As I said many years ago, I could not see a national regulator happening in Canada, and I still feel that way. I don't have the solution for it. I had hoped the government might be able to take action to protect Canadians in working with the established regulatory silos.
There's no quick solution, but I do think a public inquiry is in order. Right now, due to CBC's Go Public, Canadians have learned more about what's going on than they ever knew before. We're seeing in the feedback we get from the public that they are becoming more aware, and I believe government must act. It's not enough to rely upon the regulators saying, “We have codes of conduct and all these rules and regulations and we believe that investors should be protected.” It's not enough to say that. Actions speak louder than words, and you have had thousands of witnesses come forward. What you've heard from Sally today is very revealing.
I think the government must pursue this. I agree, you could have made your challenge. As I said before, I don't envy you, Wayne. You have an impossible task, but what the committee should do is make a very strong recommendation to government that we really do need a public inquiry.
The government needs to listen to some of the thousands of witnesses who have come forward. There is no doubt in my mind that most of them are telling the truth.
There is no doubt in my mind that the regulators are trying to whitewash the situation and put forward lots of fanciful words that really have no impact on protecting the Canadian public.