Mr. Speaker, in his speech my learned friend talked about the lack of merits of a national securities regulator and said that various provinces, including Quebec, have a great system now. This is 72 hours after the Caisse de dépôt announced that it lost $38 billion last year. One of the reasons for that loss was the investment in asset based commercial paper. The regulators in Quebec, Ontario and every other province did not understand the product, did not understand the rulings from the rating agencies, did not realize that these were toxic products. This caused a lot of losses and damages to ordinary working Quebeckers and Canadians.
Given the facts that have come to light in the last little while, does my learned friend think the system can be improved?