MASSE IN THE HOUSE: Masse Questions Finance Minister About Restricting Bank CEO Bonuses
December 10th, 2009 - 7:40pm
Mr. Brian Masse (Windsor West, NDP): Mr. Speaker, while the constituents in my riding and Canadians across the country are suffering under the recession, the Globe and Mail is reporting that the CEOs of Canada's six largest banks are pocketing $8.3 billion in bonuses.
This comes less than one year after the government propped the banks up with $75 billion.
In the United States and the United Kingdom, the governments are taking this on and are restricting executive pay.
Why will the Conservative government not do the same?
Hon. Jim Flaherty (Minister of Finance, CPC): Mr. Speaker, let us be clear. We have what is seen around the world as the soundest banking system in the world.
This is not the United Kingdom. This is not the United States. We did not have to bail out banks. We did not have to nationalize banks. We did not have to use taxpayer money to bail out banks in Canada.
That is why we have the reputation around the world of having one of the soundest financial systems.
The G20 has guidelines. There are the Financial Stability Board guidelines. I have written to the financial institutions, requesting their compliance. If there is not compliance, there will be consequences in Canada.