The Canadian Imperial Bank of Commerce says it has about $1.7 billion US at risk in bets on the troubled U.S. mortgage market — as much as $1 billion of it relating to subprime, or junk, mortgages.CIBC gambles with its investors money. Canadians buy financial stocks driving up the TSX. Crazy world we live in. This will make things worse, not better long term. Read all about it here.
It said it will write off about $290 million of the total in its next quarterly earnings report and still show better profits than analysts had been predicting.
CIBC's share price opened at $91.50, up $3.99 on the Toronto Stock Exchange.
CIBC is likely to be one of a string of Canadian banks reporting exposure to the U.S. mortgage crisis...
Some of the bets have been covered with offsetting bets, the statement said
Monday, August 13, 2007
CIBC Spells out their losses
Here. Central banks DUMP cash into markets.