They say that our pension systems are very good. When comparing systems, Mr. Hamilton, you say you agree. That being said, the fact remains there are still people such as Atlas and Nortel workers, and the 50% of the population working for private companies who do not have a pension system. It is nice to say that we have the best system in the world, but we cannot stick our head in the sand; we need to make it better.
I have a question about something you said. In fact, I would call it an urban legend about funding. A number of stakeholders have come here to tell us that it would be wonderful if employee pension plans were a preferred claim in the event of bankruptcy. They say that companies would no longer be able to fund themselves and that rates would be terrible.
As someone who has had his hand in that pot for his entire career before coming here, I have to say that is totally false. I think that giving out loans, being involved in funding and buying bonds or shares from companies requires a risk analysis. Investors would never prohibit themselves from investing in a good company. Perhaps this would have a large impact because these people might pay more attention to situations such as Nortel's and perhaps keep a closer eye on the company than what we see today.
Given your funding experience, why do you say it would be a lot more expensive and, in some cases, impossible to fund? Where does that come from? Where did that urban legend start?