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.
The Big Banks BIG Secret ...