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Monday, April 30, 2012 

Stephen Harper And The Conservatives GAVE THE BANKS $114 Billion Of Your Tax Dollars During The Recession ....


Canada's biggest banks accepted tens of billions in government funds during the recession, according to a report released today by the Canadian Centre for Policy Alternatives. 

Canada's banking system is often lauded for being one of the world's safest. But an analysis by CCPA senior economist David Macdonald found that Canada's major lenders were in a far worse position during the downturn than has ever been previously believed. 

Macdonald pored over data provided by the Canada Mortgage and Housing Corporation, the Office of the Superintendent of Financial Institutions and the big banks themselves for his report published Monday. It says support for Canadian banks from various agencies reached $114 billion at its peak. That works out to $3,400 for every man, woman and child in Canada, and also to seven per cent of Canada's gross domestic product in 2009. The figure is also 10 times the size of the amount Canadian taxpayers spent on the auto industry in 2009. 

"At some point during the crisis, three of Canada’s banks — CIBC, BMO, and Scotiabank — were completely under water, with government support exceeding the market value of the company," Macdonald said. "Without government supports to fall back on, Canadian banks would have been in serious trouble." During October 2008 and June 2010, the banks combined to report $27 billion in profits on their balance sheets.
CBC.ca

The Big Banks BIG Secret ...

Hello, It's about time that this was finally covered in the main stream news media. What took them so long? I would like to refer you to Chris Horlacher who wrote about this in Jan 2011 How the government gave money to CMHC ( Canadian Moral Hazard Corporation ) to bail out the banks.
His article is well researched and you will be able to get the facts figures & so forth with the linked address for sources through his web site http://www.mycfoweb.ca/
Cheers
Maureen
twitter@whatsgrowingon1

I vividly recall Jack Layton in 2008 or early 2009, standing for a media scrum saying we just gave
$75b to the banks-no debate and no strings attached.
On top of whatever the banks may have done with our money, I seriously question whether they ever paid it back as the report says. Considering the trillions of dollars overall that public treasury's around the world put into the private economy, you'd think they'd be exposed for not lifting a finger now.

I clearly recall jack Layton in a media scrum back in 2008 or early 2009 announcing that the liberal/conservative coalition had just given $75b to the banks. No debate, and no strings attached.
I think that it is fraudulent and criminal that the one's who benefitted the most globally from these massive public bail outs, have failed to lift a finger now.

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