Mr. Speaker, I think the member knows that the United States has fairly tough laws and certainly has a far better track record than we have of putting some of these white collar criminals in jail.
However, the fact is that Bernard Madoff got away with his crimes for so long because the regulatory authority was basically controlled by insiders and people in the industry. In fact, it was a member of the regulatory body who brought the whole case to the authorities on several occasions and they ignored him. That has been tied to the fact that when governments appoint the regulatory bodies, they actually take people right out of the industry, which compounds the problem. They should be appointing people who are at arm's length from the industry in the first place.
I would ask the member to comment on that.