July 2001, The Wall Street Journal profiled CIBC Capital Markets, chronicling the rapid decline of the bank from the peaks of Wall Street's league table rankings. By 2002, CIBC was forced to set aside C$1.5 billion for bad corporate loans, primarily from CIBC Capital Markets and the bank was linked two of the most famous victims of the corporate accounting scandals of the early 2000s: Enron Corporation and Global Crossing. As a result of these developments, the parent bank implemented a strategy to reallocate resources away from the riskier CIBC Capital Markets division in favor of its retail operations. As part of this strategy, in 2003, CIBC sold an asset management division along with retail brokerage to Fahnestock Viner along with the Oppenheimer & Co. name. Also in September 2003, a jury found that CIBC had failed to provide complete financial information to investors in a high-yield bond offering. Just a few months later, at the end of 2003, CIBC reached an $80 million settlement with the Securities and Exchange Commission over its various financings for Enron, representing far more than the bank had earned in fees. Sale to Oppenheimer & Co. (Fahnestock Viner) In November 2007, Oppenheimer & Co. (Fahnestock) announced that it would purchase a major part of CIBC Capital Markets' U.S. Investment Banking, Corporate Syndicate, Institutional Sales and Trading, Equity Research, Options Trading and a portion of the Debt Capital Markets business which includes Convertible Bond Trading, Loan Syndication, High Yield Origination, and Trading as well as related operations located in the UK, Israel, and Hong Kong. The deal closed January 14, 2008, and essentially reunited the original Oppenheimer & Co. which CIBC divided into the sale to Fahnestock. On February 29, 2008, CIBC Capital Markets Chairman and Chief Executive Officer Brian Shaw was replaced in both capacities by Richard Nesbitt, a former TSX Group CEO. Competition CIBC Capital Markets faces competition from major global investment banks such as Goldman Sachs, Morgan Stanley and the RBC Capital Markets, equivalent branches of other financial conglomerates such as BMO Capital Markets, and TD Securities, and other independent/boutique investment banks and large cap advisory firms such as the corporate finance practices of Deloitte and KPMG. Notable current and former employees Geoff Belsher and Harry Culham, Co-Chair of CIBC Capital Markets Victor Dodig, President and CEO of the Canadian Imperial Bank of Commerce Henry Blodget, Equity Research Analyst. Meredith Whitney, Equity