I've hammered two or three times at this: self-regulating organizations. This has not worked in Canada for years. We keep clinging to it. The evidence is overwhelming for self-serving.... As long as the discipline is occurring within the accounting organizations or within the mutual fund organizations, you can see the results of those. They're published. The fines are abysmal, and that type of thing. We have to lift out of that and have oversight groups.
The oversight groups that exist in Canada now were put together by the self-regulating organizations. I've said many times to them, “I'm not that stupid. I know why you picked A, B, and C for the oversight committee.” So in that particular sense, although philosophically people don't like the idea of more government, more government is needed in certain cases, especially in the securities area and especially.... IFRS had no business getting into this country. And the only reason it did is because everybody sat silent and said “Let the self-regulating organization do what it wants.” It's completely absurd. I don't know what else to say about it.
So the government has to step in, in certain cases. I'm not saying build a huge empire, but at least, if we're living next door to the U.S., let's have some reregulation instead of deregulation.