Madam Speaker, both in my speech and in the speech of the member for Windsor—Tecumseh we talked about the need for us to look at the U.S. practice, particularly as it applied to Ponzi schemes and in reference to the southern Baptist fellowship and the millions of dollars that it lost.
The American practice is to go after those initial investors, who made good money on a Ponzi scheme, and get them to return the money. In the case of the southern Baptists and another case that involved a northeast organization, they were only too happy to return the money once they realized they were involved in a scheme. They had no knowledge of a Ponzi scheme going on until it was broken. We are looking for best practices and where we see best practices, we should be supporting them.
The regulators are the problem. Canadian regulators are pretty much non-existent. When we get to the point where people on Bay Street are not afraid of the Canadian cops, are not afraid of the Ontario Securities Commission but are afraid of the United States Securities and Exchange Commission, it means the U.S. has a much tougher regulatory regime than we do. The U.S. is able to catch these schemes before they develop into disasters.