CIBC is perhaps the best capitailized bank in canada. They had quite an exposure to CDO’s in the past however my understanding is they have moved on to a more traditional banking structure thus curtailing significantly their M&A activities. Merchant banking has cost them dearly in the past. I used to work on the brokerage side and still know quite a bit of olks who still do. A good measure of CIBC’s prospects is whether CIBC staff are taking advantage of incredibly low rates to finance stock purchases. Apparently they are through the roof. Take that to the bank. Good investment for the mid-term.
So I guess that means they were SIV-positive but have been cured.