Get ready for more statements like the one CIBC was just forced to issue. There's a lot of speculation about just who owns how much of all those subprime asset-backed securities and collateralized debt obligations. Banks are known to be buyers, especially European banks, and the intense media coverage of CIBC's exposure led to its statement. We could be in for similar statements, terse and to the point, from more banks, insurance companies and perhaps even a hedge fund or two. CIBC's note--stating that it owns hedged positions as well as unhedged positions and that many of the issues were AAA rated--was designed to ease fears. Recall various media reports stated that the Toronto bank held something like $2.6 billion in such securities. Of course, a number would have gone a long way toward easing jitters. If you are in this situation, you need to get your PR strategy worked out now.

For more:
- here's an article from the Globe and Mail