Dec 19, 2008

Credit Suisse to Senior execs: 'YOU deal with these crap assets.'

Sheer genius.

Credit Suisse Group will pay senior executive bonuses with troublesome, illiquid assets, forcing employees to take on the risk that at least some of them put on the Swiss bank's books."

.... "While the solution we have come up with may not be ideal for everyone, we believe it strikes the appropriate balance among the interests of our employees, shareholders and regulators and helps position us well for 2009," a memo from CEO Brady Dougan and investment bank boss Paul Calello said.

When do we see Goldman Sachs or Citibank follow? Probably never but it doesn't hurt to wish.

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