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You know a firm’s finances aren’t doing so well when the firm’s own analysts downgrade themselves. (Hat tip: J. Lonsdale)

From Long or Short Capital:

CIBC May Take $4.1 Billion Writedown, CIBC Analyst Says (headline has changed but the original was as we laid out). This just speaks to credibility of CIBC’s (NYSE: CM) equity research department!! ….or the fact that their equity research department just got laid off.

Now if only all the analysts I talked to were this honest…

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