December 25, 2007 (LPAC)-- In a column in the Dec. 21 Globe and Mail, one of the newspapers of Canada, Harry Koza, senior Canadian markets analyst at Thomson Financial and a columnist for GlobeinvestorGOLD.com, seems to have had a shocking religious-like revelation, commenting on the Canadian Imperial Bank of Commerce (CIBC): "[it] seems like just yesterday they revealed a $3.5-billion in U.S. subprime exposure, but - not to worry - it said the position was fully hedged.

"Okay, so now it turns out to have been fully hedged with ACA Financial Guaranty Corp., a monoline insurer, and on Wednesday, Standard & Poor's cut ACA's credit rating from single-A to triple-C. A triple-C-rated credit, you may recall from recent columns, is one that is vulnerable to non-payment, and depends on favourable business, financial and economic conditions in order to make its payments. Any adverse event would mean that the triple-C credit is not likely to have the capacity to meet its financial commitments. A distressed debt trader of my acquaintance uses a simpler definition: A triple-C rating is 'Completely Crappy Credit.'"

Didn't you know all along that the derivatives game was a scam from the get-go?