Mr. Speaker, in May 2009, I asked a question about the auto industry. As the House will recall, this Reform-Conservative government was unable to defend the interests of Canadians during the massive upheaval of the auto industry. What the crisis needed was a coordinated response and this government dragged its feet in communicating with American officials to come up with a joint plan.
When he appeared before the Subcommittee on the Automotive Industry in Canada, the president of General Motors Canada confirmed that GM had committed all of its available worldwide assets, including its assets in Canada, as collateral for U.S. loans.
That left General Motors with few assets to secure the amounts loaned by the Government of Canada. The Conservative government was not—