Canada offers $3.29 billion auto bailout

I was wondering if this was coming:

**Canada offers $3.29 billion auto bailout
**

TORONTO – The federal and Ontario governments will provide the Canadian subsidiaries of the Detroit Three automakers with $3.29 billion in emergency loans, the prime minister said Saturday.

The announcement follows a pledge Friday by President George W. Bush to offer $17.4 billion in emergency loans to General Motors Corp. and Chrysler LLC.

Remarkable. Truly remarkable. I sure didn’t see this coming. But I guess it makes sense from Canada’s point of view. Too bad it wasn’t part of DIP financing in Ch 11. But then, it is probably entirely targeted to Canadian operations.

I was hoping it would. There are a lot of facilities in Canada, many of them across the river from Detroit

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