Friday, Dec 21, 2007
Where is JP Morgan's announcement?
Reuters: CIBC Warns of 'Large Charge' as Subprime Woes Grow
There is a "reasonably high probability" that Canadian Imperial Bank of Commerce will report a "large charge" in its first-quarter results, the bank warned on Wednesday, as pain from its exposure to the U.S. subprime mortgage market deepens.
CIBC, Canada's fifth-biggest bank, did not give a firm figure for the charge but said the subprime hedge protection it bought from troubled bond insurer ACA Financial Guaranty Corp was valued at $2 billion as of Nov. 30.
Whoopsie.
Posted by lvmreader @ 01:57 AM (777 views) Add Comment
2 Comments
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1. lvmreader said...
See next article on ACA
2. drewster said...
This is part of the monoline bond insurers re-rating problem. The bond insurers are the RAC, the bonds are cars. It's winter and a lot of cars are breaking down, but the RAC man wasn't prepared for this workload. Nobody knows when, or if, their car will be repaired.