Bank Unloads Toxic Debt - On Executives

[Lloyd Bonafide]

One way to rid your company of bad debt:

http://www.independent.co.uk/news/b...sse-to-pay-bonuses-in-toxic-debt-1203709.html

Credit Suisse has hatched a cunning plan to avoid public condemnation over executive bonuses this year: it is going to pay top managers not in cash, but in the toxic mortgage assets that caused the credit crisis.

Credit Suisse is the first bank to use the debt to pay employees, who were told about the plan in a memo from Brady Dougan, the chief executive, and Paul Calello, the head of the Zurich-based investment bank

Kind of like going to the company Christmas party, and finding a turd in the punchbowl.

Participants in the fund will receive a small twice-yearly interest payment on the bonus, but will only be able to get their hands on the cash in five years, if the fund has any value left.

 

[Randolph Kinney]

This company has seen the light and has a new religion. woohoo

 

[c w d]

I like it!

 

[Rice Brewer]

Wait, they are actually tying bonuses to the performance of that which they placed on the books?

What a concept!

Next thing you know, they will want the truth in their appraisals.

Nah, that will never happen!