Madam Speaker, last year, five Canadian banks made $15.9 billion, at a time when the government is reducing corporate taxes for these banks even more. In fact, the CEOs of these banks saw pay increases of 10% last year. Mr. Waugh, the CEO of the Bank of Nova Scotia, received a salary of $9.7 million. Bank of Montreal president, Mr. Downe, received $7.45 million. Two other bank presidents made $10.4 million. The CIBC president made $6.2 million.
This is obscene when people are on unemployment insurance and it is running out. Europe and Japan do not pay their CEOs anywhere near this amount and they have no shortage of bankers in those countries. I would like to know from the member what sort of magic these CEOs are performing to justify these salary packages. What is wrong with this picture?