It seems to me that this crisis, for want of a better term, took in pretty well the most sophisticated investors in our country. Just go through the list of the people who were in on it: Barrick Gold, the University of Western Ontario, 401 International, Transat A.T. Inc., NextStart. It's a list of the who's who of Canada, and they were taken in on this product.
Yet, when you started to work out your Montreal Accord, what was curious about the list was that the big banks, mainly Toronto-based big banks, were not on the workout sheet. They may have been monitoring or following it, but they were not involved. The ones who actually signed were in many instances foreign-based banks. It's a curious kind of workout.
That led to its own anomaly, in that the initial proposition basically gave the back of the hand to smaller investors. But by good luck more than good management, the smaller investors have one vote, and there are far more of them than of the larger investors. That effectively forced you to redo Mr. Crawford's initial proposal.
The argument has been that the market worked, but really the market worked by accident more than by anything intentional. If in fact the vote had been weighted according to the size of their investment, those retail investors would have been out of luck.