ENRON CIBC
CIBC CEO Gerry McCaughey In early August, exactly one year after he had taken over as CEO, McCaughey strolled into a CIBC board meeting. It had been an awkward start, to be truthful—first on McCaughey's to-do list was announcing the $2.4-billion (US) Enron CIBC Q4 2006 Earnings Annual profit was C$2.64 billion, or C$7.43 a share, compared with a loss of C$32 million, or 46 cents a share, in fiscal 2005 on legal costs related to failed energy trader Enron Corp. CIBC reached all but one of its objectives for CIBC Q3 2006 Earnings Profit from its CIBC World Markets investment bank was C$190 million, compared with aC$2.29 billion loss last year from the Enron provisions. Revenue at the unit fell 27 percent on declines in merchant and investment banking. Banks Q4 Profits Seen Strong CIBC has rebuilt its balance sheet after taking a $2.4-billion (US) hit to settle Enron-related lawsuits early last year. Bank of Montreal will be the first of the big six to report earnings, followed by RBC and National Bank of Canada RBC, TD Buoyed by Enron Ruling Enron shareholders have recovered more than $7-billion from five of the company's lenders, including a $2.4-billion contribution by Canadian Imperial Bank of Commerce last year. The CIBC settlement marked the biggest recovery so far for TD Securities is Now Number 3 Securities Firm *Includes $2.5-billion charge CIBC incurred to settle Enron-related lawsuits. __________________________________________________________. TD Securities Inc. 2006 2005 Profit $629-million $422-million Revenue $2.3-billion $2.0-billion CIBC Ex-Employees' Lawsuit Seeks Dissolution of Fund The bank agreed in August 2005 to pay investors $2.4 billion to settle claims it helped Enron Corp. inflate revenue by hiding debt. The Delaware lawsuit contends 'CIBC misused the fund's assets to its own benefit in order to BMO CM Preview of Banks' Q4 2006 Earnings We would not be surprised if CIBC and Royal also joined in to move to return more money to Our preference is for shares of CIBC, TD and National (all rated from hurricanes or Enron should allow Royal to show a very clean result. National Bank's Quebec Discount You thought CIBC was doomed after last year's infamous Enron write-off? Guess which bank is virtually tied for top spot this year among the Big Six. National, which reports its year-end results tomorrow, hasn't stepped in it the way Day Pass Sought, so Fastow Can Testify The university's board of regents says it lost more than $144 million (US) on Enron shares. Defendants in the suit include some of the world's biggest financial institutions, some individuals and Canada's RBC and TD banks. CIBC reached
CNN.com - CIBC pays $80m to settle Enron - Dec. 22, 2003 Canadian Imperial Bank of Commerce will pay $80 million to settle charges it helped Enron Corp. in the fallen energy trader's massive accounting fraud, The 10b-5 Daily: CIBC Settles Enron-Related Claims The suit alleges that CIBC helped Enron inflate its revenues by hiding debt. Bloomberg reports that the settlement is for $2.4 billion, which is more than CIBC - Canadian Imperial Bank of Commerce Enron costs CIBC $2.4B. Bank to take $2.8 billion charge in quarter ended July 31 "CIBC engaged in a series of financial actions with Enron over a Daily Dose of Optimism: O Canada - CIBC, Enron and CEO Refunds O Canada - CIBC, Enron and CEO Refunds. For those who care about signs that managerial misdeeds are being addressed by those who are really responsible Enron: Press Release According to the terms of the agreement, CIBC will pay Enron $250 million in cash The agreement, which resolves all open issues between Enron and CIBC, globeandmail.com: Investors set to sue CIBC over Enron settlement The University of California was the lead plaintiff in the class-action suit filed by Enron investors against CIBC and other financial institutions, Enron Class Getting $2.4 Billion From CIBC The Toronto bank's payment is the biggest so far to Enron's shareholders. CIBC settles with Enron investors NEW YORK, NEW YORK Canadian Imperial Bank of Commerce has settled with investors of collapsed energy firm Enron Corp for $2.4 billion, CIBC and the lead CIBC to pay $2.4B in Enron class action - Silicon Valley/San Jose Fiserv to sell stake in Canadian company [Milwaukee]; Another Canadian bank agrees to large Enron settlement [Houston]; CIBC settles second Enron lawsuit CIBC aided Enron on financial dealings: report A day earlier, court-appointed examiner Neal Batson said Enron deals involving CIBC over a three-year period before Enron filed for bankruptcy in December,
enron+cibc: enron+cibc
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