It seems to me there were a number of red flags that went up that OSFI seems to have ignored. For example, only one domestic rating agency gave a rating and the larger international ones did not. One Canadian bank, the TD Bank, decided it wouldn't have anything to do with that kind of asset. The international standard was very different from the Canadian standard.
My question is, weren't there warning signs that occurred along the path that would have caused OSFI to take action faster than it did and play more of a leadership role in this fiasco?