Canadian Imperial Bank of Commerce's $125 million settlement with the SEC and Eliot Spitzer last week was for granting $1.3 billion worth of what the government characterized as "sham" market-timing loans, which CIBC routinely hid by rotating trades, or in industry vernacular-"flying under the radar."

"Subterfuges and false pretenses to fraudulently disguise or conceal market-timing transactions," is how U.S. Fed News described the sophistry.

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