The last five Canadian ministers of finance have come from the Toronto financial community (Goodale worked for Martin). The BoC was designed to be independent; it is a wholly-owned subsidiary of the Canadian banking industry. Just look at the composition of its board. No regulator in Canada possesses subpoena power. As a result, all restitution requires legal victory, which, even the superior courts, have little record of producing. Total enforcement, supervision and financial restitution in Canada is less than one percent of industry income annually. Administration is a cost of doing business; no underwriter would ever accept so little premium for an insured risk. Insiders and politicians are hand in glove. Basel is a talk shop with no ability to effect policy; national supervisors frequently opt out. Finance is an int'l influence-peddling scheme. And the author is wrong to suggest effective financial administration exists in Europe.