BoC Brought Banks on Board in ABCP Crisis

Financial Post, Duncan Mavin, 19 March 2008Purdy Crawford and his team of lawyers have praised Bay Street for coming together to try to salvage Canada's non-bank asset-backed commercial paper market, citing a "spirit of compromise and goodwill."But it was actually the backing of the Bank of Canada and the threat of financial meltdown that strong-armed domestic and foreign banks into supporting