Madam Speaker, even with their 1,200 convictions in the last five years for crimes, versus our five, the Americans are still not satisfied with their system, because under the U.S. Securities and Exchange Commission, which is the regulatory body, they still have had to deal with these issues, such as the Southern Baptist Convention Ponzi scheme, Bernie Madoff and others.
All the evidence seems to point to the fact that there is a coziness that develops between the regulators and the people they are supposed to regulate. They keep hiring people from the companies that they are regulating. They attend the same Christmas parties and go to the same golf tournaments, and that seems to be part of the problem.
If they could appoint or hire people who have a law enforcement type of approach, I think we would all be better off. We would be able to catch these schemes earlier on.