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Utter Brilliance. Give These Guys a Nobel Award.

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Utter Brilliance. Give These Guys a Nobel Award.

Postby StlSluggers » Mon Dec 22, 2008 3:12 pm

Bloomberg.com wrote: 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. The new policy applies only to managing directors and directors, the two most senior ranks at the Zurich-based company, according to a memo sent to employees today.
...
“It’s monstrously clever,” said Dirk Hoffman-Becking, an analyst at Sanford C. Bernstein Ltd. in London who has a “market perform” rating on Credit Suisse stock. “From a shareholders’ perspective it’s great because you’ve got rid of some of the assets and regulators will be pleased because you’ve organized a risk transfer.”

;-D Seriously. ;-D
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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby GiantsFan14 » Tue Dec 23, 2008 3:54 pm

pity reply
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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby StlSluggers » Tue Dec 23, 2008 4:06 pm

suck it reply
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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby GiantsFan14 » Tue Dec 23, 2008 4:10 pm

:-/
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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby Neato Torpedo » Tue Dec 23, 2008 4:14 pm

lol
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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby StlSluggers » Tue Dec 23, 2008 4:28 pm

Neato Torpedo wrote:lol

Don't do that. You only encourage me.

At least, that's what my wife says.
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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby jlm53089 » Wed Dec 24, 2008 1:19 am

GiantsFan14 wrote:pity reply

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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby jfg » Wed Dec 24, 2008 1:53 am

I didn't reply because I couldn't tell if you were being sarcastic or not.

The new policy applies only to managing directors and directors, the two most senior ranks at the Zurich-based company, according to a memo sent to employees today.


Huh? Isn't that why we're in this spot in the first place. I'm assuming you were being sarcastic.
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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby StlSluggers » Wed Dec 24, 2008 9:50 am

jfg wrote:I didn't reply because I couldn't tell if you were being sarcastic or not.

The new policy applies only to managing directors and directors, the two most senior ranks at the Zurich-based company, according to a memo sent to employees today.


Huh? Isn't that why we're in this spot in the first place. I'm assuming you were being sarcastic.

The people who took the actions that resulted in handing out tons of terrible loans received those loans as a bonus.

Where's the sarcasm?
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Re: Utter Brilliance. Give These Guys a Nobel Award.

Postby Art Vandelay » Wed Dec 24, 2008 9:57 am

I appreciate the irony here, but a better idea would have been to simply not give them year-end bonuses at all.
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