-the redhead- (theredhead) wrote,
-the redhead-

Bank bonus payments - Hoist on their own petard

Credit Suisse to Use Illiquid Assets to Pay Bonuses

By Christine Harper

Dec. 18 (Bloomberg) -- Credit Suisse Group AG’s investment bank has found a new way to reduce the risk of losses from about $5 billion of its most illiquid loans and bonds: using them to pay employees’ year-end bonuses.

The bank will use leveraged loans and commercial mortgage- backed debt, some of the securities blamed for generating the worst financial crisis since the Great Depression, to fund executive compensation packages, people familiar with the matter said.


I enjoy a little poetic justice. Now, if we can just convince the American banks to follow suit...

-the redhead-
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