Madam Speaker, it gives me great pleasure to rise on behalf of the federal New Democratic Party to discuss Bill C-46, capital markets fraud and evidence gathering.
I admit this file is not my area of expertise, but I have been following it quite closely because of media events around the world and what is going on in our own country.
The reality is that we are a market based economy. We do have government assistance in that regard, but the markets will be tainted if there is any perception of insider trading through white collar crime.
These corporations and businesses hire many thousands of employees throughout the entire country. That is good because it assists our economy; however, we must ensure that these companies are on the up and up and are not siphoning off, for example, profits and investments, and employee pension funds from within. A classic example of that is what happened at WorldCom, ImClone and Enron in the United States.
They were apparently going well, life was good and the next thing we know they crashed. Thousands of employees lost their savings and pension funds. What do these people do now? There are thousands of people who invested in the companies, had pension funds and their life savings with these companies. What do they get to do now? They are out on the lam. They will have to turn to government assistance. All the other taxpayers in the country will have to assist them.
We saw what happened in our own country with Bre-X. It was the darling of the stock market. A lot of people made a lot of money on Bre-X and what happened? It is that old adage, if it is too good to be true, it probably is, and thousands of people lost an awful lot of money being scammed on that particular issue.
That is something that the bill should address. I sure hope my hon. colleague for Lethbridge did not lose too much money on that particular issue.
By the way, Madam Speaker, just for the record, Saskatchewan will defeat Edmonton in the final game on the weekend and go on to win the Grey Cup because even though I am from Nova Scotia, I do have Rider pride. So, go Saskatchewan go.
My colleague from Regina—Qu'Appelle moved a couple of amendments forward which were not adopted because the bill was fast tracked through the committee. In fact, it was presented so quickly that no witnesses from outside the House were heard on the bill.
This is extremely important. Regardless of our viewpoints on particular legislation, we must include the viewpoint of Canadians. We must, in fairness, even afford those corporate directors and businesses the opportunity to speak before a parliamentary committee to address their concerns, whether they support or disagree with the bill. They do have a right in a democracy to present their concerns in person to a standing committee of the House of Commons.
It should not be fast tracked. The legislation is too important to rush through. Eventually, what will happen is that somebody will take it before the courts and it will be tied up for years and years. In the end, nothing will get done.
If we are going to present legislation of this nature, let us take our time with it and see that it is the best legislation that we can bring forth with input from all stakeholders, not only those in the business community but employee groups, and people within the bureaucratic world as well.
Among the biggest things that the New Democratic Party has pushed for over the years is the protection of pensions and whistleblower legislation. We honestly believe, and we stand by it as a party, that if employees of a particular company or agency feel that something is drastically wrong within a corporation, business or government department, and they feel they have no other choice, they should be able to express their concerns.
It may be on a serious health issue. I forget the name right now, but there was an individual in the United States who blew the whistle on the tobacco companies. He was ostracized, threatened and everything else. However, that man showed a lot of bravery and in the end, he probably saved many lives down the road by exposing the tobacco companies in the United States for what they really were.
In Canada, when four scientists, I believe, in our Department of Health expressed serious concerns about the goings-on within the Department of Health, they too were ostracized and shunted to the side. These people are professionals. They have every right to do this. If they feel that in their professional judgment something is seriously wrong and they cannot mitigate the concerns through the proper channels within their own department, they should have the right to be able to express those opinions freely, either to the media or to other members of Parliament for that matter. They should be able to express the serious concerns they have.
They may be saving lives in the end. They should not be threatened with losing their jobs or the loss of the future enhancement of their careers or anything of that nature. If they are wrong, they will be proven wrong, but if they are right, then they will have done justice not only to their employment but also to their bureaucratic concerns as well.
We in the NDP support the proposed legislation, although with reservations. We do wish that the government had accepted the amendments we proposed on insider trading and of course on whistleblower protection.
There is also one concern I have on a personal level. If we set out maximum sentences of 10 years or 14 years, that really means maximum. A judge can offer the minimum, which could be anywhere from no time in jail to a fine or house arrest. The judge has that leniency.
I believe that if we want to send a strong signal to these people we should tell them what minimum sentence they are going to get, similar to the outrage we expressed in the House a couple of weeks ago when we discussed concerns about child pornography or pedophilia. There is no sense in stating a maximum sentence if we are never going to do it. We should make it a minimum sentence of 10, 15, 20 or 25 years and make sure the offenders serve every single day of that sentence. There should be none of this good behaviour nonsense.
A classic example of that is a person in my riding--and I refuse to use the word gentleman--who had eight previous impaired convictions. On the ninth impaired charge, he got it right: he killed a young girl of 18 years of age. He was sentenced to eight years in jail. He served only two years and was released.
What signal are we sending people when a person who has nine impaired convictions kills a young 18 year old girl on the ninth conviction, only gets an eight year sentence and serves just two years of that sentence? What are we telling the victim and the victim's family? It is an outrage.
There is no difference in terms of corporate crime. If we are going to send people to jail, we must send them to jail for the length of their time and ensure that they serve every single day so they know that if they commit this white collar crime they indeed will face serious consequences if they are caught.
I have another concern. We have to ensure that our government, our police forces and all the agencies have the manpower and the financial resources to follow up on the investigations and tips they receive. Many times our police forces and the RCMP are underfunded and undermanned. They simply do not have the resources to do the job effectively.
The proposed legislation sounds good. We can put it into law and on paper, but if we do not provide the tools and the teeth to back it up, it means absolutely nothing.
With that, we give cautious support for the bill. We wish that members on both sides would have the opportunity to speak to it. We would like to see further dialogue happening when it gets to the Senate. We are definitely in support of the proposed legislation, although it is not as strong as we would like it to be.