Canadian bank “shakes” Enron related audit rules
From the (Toronto) Star:
Banking authorities in Canada and the United States have lifted an enforcement action that they imposed on the Canadian Imperial Bank of Commerce three years ago over its involvement with Enron Corp.
The action put restrictions on CIBC and required it – for the past three years – to pay for an independent auditor to help authorities on both sides of the border monitor how well it was complying with those rules.
The rules required the bank to create a financial transaction oversight committee, to change its employee training program, and to stop carrying out “certain structured finance transactions,” among other things.
I’m not sure how the banks are responsible for the Enron debacle, but I guess when you’ve lost $40-billion in market value someone’s gotta pay. And I’m sure the banks don’t really need me to defend them, as they once again reported record profits this year and continue to charge me a buck and a half every time I use one of the other banks’ ATMs.
And what’s with the use of the word ‘shakes’ in the headline? Was this billion dollar lawsuit something they just had to get through like a cold or something?
The article also notes two other Canadian banks are still involved in the class action lawsuit brought on behalf of former Enron investors.