Canadian Imperial Bank of Commerce struck an enormous US$2.4 billion settlement with Enron investors, mere days after the retirement of outgoing CEO John Hunkin. To put that in perspective, the bank earned C$2.1 billion for the entire financial year 2004.

Mr. Hunkin, it should be pointed out, earned a total direct compensation of $9 million during CIBC’s previous financial year partly due to “producing the best total shareholder return performance among Canadian banks over the 2004 fiscal year, over four of the last five fiscal years, and over the five-year period ended October 31, 2004″. Predictably, investors in the bank are left holding the bag. They are, rightly, demanding that Mr. Hunkin bear more than token reponsibility for the debacle that occured under his watch.