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U.S. Debt Clock like you have never seen. This has trading ramifications!
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U.S. Debt Clock like you have never seen. This has trading ramifications!

  #41 (permalink)
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CIBC, BMO, and Scotiabank—were completely under water

Syxforex...

Canada?s secret bank bailout revealed | Canadian Centre for Policy Alternatives

You can download the full PDF document here...

The Big Banks' Big Secret | Canadian Centre for Policy Alternatives

OTTAWA—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.”

Between October 2008 and July 2010, Canada’s largest banks relied heavily on financial aid programs provided by the Bank of Canada, the Canada Mortgage and Housing Corporation (CMHC), and the U.S. Federal Reserve—all at the same time.

Over the entire aid period, Canada’s banks reported $27 billion in total profits between them and the CEOs of each of the big banks were among the highest paid Canadian CEOs. Between 2008 and 2009, each bank CEO received an average raise in total compensation of 19%.

“The federal government claims it was offering the banks ‘liquidity support’ but it looks an awful lot like a bailout to me,” says Macdonald. “Whatever you call it, Canadian government aid for the country’s biggest banks was far more indispensable than the official line would suggest.”

The study estimates the value of government support by combing through data provided by CMHC, the Office of the Superintendent of Financial Institutions and the Bank of Canada, as well as quarterly reports of the banks themselves.

Due to government secrecy, the study raises more questions than it answers. Macdonald calls on the Bank of Canada and CMHC to release the full details of how much support each Canadian bank received, when they received it, and what they put up as collateral.

“A healthy and resilient banking sector cannot operate under the shroud of secrecy. Details of the massive taxpayer support Canadian banks received should be released in the name of transparency and accountability,” says Macdonald. “Financial sector regulation should be strengthened to prevent the need for similar measures in the future.”

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  #42 (permalink)
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Damn, first I've heard of that, where have I been? I guess I'll have to eat my words now. So much for transparency.

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  #43 (permalink)
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Oh...oh OH??? CANADA




Syxforex...

Before we collectively wave the Canadian flag re: our banks, read my post above....

To all our American colleagues:
Canadians unfortunately have the attitude that we are somehow special, different and immune to things
because we have 'always done things better'.

The truth is, Canada is very complacent politically and panders to the world, while we at home rest on our socialist laurels, and assume free medical care and subsidized education will continue forever.

While Quebec students protest by the hundreds of thousands, Canadians will sit, content in their living rooms, assuming that it's just polite to do so.

Look at the police state that was created during the G20 in Toronto.

Wake up Canadians!

(BEAVER TALE SLAP TO SIDE OF HEAD)

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  #44 (permalink)
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Unpatriotic, apathetic, and with a general inferiority complex to Americans, I'm defecting...

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  #45 (permalink)
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As for Quebec, if we had any dignity and balls we would have had our own referendum on their place in Canada a long time ago, ending with a big shiny boot right up the ass..

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  #46 (permalink)
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Rise up...

Syxforex...

We must rise up...we must do something.

RISING UP THE CANADIAN WAY....

(Gets out Christmas stationary, takes Niagara Falls souvenir pen out)

(writes apologetic letter to local Canadian rag paper re: Quebec seperatist party winning)

(does not put stamp on, but drives it to the newspaper himself)

(Stops on way back to Tim Hortons, Reads newspaper about Chinese oil company buying interests
in Alberta oil sands)

(Late that night watches Democratic National Convention)

(Obama gives him warm fuzzy feeling)

(Feeds reindeer, puts canoe away, Puts on Flannel PJ's, sleeps well)

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  #47 (permalink)
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I hear you man,, my grievances go on and on, but it's like yelling in teh forest and nobody hears.. The naivety and apathy has brought me to defection, i am not kidding, I would trade my citizenship pretty quick if I had an opportunity to live in a place with some pride..

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  #48 (permalink)
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Hijacked



Syxforex...

I think we just Hijacked this thread

It was supposed to be about U.S. Debt clock


My apologies. I will get off my Canadian Soapbox now

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