CIBC Settles Enron Fraud Charges - SEC

[joeunderdog]

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission (news - web sites) said on Monday Canadian Imperial Bank of Commerce (Toronto:CM.TO - news) agreed to pay $80 million to settle charges it helped fallen energy trader Enron Corp. (Other OTC:ENRNQ - news) in accounting fraud.

snip

Enron, once the seventh-largest company in the United States, collapsed and filed for bankruptcy in 2001 in the first of a series of corporate scandals to shake U.S. markets. It went under with about $67 billion in debt.


The SEC said it charged CIBC and the three executives with "having helped Enron to mislead its investors through a series of complex structured finance transactions over a period of several years preceding Enron's bankruptcy."

more...
http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=1&u=/nm/20031222/bs_nm/financial_cibc_dc

[Hand]

1. Ha!...

Canadian DUers will undoubtedly remember those repellent bank of Montreal "Can a Bank Change?" TV ads from a couple years back.

The best response came from the president of Credit Union Atlantic here in Halifax in an interview. He remarked, "Can a bank change? No, not really."

They've got my business--and my mortgage!

:toast:

[Uben]

2. Hmmmm?

When the SEC collects these fines, where does the money go?

[cosmicdot]

3. good question - - - general "Treasury"????

:shrug:

they way things are going prolly Ken Lay's Swiss or Cayman bank accounts

[newyawker99]

4. Hi Uben!!

Welcome to DU!! :toast: