Credit Suisse to pay bonuses in toxic debt
carpenter
Posts: 362
Seems the folks running Credit Suisse these days believe in karma. not CP's idea of karma, but the more traditional meaning of the term.
They are going to pay top managers not in cash, but in the toxic mortgage assets that caused the credit crisis.
It's as if they are saying: " This were good investments? fine! you try to liquidize it".
Personally I'd pay them with a kick in the head, but this is a nice start also.
Link .....
They are going to pay top managers not in cash, but in the toxic mortgage assets that caused the credit crisis.
It's as if they are saying: " This were good investments? fine! you try to liquidize it".
Personally I'd pay them with a kick in the head, but this is a nice start also.
Link .....
"If the global crisis continues, by the end of the year Only two Banks will be operational, the Blood Bank and the Sperm Bank. Then these 2 banks will merge and it will be called 'The Bloody **** Bank'"
Post edited by carpenter on
Comments
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{Standing ovation}
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Sounds good to me.....
However, a quote from the article doesn't. "Goldman Sachs was reported yesterday to have slashed the value of bonuses to its partners by 80 per cent after reporting its first quarterly loss since the Great Depression." :eek:~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~ -
Bravo! I'd like to see more of that in corporate America.Political Correctness'.........defined
"A doctrine fostered by a delusional, illogical minority and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t-u-r-d by the clean end."
President of Club Polk -
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Paybacks a ****.I refuse to argue with idiots, because people can't tell the DIFFERENCE!
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What about the folks as you stated that are "running Credit Suisse"? Aren't these the people who established the culture and set the expectations of the business? Do you think this was all done blindly? Sounds like the upper management is just trying to shift the blame. Did the senior management get bonuses?
The middle managers who were paid with bad assets will probably work with the loan owners, to forive certain late charges, restructure the debt, adjust payment terms, etc. This is something most banks won't do. In the end, they'll make money. Working with loan or mortgage owners in trouble is something many (notice I didn't say all) banks won't do. They just want to foreclose, write off the loan, etc.
I've seen my corporation sell of companies that didn't have big P/L sheets during the 80's and 90's. Guess what? Most of these companies did well under new management. I sense there is a blame game being played here.Carl -
You are on the money, of course. The share holders demand accountability for their huge loses, the board are starting to feel the hit, and demand explanations from upper managements, which naturally are going after the department heads and senior traders.
When actually, even the boards are not without blame, as they had little complaints in the years of fake prosperity.
You are not the only one who thinks that way. Upper management and board members are being replaced these day all over the financial industry. it's one of the demands of the Government (hundreds of billions in bailout dollars buys a lot of guillotines).
That all said, Credit Suisse is one of the less effected banks. I mean, it took huge loses but it seems that it'll survive, and its stock stopped dropping."If the global crisis continues, by the end of the year Only two Banks will be operational, the Blood Bank and the Sperm Bank. Then these 2 banks will merge and it will be called 'The Bloody **** Bank'"
