Posted on 06/11/07
Once the darling of the investment world, CIBC is paying for its romance with U.S. debt. Yesterday, it parted ways with a 'senior statesman'
TORONTO; NEW YORK -- In the late 1990s, the New York office of Canadian Imperial Bank of Commerce's securities arm was the globe's top destination for investors clamouring to buy complex derivatives known as collateralized debt obligations. Today, as the subprime debacle has turned CDOs from the belle of Wall Street to the bane, the bank is all but shutting down the business.
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