Mr. Speaker, the big exposure here for the government and the country as a whole is the lack of a proper regulatory system with teeth. The government's answer to this problem is to have a national securities regulator, as if that would solve the problem. We need people in the securities commission in Toronto or wherever it is located with an enforcement mentality. We do not want people with a retired investment executive mentality who would approach this as a retirement job, who would attend the same Christmas parties and play golf with the people they are supposed to regulate.
Whether it is the IMET system or any system, we need people who are interested in doing the job. We need people who are interested in investigating, in regulating. We need people who are interested in getting results. We do not want people who are prepared to turn a blind eye and let the system continue on its merry way.
There is really nothing wrong with this legislation. It is good legislation, but it would not stop any Ponzi scheme from occurring. It would not stop any mortgage fraud scheme from happening. That is the problem. The government needs a more comprehensive approach to white collar crime.