The financial community recently seems to have added a new twist to the advice given in Shakespeare’s Henry VI (Part 2) with regard to lawyers in the wake of the US $130-billion-plus write-offs that are increasing daily due to the subprime mortgage debacle. The Canadian Imperial Bank of Commerce recently fired its chief risk manager after that bank faced write-downs of CDN $2 billion on top of the previous CDN $978 million quarterly write-offs related to its holdings in subprime mortgage debt in the US. The expectation by financial analysts is that the subprime losses for the bank will continue to grow throughout this year. The risk management units at Citigroup (which had to take …
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