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CIBC To Pay $80 Million For Role In Enron Fraud
In settling with the SEC and U.S. prosecutors, CIBC joins J.P. Morgan (paying $162.5 million), Citigroup (paying $126.8 million) and Merrill Lynch (paying $80 million) in connection with the manipulation of Enron's financial statements.
The Justice Department reported that as part of the agreement, CIBC accepted responsibility for the criminal conduct of its employees. To date, Merrill Lynch is the only financial institution whose former bankers face publicly announced criminal charges for allegedly helping Enron manipulate its earnings.
Source: Wall Street Journal, December 23, 2003
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