Finance committee  I have a letter from Dean Buzza from approximately December 13, 2008. It was in response to our request on behalf of a number of ABCP victims that the RCMP conduct a criminal investigation of the asset-backed commercial paper on the basis of our allegations of fraud with respect

Finance committee  I'd just like to add a comment. I'm on the investment committee of the United Church of Canada. We're a governance body for the external management of the pension plan for the ministers and staff of the United Church. I want to make a point about corporate governance. I don't thi

Finance committee  It's under Public Safety. It reports to Peter Van Loan and also to the Standing Committee on Public Safety and National Security.

Finance committee  Blame it on the witness who answered!

Finance committee  First of all, I want to make it clear that we're not talking about a national securities commission. We believe that the Autorité is a securities commission and that its best skills and its jurisdictional territory are in the administration of the Quebec Securities Act. What we'r

Finance committee  —where Quebec has proper jurisdiction. So I think we agree.

Finance committee  First of all, IMET spends $40 million a year on securities crime policing, and according to the feedback we've had from the Toronto Police Services fraud squad and other fraud squads of Canada, as of 2003, the RCMP has taken effective exclusive jurisdiction. The RCMP, in the whit

Finance committee  Good morning. I'm going to speak this morning about toxic investment products and how they've contributed to the financial crisis in Canada. My apologies. I have a very hoarse voice this morning. Hopefully I'll get through this. The financial crisis in Canada is wreaking havoc

Finance committee  They're probably the safe ones.

Finance committee  One of the big problems with the vote under the CCAA process is that there are courts whose function is to resolve disputes. There are other dispute resolution mechanisms, and some don't work that well, but we also haven't mentioned today the ombudsman for banking services and in

Finance committee  Well, there is a mechanism that works today; the problem is that these people are being denied access to it. We can come back on this, subject to another hearing on how we can fix the current dispute mechanisms, which are not working as well as they should. For the most part, all

Finance committee  Well, I guess I would say to the provincial securities commissions that they've lost their right to govern and regulate. The cracks in asset-backed commercial paper were so clear to Standard & Poor's that there is absolutely no basis on which they can justify what took place.

Finance committee  I would like to make the point that it's my understanding that Juroviesky and Ricci, with their sublegal counsel, intends to enter the court next week. They're going to raise the issue that there are retail owners who are being asked to vote yes, and to waive their legal rights.

Finance committee  It would have been logical for the pan-Canadian committee and the major banks of Canada to know they had a business problem, and that there was $350 million worth of paper for which there was a strong legal case to be made that they had been sold on the basis of misrepresentation

Finance committee  First of all, every major bank has already determined that errors and omissions were made in the offer. They don't say so quite so clearly, but they have made cash settlements with their own retail direct customers. National Bank put a cap of $2 million. We don't know what the ca