Live Long and Prosper, CIBC Not Prospering, Prosperity Tastes Delicious
Torontoist has been acquired by Daily Hive Toronto - Your City. Now. Click here to learn more.




Live Long and Prosper, CIBC Not Prospering, Prosperity Tastes Delicious

Just in case this is something you like to be reminded of, you’re going to die someday. The good news is that day is likely to be further off than ever, because average life expectancy in Canada has risen, with a baby born in 2005 likely to live to 80.4 years of age. On the other hand, who wants to be an 80-year-old baby?
CIBC has announced that they will be selling $2.75 billion in stock to help offset the $3.3 billion in writedowns taken thus far as a result of the U.S. sub-prime mortgage debacle. About $1.5 billion will be sold to billionaire Li Ka Shing and various institutions that already have a big stake in CIBC, while the remainder will go in a public offering. We should all get a piece of that action because big banks don’t fail, except in times of extreme financial crisis. Oh.
A new U.S. law may mean that oil from the Alberta tar sands can’t be used to run U.S. government vehicles. The law forbids the use of fuels if greenhouse gases emitted during production and shipping are more than “conventional petroleum,” which probably applies to the dirty and carbon-intensive process required to extract oil from the sands. Boy, it’d really be a shame if we’d destroyed half the province for nothing.
A study from California has found that the more wine costs, the more people enjoy it. Waiter, a bottle of something with a gold label, and open it with your diamond corkscrew!
There are rumours that the floundering Maple Leafs will bring back former General Manager Cliff Fletcher in the hopes that he can raise them up to the heights of mediocrity that they achieved in the 90’s.
Photo by gardinergirl from the Torontoist Flickr Pool.