Thank you. That is the central theme that was explored by Monsieur Lamoureux as well when he said that when you say something that goes against the current thought when times are going well, such as that you should be careful because you have to save for a rainy day, you get shot down, and that is the best segue to Mr. Kolivakis.
Leo, I've had the great pleasure of meeting with you a number of times over the past couple of years. I am going to say in all sincerity that the analysis you provided here today should be compulsory reading for anyone who wants to understand the subject of what has gone wrong with our pensions. I can also say that you're in a little bit the same position as the engineer who wrote a very critical piece before the second space shuttle crash in 2003, predicting exactly why the crash would happen if certain changes weren't made; and when the crash occurred, that person was roundly criticized for having written that note, even though everything he said in it was right. It's cold comfort to that engineer, and it's cold comfort to you to know that the predictions you've been making and the analysis that has been out there, both in your blog and in your writings, have all come true. All the things we have seen in the last eight months you predicted for exactly those reasons. A lot of people in Canada should note that at least someone in this country has been on this case. That hasn't made you very popular with the people you made those predictions to, and I find that regrettable.
I want to get back to one part of your presentation and ask you for your analysis on PSP Investments. As you correctly pointed out, the senior officers like to pay themselves bonuses. This year is no different. They'd still like to pay themselves bonuses despite the fact that they lost billions and billions of dollars. The way they are going to try to convince us that they should get a bonus this time around is to say that actually you should look at their results on a four-year revolving basis and not just on the last year.
Based on everything you know--and you're one of Canada's leading experts in the field--what do you think is the appropriate thing this year for the senior cadre executives at PSP Investments? Do you think they should be paying themselves bonuses with the money from those savings?