fixation with institutions to the detriment of retail investors, called for a lobby of the TSE governors and suggested moving trading to other exchanges, where possible. |
