Financial Institutions - December 10, 2009

Mr. Yvon Godin (Acadie—Bathurst, NDP):
Mr. Speaker, I believe that the Minister of Finance needs a short course in mathematics. The $8.3 billion could support 101,000 families with children, 192,000 single parent families, or 293,000 seniors living alone. 293,000 seniors could live on the bonuses of the CEOs of the six largest banks.

What is the Minister of Finance waiting for to follow the lead of Great Britain and legislate against these excessive bonuses.

Hon. Jim Flaherty (Minister of Finance, CPC):
Mr. Speaker, the government of the United Kingdom had to bail out banks. In fact, it had to nationalize banks.

On the contrary we have one of the best financial systems in the world, not only in our banking system but in our insurance system. Canadians can be proud that we weathered the recession and we are recovering with a strong system of financial institutions that employ tens of thousands of Canadians.

Building our financial institutions up is good for the country. It is good for employment. These are high-paying jobs.