Canadians were told that Canadian banks didn't need extensive bailouts as American and European banks needed, and only received some short term liquidity support. Now, Canadians learn that their banks were completely under water, and in some cases, the bailouts that weren't bailouts were more money than would have been needed to buy the banks outright. In other words, their banks were bankrupt. Their bailouts WERE bailouts, and they lasted for years, not months. A large part of the Canadian bank bailouts came from the US Federal Reserve.