A study released today by the Canadian Centre for Policy Alternatives (CCPA) estimates the previously secret extent of extraordinary support required by Canada's banks during the financial crisis.
According to the study, by CCPA Senior Economist David Macdonald, support for Canadian banks reached $114 billion at its peak—that's $3,400 for every man, woman, and child in Canada.
"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," says Macdonald. "Without government supports to fall back on, Canadian banks would have been in serious trouble."
Read more: http://www.digitaljournal.com/pr/687176#ixzz1tZ9ntAL6
Let the hypocrisy begin ...