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Topic: CIBC: many unethical acts
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abnormal
rabble-rouser
Babbler # 1245
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posted 17 December 2005 09:14 PM
Fidel,Without trying to support Enron, CIBC is not the only major player that got burned on this one. they had a "AA-" rating right up till the bitter end. As an aside, don't know whether you realize it or not but Arthur Andersen's conviction over Enron was overturned. While this didn't help the 38,000 people that lost their jobs it does show that things aren't what people thought they were. I've got to ask a separate question. How many people really understand what Enron did wrong and why it worked? I'm not asking about screwing investors, I'm asking about the accounting shenanigans they were accused of.
From: far, far away | Registered: Aug 2001
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Fidel
rabble-rouser
Babbler # 5594
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posted 18 December 2005 08:54 PM
Was it that ENRONg, Global Crossup, Arthur Anderson, Adolphia, World CON, and more presumably, intentionally misled investors(aka "pump and dump") and employees as to their real income and losses during the tech boom turned bust?. Wasn't the economic sabotage of the 90's a small matter where auditors acted as stock promoters - bankers acting as stock promoters and CEOs/CFO's considering their own financial interests over those of shareholders and employees ?. I think it was unbridled self-interest so distorted into appalling greed, that these captains of industry not only submarined the interests of workers and pension funds invested in their companies as a demonstration of market faith, they undermined the interests of fellow blue chip shareholders and people sharing elbow room with them at top - the corporation itself!. Were they not corporate poster children for increased regulation in the banking industry and Wall/Bay Street ?. Ok, now that you've put me off balance with your authoratative tone, maybe I'm not quite sure why the Arthur Anderson clique were completely innocent. But I'm sure you'll tell us, Ab' ?. [ 18 December 2005: Message edited by: Fidel ]
From: Viva La Revolución | Registered: Apr 2004
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