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The Canadian Banks?

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May 29, 2008 – Comments (2)

CIBC had $1.1 billion loss, mostly due to exposure to the US market. 

Canadian underwriting standards remained stronger than the US, however, I do think there will be some hurting from Canadian sources. 

Of note, the quarter write-offs in the US seem to be an order of magnitude larger than the year earlier earnings for the US financial reports.  The CIBC loss is in the order of what the profit had been.

I am glad my friends followed my advice this past year and sold their banking stocks.  It feels good when friends email you and let you know they saved thousands of dollars from losses... 

2 Comments – Post Your Own

#1) On May 30, 2008 at 12:05 AM, goldminingXpert (29.58) wrote:

I own some CM from $72... still confident it works out well for me.

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#2) On May 30, 2008 at 2:14 PM, goldminingXpert (29.58) wrote:

I own some CM from $72... still confident it works out well for me.

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