This is a single
speech (committee meeting) resource
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This is a single
speech (committee meeting) resource
from the openparliament.ca API. If you’re new here, you might want to look at the documentation. If API and JSON are gibberish to you, you’re better off at our main site.
{
"time": "2007-11-22 17:50:00",
"attribution": {
"en": "Mr. Stephen Jarislowsky",
"fr": ""
},
"content": {
"en": "<p data-HoCid=\"802723\" data-originallang=\"en\">My basic feeling is that these are faulty products that have been developed. Our own firm was never invested in them. They were bought by people who wanted to have better performance, and they got eight or ten basis points more by going into these products. We didn't go into them because we didn't understand them. We felt that if you had a short-term piece of paper with Alcan, you would get paid at the end of the period when it was due. But how do you go after 100 people who have mortgages that don't come due for another 10 years? So it was a faulty piece of paper. We believe that everybody should basically have seen through this kind of thing.</p>\n<p data-HoCid=\"802724\" data-originallang=\"en\">I don't believe in government bailouts and I don't believe in subsidies, but I believe in playing fields that are predictable. There I come back to what I said before, that we have to arrive at a band in which our dollar relates to the American dollar, or adopt the American dollar, because we cannot live and have our industry destroyed every 20 years. We cannot ask people to invest here if the chance is they get wiped out in 15 or 10 years, or whatever it will be in the next cycle.</p>",
"fr": "<p data-HoCid=\"802723\" data-originallang=\"en\">Je pense au fond que ce sont l\u00e0 de mauvais produits qui ont \u00e9t\u00e9 d\u00e9velopp\u00e9s. Notre propre firme n'a jamais investi dans ces produits. Ils ont \u00e9t\u00e9 invent\u00e9s par des personnes qui souhaitaient am\u00e9liorer leur rendement. De la sorte, elles ont obtenu de huit \u00e0 dix points de base de plus en investissant dans ces produits. Nous n'y avons pas touch\u00e9 parce que nous n'en comprenions pas le fonctionnement. \u00c0 notre avis, si vous aviez du papier commercial \u00e0 court terme chez Alcan, vous serez pay\u00e9 \u00e0 la fin de la p\u00e9riode, quand la dette vient \u00e0 \u00e9ch\u00e9ance. Mais, comment peut-on poursuivre une centaine de personnes qui ont des hypoth\u00e8ques qui ne viennent pas \u00e0 \u00e9ch\u00e9ance pour dix ans encore? Ce genre de papier \u00e9tait donc mauvais. Selon nous, tous auraient d\u00fb essentiellement s'en rendre compte.</p>\n<p data-HoCid=\"802724\" data-originallang=\"en\">Je ne crois pas \u00e0 une aide financi\u00e8re du gouvernement et je ne crois pas aux subventions, mais j'adh\u00e8re au principe de jouer sur des terrains dont les r\u00e8gles sont pr\u00e9visibles. J'en reviens \u00e0 ce que j'ai dit tout \u00e0 l'heure, soit que nous devons en arriver \u00e0 une fourchette dans laquelle notre dollar est en lien avec le dollar am\u00e9ricain ou adopter la devise am\u00e9ricaine, parce que nous ne pouvons pas vivre et voir notre industrie d\u00e9truite tous les vingt ans. On ne peut pas demander aux gens d'investir ici si, en le faisant, ils courent le risque de tout perdre quinze ou dix ans plus tard, quelle que soit la dur\u00e9e du cycle suivant.</p>"
},
"url": "/committees/finance/39-2/5/stephen-jarislowsky-5/",
"politician_url": null,
"politician_membership_url": null,
"procedural": false,
"source_id": "2217628",
"document_url": "/committees/finance/39-2/5/",
"related": {
"document_speeches_url": "/speeches/?document=%2Fcommittees%2Ffinance%2F39-2%2F5%2F"
}
}