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Author Topic: CIBC: many unethical acts
TemporalHominid
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posted 17 December 2005 07:34 PM      Profile for TemporalHominid   Author's Homepage        Edit/Delete Post  Reply With Quote 
CIBC is cutting hundreds of positions to try and pay of huge fines for illegal. unethical dealings in the US, related to Enron and others and political contribution abuse

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20051213/RCIBC13/TPBusiness/Canadian


From: Under a bridge, in Foot Muck | Registered: Jul 2004  |  IP: Logged
abnormal
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posted 17 December 2005 08:09 PM      Profile for abnormal   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
TH,

I'm not trying to be a troll here but your point is?


From: far, far away | Registered: Aug 2001  |  IP: Logged
Fidel
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posted 17 December 2005 08:58 PM      Profile for Fidel     Send New Private Message      Edit/Delete Post  Reply With Quote 
In brief, Abnormal, I think the jist of the article says that CIBC execs were caught red-handed trying to pull off a kick-back and graft scam, which backfired on our banking and investment geniuses apparently, in the state of CA.

Besides preying on poor Canadian's with student loan debt sentences as a side business, they were also trying to do business with ENRONg accounting crooks in the States. And so it looks as if the front line workers at CIBC will be the ones paying the price for fuckups at the top of a centrally planned hierarchy.


From: Viva La Revolución | Registered: Apr 2004  |  IP: Logged
abnormal
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posted 17 December 2005 09:14 PM      Profile for abnormal   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
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  |  IP: Logged
Fidel
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posted 18 December 2005 08:54 PM      Profile for Fidel     Send New Private Message      Edit/Delete Post  Reply With Quote 
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  |  IP: Logged
abnormal
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posted 19 December 2005 07:47 AM      Profile for abnormal   Author's Homepage     Send New Private Message      Edit/Delete Post  Reply With Quote 
I never said Andersen was innocent. What I said was the conviction was overturned but that, in the meantime 38,000 people lost their jobs.

I'd be very surprised if all 38,000 people were involved in the Enron audit. Did they deserve to be unemployed because of the actions of a relative few? Or more accurately because some prosecutor overstepped his bounds?

Do CIBC employees deserve to be let go because the bank lost money dealing with Enron et al?


From: far, far away | Registered: Aug 2001  |  IP: Logged

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