We should have learned that Canadian Bank Executives could not be trusted. The Canadian Asset Backed Commercial Paper program turned into a problem for issuers and investors when Canadian (perhaps taking a cue from foreign) banks refused to extend the emergency liquidity that they had contractually promised on the feeble excuse that there was no "market disruption" since some parts of the market still operated. I would say that this was a clear act of betrayal. It looks like a breech of contract to me in substance if not in strict legal form. The Canadian (and foreign) bankers squirmed out of their responsibilities on a feeble technicality. That left issuers and investors in the lurch. It was shameful.