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Mortgage Broker News | 11 Aug 2010, 12:00 AM Agree 0
CIBC allegedly failed to properly disclose its exposure to subprime mortgages
  • Mike From Marmora | 13 Aug 2010, 04:44 AM Agree 0
    If these allegations are proven to be even partially true what does that say about a) Chartered Accountants generally, & specifically about the firm who signed off on CIBC's audit & financial statements? B)Why didn't OSFI, the Office of the Superindendent of Financial Institutions, the supposed regulator of Banks, catch the problem?...ever notice how many past Superintendents of OSFI were former senior partner CA's responsible for bank audits? How can you objectively regulate a system when your pension income or revenue for divestiture of your partnership interest comes from the payment of audit fees of the entities you regulate?
    Are our FI's really as squeeky clean as their publicity machine claim?
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