The Board failed miserably...

But the OSC appears to have caused a run on the bank that could end with the shares worthless. Executives failed to properly disclose a material decline in business. They should be punished by the OSC. But was the OSC wise to take all these actions that have led to a run on the bank? The Home Capital Board should have cooperated with the OSC and should have punted the three immediately. But did the OSC realize it was going to cause so much damage? I don't think it did.

The direct damage of the liar loans, the vast majority of which are apparently current in their payments was NOTHING compared to the damage of the loss of trust caused by the OSC  investigation and the horribly bungled reaction to it.

Home Capital needs a white knight buyer, and fast.