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Thread: The myth of the "sound" Canadian banks ..

  1. #1
    Join Date
    Feb 2010
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    16,683

    Default The myth of the "sound" Canadian banks ..

    In line with the RBC getting a downgrade today I thought I share this report on how the Canadian banks were bailed out quietly while the government bragged about what good shape they were in.


    Throughout the 2008-2010 financial crisis, Canadian banks were touted by the federal government and the banks themselves as being much more stable than other countries’ big banks. Canadians we assured that our banks needed no bailout. However, in reality, Canada’s banks received billions in cash and loan support during the 2008-2010 financial crisis—and the Canadian government has remained resolutely secretive about the details. This report examines the nature and extent of government support to Canada’s big banks, estimated on the basis of partial information provided by Canada’s public institutions, and an analysis of the banks’ own financial reports.
    http://www.policyalternatives.ca/pub...nks-big-secret
    Do not rejoice in his defeat, you men. For though the world has stood up and stopped the bastard, the (female dog) that bore him is in heat again. Bertolt Brecht

  2. #2
    Join Date
    Oct 2010
    Location
    Dun Laoghaire-Rathdown
    Posts
    8,498

    Default

    If something seems too good to be true, it usually is. Right, so what about the Australian ones, then??

    If anyone still has enough access to relevant info in 50 years time (loss of energy reserves plunging society into chaos etc) it will be interesting to see the Ph.D thesis that identified which nation actually had the safest banking policies. Perhaps they don't exist.
    "The floggings will continue until morale improves "

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