when i think of poor, i think of... cibc?

To make up for the bad choice of investing in the American sub-prime market, CIBC sells stock worth $2.75 billion. CBC reports the bank will sell shares at a discount to investors and underwriters to boost the balance sheet.

Selling new stock counters the effect of the writedowns on the balance sheet. CIBC's Tier 1 capital ratio — a key measure of a bank's financial strength — would be 11.3 per cent, well above its 8.5 per cent target.   

First Enron, now this. Poor CIBC. Poor $3.3 billion net income CIBC.