FAT CAT ACCOUNTING SCREWS THE PUBLIC
It seemed a straight-forward deal until the Bell accountants started cheating.
BCE, the Bell Telephone conglomerate, told the Toronto stock market world it would buy the stock it didn't already own of Bell Aliant at $32 a share.
And if too many people wanted that, they would give us some money and the rest in BCE stock.
So I waited to the penultimate day and said through the TD discount brokers I wanted the cash deal, that I wasn't interested in the alternatives.
When the deal was announced, the stock actually traded higher than $32 but then towards the end of the period before the deal closed, its price fell below, first by cents, then by more than a dollar.
Turned out that BCE notified the TD discount brokerage that it would pay $14.60 for each of my 500 shares and give me the rest in BCE stock.
Then the obese outfit got cute. The $32 figure was no longer used, but $30.70 since the cheaters said the stock had fallen towards the end. Then BCE also argued that I had to pay more for the 168 shares I was being traded in its stock than if I bought the same stock in the open market. In fact, the stock is still lower on the stock exchange than what BCE charged me.
So the $32 deal for each of my shares really wasn't. The fast-money boys saved $700 just on me. Imagine the total savings once BCE finishes slashing at the public like a fox in the henhouse at midnight.
.I would hope that BNN and the Globe and other august observers of the market would not use the $32 figure in recognition of the fact that BCE officials would have to admit under oath that that figure is somewhere between a fantasy or a fib or a felony. That may be a vain hope since BCE owns BNN and has 15% of the Globe.
I am reminded of the maxim about figures lie and liars figue. I should have known something like that would happen after all my years being angry at my phone bills.