[Bayou City]

...However, CIBC also said that it will generate about $320-million in revenue from closing out hedge contracts on 10 million Global Crossing common shares - and their related sale - during the current quarter, which ends Jan. 31.

...Despite the hit in loan losses, CIBC has done extraordinarily well on Global Crossing given its initial investment of just $30-million (U.S.). Mr. McLeod said that during the past three years, the bank has "realized more than $2-billion (Canadian) in revenues" from its association with the company, excluding investment banking fees.

This just keeps getting more and more interesting. Looks like this bank was given plenty of time to bail at the expense of the common folk. I wonder how many others are out there. For the life of me I don't understand why the SEC hasn't started a probe yet.

[Rodney King]

Not at all. They were smart, they hedged their exposure, probably using some sort of derivative. They should be applauded.

[altayann]

For the life of me I don't understand why the SEC hasn't started a probe yet.

You have trouble understanding why the SEC hasn't launched a probe of the Canadian Imperial Bank of Commerce (CIBC)?

Hmm. I wonder why. I really, really wonder.

[d14truth]

This came to the surface again yesterday, I believe.