| The bank most likely to walk into a sharp object
What these investors didn't know was that CIBC was preparing to write down an additional $2-billion in a matter of weeks, enough to make it one of the costliest misadventures in Canadian banking history. Mr. McCaughey, whose entire tenure to this point had been geared toward erasing the taint of previous scandals, methodically stripping away risk and rehabilitating the bank's maverick reputation, knew that he would have to make senior management changes, and was already in secret negotiations to recruit his close friend Richard Nesbitt, who runs the Toronto Stock Exchange, as a replacement for Brian Shaw as head of the gaffe-prone investment bank, CIBC World Markets. Mr. Shaw, who probably suspected at this time that his days were numbered, nevertheless remained in Toronto while his family went to Mexico on vacation, helping to carry out one of Mr.
K-State women roll on
MANHATTAN — They downplayed the significance of possibly cracking The Associated Press Top 25 poll all week long, maintaining that the focus should be on the next opponent — Colorado — rather than a ranking. But after defeating the No. 25-ranked Buffaloes 67-60 Saturday night at Bramlage Coliseum, the Kansas State women's basketball team will have to accept what's coming their way. .
The Complete Bushisms
"I can press when there needs to be pressed; I can hold hands when there needs to be—hold hands."—on how he can contribute to the Middle East peace process, Washington, D.C., Jan. 4, 2008 "I welcome you all to say a few comments to the TV, if you care to do so."—Inviting visiting Irish dignitaries to address the media, Washington, D.C., Dec. 7, 2007 Click here to see video of Bush's comments. The Bushism is at 1:08. "If you've got somebody in harm's way, you want the president being—making advice, not—be given advice by the military, and not making decisions based upon the latest Gallup poll or focus group."—New Albany, Ind., Nov. 13, 2007 Click here to see video of Bush's comments. The Bushism is at 23:36. "And I will explain the need to reform a confirmation process that is making it more difficult to persuade decent and intelligence people to accept the call to public service."—Washington, D.C., Nov.
Security Benefit Completes Acquisition of Rydex Investments
TOPEKA, Kan., Jan. 18 /PRNewswire/ -- Security Benefit today announced that it has closed its acquisition of Rydex Investments, a Maryland-based investment management company that is a leader in bringing institutional-style investment products to the retail market. "Today's action is a significant milestone for both Security Benefit and Rydex Investments and provides important benefits for all of our key stakeholders," said Kris Robbins, Security Benefit chairman of the board and chief executive officer. "In addition to diversifying our business -- a critical element of success in today's often volatile financial marketplace -- it enables Security Benefit to continue its history of providing broader solutions through sophisticated asset and risk management skills; comprehensive products, options and choices; and a growing array of traditional and non-traditional capabilities." The combined organization has approximately $35 billion in assets under management resulting in approximately $52 billion of assets under administration.
Eddie Bauer Reports Third Quarter and Year-To-Date 2007 Results
BELLEVUE, Wash., Nov. 13 /PRNewswire-FirstCall/ -- Eddie Bauer Holdings, Inc. (NASDAQ: EBHI) today reported financial results for the third quarter and the first nine months of fiscal year 2007. For the third quarter ended September 29, 2007, total revenues were $211.0 million compared to $211.3 million in the third quarter of 2006. Comparable stores sales rose 3.4 percent, while revenues from the Company's direct channel, which includes sales from its catalog and websites, declined by 0.7%. Comparable store sales include net sales from retail and outlet stores that have been open for one complete fiscal year. Operating loss improved from a $134.1 million loss during the year-ago third quarter to a $26.5 million loss for the third quarter of this year. The third quarter operating loss of the prior year quarter included a $117.6 million asset impairment charge related to the writedown of the Company's goodwill.
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