Today was a traveling day – first, getting up at 4:45 AM CST was just eye opening (not), but then going through the airport security line was a jolt back into reality. My trip brought me from Houston, TX to Toronto (Ontario), Canada and then onto Montreal (Quebec), Canada with my final destination Quebec City (Quebec), Canada. I have to tell you, Canada is clean, the people are friendly, and the beer is great. But onto my commentary…
The TSA security in the United States is ludicrous, but no more invasive than the Canadian version. It is a perfect example of how bureaucracy leads to inefficiencies in the system – what sounds like a good idea to begin with, namely keeping the airlines safe from terrorists, blossoms into full blown idiocy. Stripping to step through the scanner may make some feel safe, but when the TSA itself finds gaping wholes that allow their own agents to smuggle in guns and other dangerous materials, it’s time to start cutting. I mean, get real, a shoe bomber got through, although the underwear bomber did get caught (kudos to those agents).
Mr. Obama has sought the power to eliminate government agencies from Congress, like the Commerce and Education Departments (see this article entitled “Obama seeks power to merge agencies” and the Roll Call article entitled “Consolidation Authority Would Empower Obama, Successors“). I am in no way supporting giving more power to The President, making note that I mean any President – I think President George W. Bush went way too far with the Patriot Act, trampling on our sacred [as far as I am concerned] Bill of Rights. Here are my suggestions:
- Mr. Obama should submit specific department consolidation(s) or elimination(s) to Congress and have it vote on that specific request. Republican legislators should play ball on at least eliminating one department.
- Department of Homeland Security should review TSA practices to determine effectiveness and eliminate those deemed worthless (to determine this, a third party should be used).
If you are curious as to why I am in Quebec City, Quebec, Canada, I am here for a shareholders’ meeting for Corruven, Inc. – one of my clients that I am helping bring to the public markets in conjunction with Brad Bingham and others. We were initially asked to do some work out consulting associated with a “Grey Sheet” public vehicle, but we recommended that Corruven do a Direct Public Offering, or “DPO”, instead. We have helped put together the team that is taking them public in the United States, including:
- Brad Bingham, SEC Counsel
- MK CPA’s, PCOAB auditors
- Phil Scott, CFA (for valuation services and make ready)
- Jay Pigantello
Here is a little more about the company itself (from their website):
Corruven Inc. is a U.S. based development-stage company that intends to develop and market a lightweight wood panel, Corruven™, fabricated mainly from unrolled “veneer” providing numerous advantages for various applications in different construction sectors. The panels: (i) contain approximately 75% air making them extremely lightweight compared to any other conventional panel; (ii) utilize only 25% of the raw material required to produce traditional panels (e.g.: MDF, HDF, OSB, plywood, etc.); and (iii) use formaldehyde-free glues which increase our distinction in the “green product” market.
In addition, the company will be less dependent on the manufacturing sector’s fluctuations as our future business model focuses on selling the production equipment (franchising) into different sectors while generating revenue both on the sale of equipment and raw materials and ongoing royalties from the output of such franchised equipment.
A very innovative company that you will hear more about in the coming months as they complete their PCOAB audit and file a registration statement.