Madam Speaker, I listened intently to the member's explanation of how the IMETs were supposed to be working. The fact of the matter is that since they were set up in 2003, and there are six IMETs in place, their record is not all that good. They have only had five convictions in all that time.
When we look at the United States, in that same period of time the U.S. has had 1,200 convictions, including Conrad Black. He committed all of his white collar crimes in Canada, yet it was the Americans who caught him and put him in jail. He is one of the 1,200 in the United States.
Clearly, we have to look at the whole regulatory scheme. The regulation in this country seems to be very lax.
A recent interview in Canadian Business Online magazine quoted certain people on Bay Street as to whom they are afraid of. They said that it was not the Canadian cops they were afraid of, nor was it the Ontario Securities Commission, which they should be afraid of, but it was the United States Securities and Exchange Commission because it has real teeth. Obviously the Americans have a better system and it has shown results by virtue of the fact that 1,200 convictions have occurred in the United States and we have had 5.
What is wrong with the system in this country?