alternatehistory.com

June 17, 1967

Canada, US agree to $250 million settlement over Fermi

After months of stalemate, a deal has been reached over Fermi-related damages in Canada. The United States will pay $250 million US ($270 million CDN) [1] in compensation to Canadian victims of the disaster at the Fermi nuclear power plant. These funds will be used to compensate farmers whose land was contaminated by Fermi as well as Canadian evacuees displaced after the meltdown. [2] Under the tentative agreement, Canada will be responsible for bearing the majority of the Fermi-related costs, which are projected to run over $750 million US ($810 million CDN).

Regarding banks, a deal has been struck whereby Citibank will be able to maintain its control of Mercantile Bank, provided that 75 percent of the shares in Mercantile Bank will be sold to Canadians. In addition, no shareholder will be able to hold more than 10 percent of the shares of any Canadian bank. [3]

Canadian Finance Minister Mitchell Sharp praised the compensation plan and believes that the agreement will strengthen US-Canada relations and preserve Canada’s economic security. In reaction to this, President of the Privy Council Walter Gordon handed in his resignation to Prime Minister Pearson, effective in two weeks. [4] Gordon had been a strong critic of American influence in Canadian affairs and believes that the agreement is unfavorable to Canada.