Finance Committee on May 14th, 2008

[John McCallum, Liberal, Markham—Unionville, ON]

No, no.

[The Chair, Conservative, Rob Merrifield]

Let's do that. If that's a consensus, we'll have Mr. Purdy Crawford for the first hour and then have the sellers of the product for the second hour.

Is that fair?

[John McCallum, Liberal, Markham—Unionville, ON]

I'd like to make one other....

Go ahead.

[The Chair, Conservative, Rob Merrifield]

Let's get a consensus on that first of all.

[Paul Crête, Bloc, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

I agree to having Mr. Crawford in the first hour, but, in the second hour, we could hear, in particular, from the Superintendent of Financial Institutions and the federal players involved. The Superintendent of Financial Institutions is the person most in contact with the responsibilities. Investors have come and told us—

[The Chair, Conservative, Rob Merrifield]

Yes, I agree with that. Would that be for a subsequent meeting, or do you want it right after that one?

[Paul Crête, Bloc, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

After the first hour. Who are the sellers?

[John McCallum, Liberal, Markham—Unionville, ON]

Canaccord is one.

[The Chair, Conservative, Rob Merrifield]

National Bank, Scotiabank, Canaccord.

[Paul Crête, Bloc, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

All right.

[The Chair, Conservative, Rob Merrifield]

That's what I was thinking of for the panel for the second hour, and then we'd bring OSFI in on a subsequent meeting.

Is that fair?

[Paul Crête, Bloc, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

We said we would deal with the crises in the short term, that we would then make recommendations to prevent the situation from reoccuring and that we would try to produce a report on the subject before the summer adjournment.

[The Chair, Conservative, Rob Merrifield]

That would be the objective, yes.

[Paul Crête, Bloc, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

The Caisse de dépôt et placement du Québec because it was its executive director who started the process.

[The Chair, Conservative, Rob Merrifield]

No, that's fine.

[John McCallum, Liberal, Markham—Unionville, ON]

The Caisse de dépôt et placement.

[The Chair, Conservative, Rob Merrifield]

Yes, fair enough.

[John McCallum, Liberal, Markham—Unionville, ON]

There's one last suggestion, which came from my colleague, Mr. Rae.

[The Chair, Conservative, Rob Merrifield]

You have a lot of suggestions over there. I like that, good ideas.

What's your suggestion?

[Bob Rae, Liberal, Toronto Centre, ON]

I've considerable history in finance, so you should watch what you say.

[Rick Dykstra, Conservative, St. Catharines, ON]

Actually, I know your history in finance, Mr. Rae.

[The Chair, Conservative, Rob Merrifield]

Order.

Mr. McCallum, do you have another suggestion?

[John McCallum, Liberal, Markham—Unionville, ON]

This is my colleague's idea, but the one bank that seems not to have been heavily into these difficulties is TD Bank, so maybe we should hear from the head of TD Bank, Mr. Ed Clark, on what his secret is and he how sees the world unfolding.

[The Chair, Conservative, Rob Merrifield]

Do you want him on that second-hour panel? Is that what you're suggesting?

[John McCallum, Liberal, Markham—Unionville, ON]

Yes.