And people wonder why I have so little respect for the vast majority of Canadian brokerage anal ysts

FT Alphaville does such a good job of hoisting Dundee Securities' Richard Kelertas on his own petard that the only thing to do is paste it out here:

Timeline courtesy of Sino-Forest’s erstwhile supporter, Dundee Securities:

June 1:

Sino-Forest has a 16-year track record of operations, during which time it repeatedly completed debt and equity offerings without once being the subject of legal concern. The due-diligence required in these fund-raising activities is extremely strict and comprehensive, and every offering requires an army of accountants, underwriters, consultants and lawyers. The companies that have been coming under fire recently in China don’t have the history of operations and haven’t undergone nearly the amount of rigorous due-diligence that Sino has.

(June 2: Muddy Waters releases its report.)

June 6:

Based on our review and discussions with management regarding the company’s assets and operations over the past several years, to the best of our knowledge we believe that the allegations cited in the short-sellers “research report” are false and without merit.
Sino-Forest has established an independent committee to deal with the accusations accordingly. Although we expect that the special committee’s conclusions will support Company management fully, we are expecting further clarification on this process and hope that it comes quickly.

June 7:

“We are going to provide you with some information on why Muddy Waters research is a pile of crap”

June 20:

We are suspending coverage on Sino-Forest (TRE-T), effective immediately. Effective immediately our past ratings, target prices, valuations and estimates should no longer be relied upon. Until such time as the Company has made public the findings of the Board appointed Independent Committee together with the assistance of its external advisors including legal council Osler Hoskin & Harcourt LLP and the accounting firm PricewaterhouseCoopers and we have had time to review and analyze these findings we are not in a position to comment on or otherwise speculate on matters as they relate to the business practice or valuation of Sino-Forest.

Read the whole Alphaville post here. 

DYODD....and Lordy Lord, I aint kidding you around, dudettes and dudes. As for you overpaid dumbasses in suits lounging around in Montreal, Vancouver and Toronto, you gotta do a bit of DD as well methinks.

Overwhelming Sense of Entitlement, Dundee Securities edition

Another day at One Adelaide Street East (27th floor)

After a little net-casting over today's news on dropped coverage of East Asia Minerals (EAS.v) by Dundee Securities and the capturing of views from several different reliable sources (i.e. ones that are trustworthy...a rare breed in Canuck mining but they still do exist), this humble scribe has been drawn to an inevitable conclusion. The backstory to today's terse droppage is that Dundee has done little more than throw a puerile hissyfit over EAS.v because those poor leeeetle multimillionaires that run the Dundee shop weren't cut in on the latest round of financing.

It seems that Dundee gives much more of a damn about its own in-house back pockets (along with its fragile and already overblown egos) than it does about the wellbeing of its clientele who should (in theory at least) get unbiased analysis of the mining sphere from said house but instead are perhaps only led into those companies that "play ball" with the suits in charge. So in this case, when EAS.v ruined their myopic moneygrabbing plans by cutting them out of the juicy financing, the bleeding hearts that cover EAS.v at Dundee felt all hurt about the lack of cash bungs EAS.v had thrown its way and thusly the poor little overentitled assholes took their toys and stomped off, exit stage left.

The douchebags in Canadian mining aren't confined to junior miner boardrooms, dudettes and dudes. Or in hockeytalk, Dundee can go fuck themselves. Disclosure; no position in EAS.v at all, no recos either way, but it sure is fun following the story for free.

Dundee's terse dropping of East Asia Minerals (EAS.v) coverage

Here's an intruiging one. Dundee Securities today decided to drop East Asia Minerals (EAS.v) from its coverage list. Ok fair enough and a call is a call, but it's the way it was done that raises eyebrows.

East Asia Minerals Corp.

(EAS-V: C$6.20)

Update
August 30, 2010

NOT RATED

12-month target price: N/R

Ron Stewart / (647) 428-8324
rstewart AT dundeesecurities.com
Robert Thaemlitz / (647) 428-8392
rthaemlitzl AT dundeesecurities.com

Dropping Coverage

We Bid You Farewell

We are dropping coverage of East Asia Minerals Corp. (EAS-V), effective immediately our ratings, target prices and estimates should no longer be relied upon. Readers should no longer rely on the comments or recommendations made in respect of the company as no assurance can be given as to the accuracy or relevance going forward.

xxxxxxxxxxx

IKN back. File that under "terse", also kinda mysterious, as what you see above was the whole message (bar the normal disclosure blurbs, of course). Betcha Ron and Robert are getting plenty of phone calls this morning, too. Anyone know any backstory to this? TIA. Finally by way of disclosure, no position in EAS.v. Even though we recently covered the company's ding-dong with Northern Miner this author has no dog running in this game.

Dundee throws in the towel on Gammon Gold (GRS) (GAM.to)

Here's the link to a report out of Dundee Securities yesterday with Gammon Gold (GAM.to) (GRS) (and a.k.a gammy gold) as its subject matter. Penned by Ron Stewart and Robert Thaemlitz, the note carries the thwumping sound of Dundee finally throwing in the towel on this overhyped dog of a stock that has bullshitted the market far too long about the "reserves" it pretended to have at Ocampo. Ron&Robert have done a good job here and a service to their clients. We applaud.

So go have a read yourself, and by the way The IKN Weekly subscribers can compare what's being said here to what they read on April 18th in IKN50. Always kinda interesting to get a second opinion, no?